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GBP feels more pain after soft GDP data,......>

FOREX
FOREX: GBP feels more pain after soft GDP data, USD holds firm
- Gbp/Usd traded back under $1.3900 in early Europe and held heavy ahead of UK
GDP. The much weaker-than-expected release (0.1% q/q vs median 0.3%) triggered
fresh supply to extended pullback lows of $1.3802, before dip buyers cushioned
falls. The April seasonality of gains is seriously under threat with near 600
pip losses off the Apr17 high. MNI Pinch now prices in a May hike at 28%.
- The stronger USD theme continued with sharp gains led by the DXY to 3-month
highs of 91.90, the 200-dma provides key resistance at 91.99. Usd/Jpy touched
highs of Y109.49, before strong supply ahead of the Y109.50 barrier countered.
Eur/Usd failed to hold $1.2100 and slipped to 3-month lows of $1.2065. Eur/Jpy
moved through the 200-dma to Y131.94.
- Commodity based currency pairs also felt more pain, AUD & NZD continued the
downward trend to $0.7532/$0.7040, whilst CAD challenged C$1.2900.
- SEB changed their Riksbank forecast and now see the first hike likely in
spring 2019, as highlighted by MNI's State of Play analysis email yesterday.
- US GDP and Michigan Sentiment survey the standout data release today.  

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