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GBPUSD

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Technical Analysis – GBPUSD may see further weakness below 50-day moving average

Posted on June 16, 2017 at 8:44 am GMT

GBPUSD turned bearish in the short term after the pair’s fall from the May 18 high of 1.3046 to the June 9 low of 1.2634. There was a bounce from this level but resistance was found at the 50-day moving average and at the 23.6% Fibonacci retracement level at 1.2821. This is the retracement of the upleg from 1.2108 to 1.3046. Following a pullback from this resistance area, the market is consolidating just below 1.2775, which is now immediate resistance [..]

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Forex Market Review (Asian Session) – Yen softer after BoJ makes no change to monetary policy or economic outlook; dollar holds onto post-FOMC gains

Posted on June 16, 2017 at 7:28 am GMT

The yen weakened after the Bank of Japan (BoJ) left monetary policy unchanged today while the US dollar remained firm after the Federal Reserve raised interest rates on Wednesday. The BoJ announced its decision to maintain its current monetary policy without making any tweaks, as was widely expected, since inflation in Japan is still very subdued. The main interest rate was kept at -0.1% and there was no change to its asset purchase program or yield curve control. Its economic [..]

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Forex News – Sterling jumps after hawkish BoE; rate hikes could come sooner

Posted on June 15, 2017 at 2:41 pm GMT

The pound jumped after the Bank of England (BoE) policy announcement today, erasing earlier losses against the dollar. The BoE was more hawkish-than-expected and the Monetary Policy Committee (MPC) vote count indicated a surprisingly tight decision. The Bank left its benchmark interest rate unchanged at a record low 0.25%. While this was widely expected, the 5 – 3 vote for a rate hike was not anticipated, suggesting the central bank was coming closer to raising rates. The result sent sterling [..]

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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 (European Session) – Loonie extends gains after Poloz echoes Wilkins’ hawkish comments; pound gains on above expectations UK CPI

Posted on June 13, 2017 at 2:40 pm GMT

The Canadian dollar made strong gains after two Bank of Canada officials’ hawkish comments suggested a rate rise was nearer. Sterling was higher on forecast-beating UK inflation data. The dollar index was lower as the FOMC begins a two-day policy meeting. The main data out of the European session was the UK CPI report which helped the pound recover some losses made following Thursday’s post-UK elections tumble. However, sterling’s gains may be limited due to political risks as Prime Minister [..]

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Forex News – UK inflation rises to near 4-year high; sterling volatile

Posted on June 13, 2017 at 11:30 am GMT

UK Consumer Price Index (CPI) data for the month of May showed annual inflation climbing to a near four-year high. Sterling experienced volatility as the data hit the markets. Turning to the numbers, the annual inflation rate for May stood at 2.9%, above expectations and April’s respective rate, both at 2.7%. On a monthly basis, inflation rose 0.3% in May, beating expectations of a 0.2% rise but coming below April’s 0.5%. The core measure of inflation, which excludes volatile components [..]

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