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Most of the action has been in the Pound this morning

FOREX
  • Mostly a steady start for FX, with the USD in the green across G10s, besides versus the Yen, down a small 0.13%.
  • Crosses trades well with past ranges, but the notable move so far today, has been in the Pound, following the small CPI miss, by 1 tenth for the MoM and YoY reading.
  • The British Pound collapsed and Cable trades in a 129 pips range, but 10 pips off the low at the time of typing.
  • EURGBP broke through initial 0.8475 resistance, but failed to break above 0.8500, printed 0.84943 high.
  • The EUR also got a small boost after ECB Rehn (leaning Dove): "First rate hike likely to be in the Summer, necessary to move quickly from negative rates".
  • But the moves are still limited, given the underpinned USD.
  • Looking ahead, nothing in terms of market moving data for the afternoon.
  • Fed Harker is the only speaker scheduled for the session.
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