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EURGBP

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European Session – Dollar at 7-week high on strengthening prospects of March rate hike

Posted on March 2, 2017 at 4:02 pm GMT

March Fed rate hike expectations continued to drive the dollar higher in today’s European session, while in terms of economic data, weekly jobless claims out of the US, Eurozone inflation and unemployment rate data and Canadian GDP figures were of most interest. The number of US jobless claimants fell to 223,000 last week from 242,000 the previous week. This points to a healthy jobs market and marks a near forty-four-year low, while it was below analysts’ forecasts of a 243,000 [..]

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European Session – Dollar gains as odds of a March rate hike increase

Posted on March 1, 2017 at 3:56 pm GMT

It was a busy session in European trading today as market participants were evaluating US President Donald Trump’s first speech before Congress while there was an abundance of economic data releases to digest as well. Trump’s speech on the one hand offered some relief as the US President appeared more conciliatory in his comments than in the past. On the other hand though, he didn’t deliver as much as expected regarding the specifics on how he plans to deliver on [..]

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Technical Analysis – EURGBP neutral outlook with the price in between the moving averages

Posted on March 1, 2017 at 8:14 am GMT

EURGBP is currently down from the day’s open after hitting an eight-day high yesterday. The RSI indicator is hinting to a neutral short-term bias as it is currently at 50. The 50-day moving-average (MA), currently at 0.8556, is expected to provide resistance to upside moves. Should it fail to hold, the upper Bollinger band at 0.8624 is likely to provide additional resistance. An important mark beyond this level is the January 16 sixteen-week high of 0.8851. On the downside, the [..]

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European Session – Trump reflation trade in doubt again, dollar slightly down

Posted on February 24, 2017 at 4:34 pm GMT

Barring Canadian inflation data, US new home sales, and the final print of the University of Michigan consumer sentiment index there were no important economic data releases hitting the markets today. Market participants were for the most part digesting developments in the political scene and placing positions accordingly. The dollar has gained significantly on expectations of fiscal reforms by the Trump administration. However, US Treasury Secretary Steven Mnuchin’s latest comments on expecting tax reforms to start benefitting the economy next [..]

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European Session – Dollar picks up ahead of FOMC minutes; yen outperforms; pound weighed by data

Posted on February 22, 2017 at 3:18 pm GMT

The US dollar was stronger against most major currencies except against the yen, which broadly outperformed. The euro was weak on French election jitters. The main focus of the markets was on the upcoming FOMC minutes. The euro hit a fresh one month low against the dollar at 1.0493 after dipping below the key 1.05 level for the first time in six-weeks. The single currency was pressured mainly by political developments rather than by economic data. Concerns over the upcoming French [..]

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European Session – Euro falls despite robust PMI numbers; Dollar broadly stronger

Posted on February 21, 2017 at 4:34 pm GMT

The most important economic releases for the day pertained to flash PMI estimates out of the Eurozone and the US, whilst the day had important central bank figures, such as the Bank of England’s Governor Mark Carney, appearing for a speech. The US dollar was gaining across the board today on rising expectations of a March Fed rate hike. The dollar gained against all six currencies that make up the dollar index as the index rose to 101.49, marking a [..]

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Forex News – Eurozone business activity hits 6-year high but euro sags

Posted on February 21, 2017 at 11:54 am GMT

Economic activity in the euro area expanded at the fastest pace in nearly six years in February according to Markit’s flash PMI readings. The surprise surge in output was broad based with both the services and manufacturing sectors performing strongly, and new orders and employment also rising sharply over the month. The flash estimate of the Eurozone manufacturing PMI rose from 55.2 in January to 55.5 in February, beating forecasts of 55.0. This was the highest figure in almost six [..]

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European Session – Pound up as Lords begin Brexit bill debate; Dollar range-bound in holiday-thinned trading

Posted on February 20, 2017 at 3:46 pm GMT

The US dollar was stuck in a tight range on Monday as markets struggled for direction in the absence of any major data releases and with US markets closed for President’s Day holiday. Having moved away from Friday’s one-week lows in Asian trading, the greenback flat-lined against the yen in today’s European session to hover around 113.10 yen. Traders ignored solid economic indicators out of the US last week, as well as a more hawkish Yellen, to drive US treasury [..]

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