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Free AccessBoE Cunliffe remarks boost GBP, USD...........>
FOREX: BoE Cunliffe remarks boost GBP, USD confirms bullish weekly close
- The USD held firm at the NY crossover, before a liquidation of long positions
pared light gains.
- BoE Deputy Governor Cunliffe remarks boosted GBP that acknowledged the drop in
Q1 was driven by poor weather and supported arguments for the next rate hike at
the August MPC meeting. President Trump bilateral free trade comments, with
added support ahead of the 4pm WMR fix, squeezed back above $1.3200.
- USDJPY was unable to extend above its European high of Y112.80, later easing
to the Y112.40/45 area. Despite this, USDJPY gained 1.8% on the week and
confirmed a bullish weekly close.
- EURUSD recovered off European lows of $1.1613 to $1.1683, before fading. NZD
remained bottom of the pile with losses of 0.33% against the USD. Last $0.6759.
- SEK underperformed on the week with losses of over 2% on extended react to
Thursday's miss on CPI data and less hawkish minutes.
- Gold's downtrend continued, the yellow metal printed fresh YTD lows of
$1236.56, before a pullback in the USD recovered to $1241/42.
To read the full story
Sign up now for free trial access to this content.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.