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Free AccessJPY snaps losing streak and USD gains again...>
FOREX: JPY snaps losing streak and USD gains again
-After a largely uneventful and unchanged ECB rate decision and subsequent press
conference, markets resumed their recent trade of buying the dollar alongside
the Wall Street open to bring EUR/USD and GBP/USD down from the day's highs.
With the exception of the JPY, the USD rose against all others in the majors
despite a pullback in US 10y yields which dropped just back below the 3% mark on
stronger durable goods numbers that may support GDP figures due tomorrow.
-EUR rallied to highs of $1.2210 as the Draghi's press conference appeared
upbeat, but the rate quickly reversed course as the ECB president highlights
signs of economic weakness throughout the Eurozone in Q1. A full 100 pip
reversal to lows of $1.2098 followed before stabilising above $1.21. Tomorrow's
GDP, CPI and jobless figures from France and Germany may dictate direction into
the week's close.
-The SEK is considerably the poorest performer today after the Riksbank delayed
(again) their plans for policy tightening until the closing months of 2018.
EUR/SEK once again touched 9 year highs.
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.