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FOREX: Sterling trims the week's losses ahead of the close
-While GBP remains weaker since the Monday open, GBP outperformed Friday, rising
against all others in G10, with a set of better-than-expected retail sales
figures for January helping underpin. January retail sales surged 1.2% vs. Exp.
0.2%, helping nudge GBP/USD back above $1.2850 ahead of the NY close.
-The greenback traded mixed, but the USD index managed to touch the best levels
of the year following stronger Empire Manufacturing figures (a Fed SOMA day also
helped prop up prices), but much of the gains were sold off on a dismal
industrial production print (-0.6% vs. Exp. +0.1%), which countered somewhat
positive US-China trade headlines.
-Safe haven FX underperformed from the off, with markets buying yesterday's dip
in USD/JPY and lifting the pair north of Y110.50 as the 50-dma at Y110.18
provided firm support. Equities traded well on both sides of the pond, which
further underpinned sentiment.
-The week should start quietly with a US bank holiday followed by UK employment,
German ZEW, FOMC minutes and prelim Eurozone PMI data.