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FOREX: Sterling sinks on rate cut talk while USD/JPY inches to new high
- The pound was already the poorest performer in G10 FX in early Europe
following a weekend interview with MPC member Vlieghe, who stated that he will
add his name to the list of those voting for a rate cut should there be no signs
that the economy has improved since December's general election. Further weight
went through in the currency as data disappointed, with industrial &
manufacturing production and monthly GDP numbers raising the risk of near-term
economic weakness. GBP/USD found little support at $1.30 and is sitting at
multi-month lows at typing.
- Elsewhere, risk appetite is looking moderately healthy - with core European
equities higher and US futures within range (again) of all time highs. The moves
helped boost both USD/JPY and EUR/JPY into the NY crossover, with USD/JPY within
striking distance of Y110 - a mark not crossed since May last year.
- There's little data from the US Monday, with focus turning to Canada's BoC
outlook survey. Fed's Rosengren and Bostic are both due to speak.