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European Session – Pound surges to 3-week high after UK inflation breaks BoE’s 2% target; Euro tests $1.08

Posted on March 21, 2017 at 3:01 pm GMT

The British pound was the best performing major currency in Tuesday’s European session as it was lifted from stronger-than-expected inflation data out of the UK. The euro was another star performer as it benefited from positive developments in the French presidential campaign, while the US dollar continued to drift lower. Annual inflation in the UK jumped to 2.3% in February, beating estimates of a milder increase to 2.1% from January’s 1.8%. This takes the headline rate to the highest since [..]

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Forex News – Pound receives major lift after upbeat UK inflation report

Posted on March 21, 2017 at 1:53 pm GMT

Sterling received a boost after above-forecast UK inflation data today, taking it back above the key $1.2400 level against the dollar. Headline CPI accelerated at its fastest pace in more than three years at 2.3% year-on-year in February according to the Office for National Statistics. This was a surprise beat on the 2.1% expected and a sharp rise from January’s 1.8% rate. The measure also shot past the Bank of England’s 2% target. Meanwhile, core CPI ticked up to a [..]

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Asian Session – Euro rallies after French debate; dollar under pressure after Fed speakers

Posted on March 21, 2017 at 8:30 am GMT

The dollar remained soft in Asian trading today as it came under pressure from falling US Treasury yields following not-so-hawkish speeches by Fed officials on Monday. Chicago Fed President Charles Evans diminished hopes for a faster pace of rate hikes after he reiterated the Fed’s message from last week’s FOMC meeting that the pace of interest rate increases will be gradual and the projections were for a total of three hikes this year. Meanwhile, Minneapolis Fed President Neel Kashkari, who [..]

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European Session – Pound slips on announcement of date to trigger Article 50

Posted on March 20, 2017 at 3:57 pm GMT

The US dollar index made some recovery during the European session after dipping to a six-week low of 100.02 in the Asian session. The antipodeans outperformed the greenback while the loonie was weaker today due to lower oil prices in the wake of the Baker Hughes oil rig count. The pound fell sharply on news of the Article 50 trigger date. In a relatively quiet day in terms of economic data releases, the main news of the day was the [..]

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Asian Session – Dollar under pressure, near 3-week lows against yen; gold extends rally

Posted on March 20, 2017 at 8:43 am GMT

There was a quiet start to the week as closed markets in Japan led to lackluster trading during the Asian session. With not a lot on the economic calendar, investors digested news from the Group of 20 meeting that took place over the weekend, while currencies consolidated moves from last week. Slight risk aversion led to yen buying. The dollar was down again today. Finance ministers at the G-20 meeting in Germany over the weekend reiterated their stance against competitive [..]

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European Session – Dollar lacks momentum; G20 meeting on investors’ radar

Posted on March 17, 2017 at 4:10 pm GMT

Today’s European session was relatively quiet in terms of economic data with a few figures out of the US, including industrial output and the University of Michigan’s consumer sentiment survey, gathering most attention. Market participants are now preparing themselves for the G20 meeting that is to follow over the weekend. The dollar index, a measure of the greenback’s strength relative to the currencies of major trading partners to the US, was last slightly up for the day after rebounding from [..]

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Week Ahead – RBNZ meeting eyed; Fed to remain under the spotlight as speakers lined-up

Posted on March 17, 2017 at 3:44 pm GMT

After an eventful week with central bank meetings and European elections, the next seven days will be relatively quieter. Inflation, retails sales and flash PMI estimates will be the dominant data theme, while central banks will continue to grab attention. The Reserve Bank of New Zealand will meet for its second policy meeting of the year and the Fed will find it hard to stay out of the headlines as key officials are scheduled to speak. UK retail sales to [..]

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