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European Session – Euro and pound tumble after ZEW survey and IMF growth downgrades

Posted on July 19, 2016 at 2:44 pm GMT

The week-long risk rally lost momentum today as a downbeat business sentiment survey out of Germany and downgrades by the IMF to its growth forecasts weighed on sentiment. The euro slipped to a 1½-week low against the dollar, slumping to 1.1011 in late European session, having started the day above 1.1070 dollars. The single currency was hurt by much weaker-than-expected German business survey data, which showed German investors were worried about the impact on the economy from Brexit. The German [..]

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Asian Session – Aussie and Kiwi slide on risk-off and rate cut expectations

Posted on July 19, 2016 at 8:18 am GMT

The Australian and New Zealand dollars fell by over 1% in Asian trading on Tuesday as a combination of risk-off sentiment and expectations of further rate cuts drove the Antipodean currencies lower. The minutes of the Reserve Bank of Australia’s latest meeting kept open the possibility of additional easing as the central bank said inflation is expected to remain quite low and growth will likely moderate in the second quarter. It repeated its warning that an appreciating exchange rate could [..]

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Asian Session – Yen eases after Turkish coup attempt fails

Posted on July 18, 2016 at 9:32 am GMT

The Japanese yen fell back at the start trading on Monday having risen sharply late on Friday after an attempted coup in Turkey drove demand towards safe havens. The news that a group within Turkey’s military had taken over the country sent the Turkish lira tumbling by over 5% against the dollar on Friday to a six-month low of 3.0476 per dollar. However, the lira rebounded sharply on Monday after it emerged that the coup had failed and President Erdogan [..]

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Asian Session – Dollar slips towards 100 yen ahead of jobs reports; Oil slumps by 5%

Posted on July 8, 2016 at 8:30 am GMT

The US dollar came under pressure in Asian trading on Friday ahead of the all-important non-farm payrolls report out of the US later today. The June report is the first since the UK referendum to leave the EU and follows an unexpectedly weak report in May. Most analysts expect a strong rebound in June, which should help support the greenback. But in the meantime, the dollar remained confined below 101 yen and hit an earlier low of 100.24 yen. The [..]

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European Session – Pound and dollar go into reverse; kiwi up sharply on RBNZ house price concerns

Posted on July 7, 2016 at 3:19 pm GMT

There was a modest improvement in risk appetite in Thursday’s European session but the pound and the dollar were unable to hold above key levels. European stocks however, bounced back strongly from yesterday’s sharp losses with many of the major indices up by over 1.5% in late session. Market sentiment was helped by the cautious tones of the US Federal Reserve and the European Central Bank. The Fed released its June meeting minutes yesterday, while the ECB published its June [..]

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Asian Session – Major currencies steadier but aussie under pressure from rating downgrade

Posted on July 7, 2016 at 9:39 am GMT

Major currencies were steadier in Asian trading on Thursday following some risk-off moves yesterday. The FOMC minutes of the Fed’s June meeting helped calm market nerves as they suggested that the Fed will likely stick to its cautious approach for the time being. The minutes, which were released yesterday, confirmed that Fed policymakers were concerned about the slowing pace of jobs growth as well as the uncertainty of the outcome of the UK’s referendum on membership of the EU. Speaking [..]

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