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Forex Market Review (European Session) – British drama hurts sterling; dollar advances eyeing Fed meeting

Posted on June 9, 2017 at 3:01 pm GMT

Political developments were dominating investors’ attention today with the outcome of British national elections and the effect on sterling being number one on the watch-list. Less than two weeks’ time before Brexit negotiations get underway, UK Prime Minister Theresa May’s Conservative party lost its majority in the House of Commons. May’s call for snap elections was in the first place intended to give her a stronger hand in negotiating the nation’s exit from the EU and the outcome turned out [..]

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Forex Market Review (Asian Session) – Sterling plunges on political uncertainty after inconclusive UK election result; dollar steady after Comey testimony

Posted on June 9, 2017 at 7:44 am GMT

Sterling plunged on political uncertainty after an inconclusive result in the UK general elections that took place on Thursday, with no single party having a clear claim to power. The dollar moved higher as it was unfazed by former FBI Director James Comey’s testimony yesterday. The British pound lost over 2% against the greenback, touching near a two-month low of $1.2634. The euro surged against sterling to a high of 88.58 pence. Exit polls showed the likelihood of a hung [..]

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Forex Market Review (European Session) – Euro falls after not-so hawkish ECB; sterling off 2-week high ahead of UK election outcome

Posted on June 8, 2017 at 2:32 pm GMT

The much-awaited risk events taking place over the course of the day began with the European Central Bank policy meeting followed by the press conference by President Mario Draghi. The UK general elections are in progress with exit polls expected at 21:00 GMT. The euro briefly dipped below $1.1200 after the ECB policy decision was announced as the market was looking for a more hawkish signal. The ECB left rates unchanged as was widely expected but dropped its easing bias [..]

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Forex Market Review (Asian Session) – Sterling hits 2-week high ahead of UK election; euro steady with focus on ECB; dollar soft into Comey hearing

Posted on June 8, 2017 at 7:24 am GMT

Currency markets were showing signs of caution ahead of key risk events later in the day. Risk aversion supported gold and the yen. The euro and sterling held steady while the dollar index wallowed near seven-month lows. Investors are bracing for the European Central Bank’s policy meeting and for the UK general election. All eyes will also be on former FBI Director James Comey’s congressional testimony. In terms of economic data, the downside miss on Australia’s April trade surplus pushed [..]

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Investment Theme – Dollar pressured by political and economic factors which could derail Fed rate hike path

Posted on June 7, 2017 at 3:19 pm GMT

The US dollar has lost more than 1.5 percent versus the Japanese currency so far this week, weighed down by a sharp drop in US Treasury yields, which were driven lower by a combination of economic and political factors. A batch of weak US data has raised concern that the Federal Reserve may slow down the pace of interest rate hikes. Meanwhile, political risk is also putting the greenback under pressure due to controversies surrounding President Donald Trump that could [..]

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Forex Market Review (Asian Session) – Aussie jumps on GDP; gold at 1-month high ahead of risk events

Posted on June 7, 2017 at 7:23 am GMT

The Australian dollar rallied on upbeat GDP data while the greenback steadied after sharp declines this week. Upcoming key risk events tomorrow dampened risk appetite in the markets as investors were cautious ahead of the UK elections, the European Central Bank meeting, and the testimony to a Senate committee by former FBI Director James Comey. This helped support gold near seven-month highs. The aussie was one of the best performing major currencies against the US dollar in the Asian session [..]

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Forex Market Review (European Session) – Political uncertainty drives gold to 7-week high; Dollar extends losses

Posted on June 6, 2017 at 3:00 pm GMT

Uncertainty ahead of the UK general election and Comey’s testimony in the US Congress on Thursday drove gold to a 7-week high in European trading today, while the US dollar made fresh lows. The greenback has been under pressure since Friday when a disappointing non-farm payrolls report dampened expectations of a third rate hike by the Fed this year, although markets are still pricing a rate increase at next week’s FOMC meeting. However, worries of an escalating political fallout in [..]

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