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FOREX: Soft UK/Eurozone inflation, BoC neutral rate hold but dovish Poloz
remarks hit the CAD
- USD supply at the NY crossover saw both EUR & GBP fade post inflation losses.
Having earlier touched pullback lows of $1.4173, Gbp/Usd recovered to $1.4246
but failed to extend gains. Eur/Usd encountered stiff resistance ahead of
$1.2400, formed a double-top pattern at $1.2397 before drifting lower.
- As expected the BoC left rates on hold with the statement seen as neutral. The
central bank's caution with respect to future rate hikes saw Usd/Cad move
through the 200-dma to C$1.2635. Dovish Governor Poloz remarks that said
interest rates may need to remain below the neutral range and elements of slack
in the economy further pressured the CAD to C$1.2660.
- Brent hit fresh 3-year highs after the larger-than-expected inventories
drawdown, Aud/Usd squeezed to $0.7798 (100-dma) before fading.
- Eur/Chf continued its ascent to Chf1.2000, printing highs of Chf1.1987.
- NZD CPI kicks off the data release at 2245GMT, followed by Australian Labour
data at 0130GMT. UK Retail Sales the main Euro highlight tomorrow at 0830GMT.