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Free AccessGBP loses shine after mixed UK data, USD......>
FOREX: GBP loses shine after mixed UK data, USD firm
- Despite ongoing political uncertainty in the UK, short covering through Europe
saw GBPUSD improve +70 pips to briefly make a show above $1.3300. Headline GDP
came in-line with expectations supported by services and construction, but soft
Industrial/Manufacturing data took the shine of GBP. GBPUSD eased to $1.3240,
EURGBP comfortably holds above the 200-dma, last Gbp0.8852.
- EURUSD failed to consolidate early gains and slipped to the $1.1725/30 area
ahead of German ZEW data. Soft release on both economic sentiment and conditions
further pressured to extended session lows of $1.1715.
- USDJPY largely consolidated above Y111.00, held to a narrow 20 pip range. The
Y111.45/50 area provides a stern test which holds long term downtrend resistance
off the Nov 2015 high.
- The firmer USD has seen to weigh on commodity space FX, AUDUSD printed
$0.7434, NZD approaches $0.68 and USDCAD last at C$1.3140.
- Norway CPI came in above expectations which should keep the Norges bank
September hike live. EURNOK touched react lows of Nok9.3867.
To read the full story
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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.