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Forex Market Review (European Session) – Sterling gains on growing rate hike expectations; stronger dollar following Fed

Posted on June 15, 2017 at 2:45 pm GMT

The Bank of England coming closer to an interest rate increase shocked currency market participants today, who reacted by placing long sterling positions and thus boosting the currency. The dollar stood stronger today following a more hawkish than expected Fed. The Bank of England left rates unchanged at the record-low 0.25% upon completion of today’s meeting. However, three of the eight Monetary Policy Committee (MPC) members on the Bank’s board decided to support a rate hike, taking markets by surprise [..]

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Forex Market Review (Asian Session) – Aussie gains on upbeat jobs report; kiwi drops after GDP; greenback steady post-Fed

Posted on June 15, 2017 at 7:39 am GMT

The US dollar mostly held onto gains made after the Federal Reserve was not as dovish as some had expected and the aussie was one of the best performing major currencies after strong jobs data. The kiwi slid after soft GDP data. The Fed announced on Wednesday it raised interest rates for the second time this year, taking the target range for the Fed funds rate to between 1.00-1.25%, as was widely expected. The US central bank cited continued US [..]

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Forex Market Review (European Session) – Euro hits 7-month high against dollar after weak US CPI and retail sales ahead of FOMC; sterling reverses post-UK jobs data losses

Posted on June 14, 2017 at 2:57 pm GMT

The dollar fell after the release of a weak set of US data that would be disappointing for the Federal Reserve, which is expected to deliver a 25-basis point rate hike later today. The broadly weaker greenback helped sterling erase losses made from weak UK wage data. Both US CPI and retail sales numbers for May came in short of expectations, which resulted in the dollar index falling to a seven-month low of 96.32 after having risen to as high [..]

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Forex Market Review (Asian Session) – Dollar slightly down ahead of Fed meeting; Kiwi at 3½-month high

Posted on June 14, 2017 at 7:50 am GMT

The dollar was slightly down as the Asian trading session was coming to a halt. The New Zealand dollar recovered after initially dropping as the country’s current account deficit as a proportion of GDP widened to its most in the first quarter of the year. Other data during the Asian session pertained to China. Looking at the dollar index, a broad measure of the US currency’s strength, it was down 0.1% and below the 97 level with the close of [..]

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Forex Market Review (Asian Session) – Canadian dollar outperforms on rate hike probability; dollar steady ahead of Fed

Posted on June 13, 2017 at 7:39 am GMT

The Canadian dollar was one of the top performing major currencies after gaining on hawkish comments from a Bank of Canada official. The pound remained soft while the dollar index was little changed before Wednesday’s Federal Reserve policy decision. Bank of Canada Senior Deputy Governor Carolyn Wilkins’ comments yesterday raised the probability of a rate hike by year-end. Wilkins said the central bank would assess if it needs to keep interest rates at near-record lows as the Canadian economy grows. [..]

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Forex Market Review (European Session) – Pound resumes slide; dollar weighed by US tech sell-off

Posted on June 12, 2017 at 3:19 pm GMT

The pound was once again the worst performing major currency on Monday as the May government’s stance on Brexit added renewed pressure on the British currency. The dollar did not fare much better as weaker US equities weighed on the greenback ahead of this week’s FOMC meeting, while the yen benefited from the increased risk aversion to advance higher against all major pairs. Having stabilized late on Friday and in Asian trading today, the pound resumed its downtrend at the [..]

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Forex Market Review (Asian Session) – Sterling steady after UK election tumble; euro up after French parliamentary elections

Posted on June 12, 2017 at 7:20 am GMT

Sterling has stabilized after Friday’s big tumble against the dollar following the shock UK election result that brought about political uncertainty. Prime Minister Theresa May was left with a minority government and she reshuffled her cabinet over the weekend. Focus turns to the Brexit negotiations that begin in about a week. Meanwhile, the Bank of England holds a policy meeting on Thursday. This would be the next risk event for the pound, which continued to trade below the key $1.2800 [..]

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