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Interbank Market rate - GBP/USD

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1.4589 / 1.4593
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24h 1.4444 - 1.4613
Week 1.4406 - 1.4656
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Daily Commentary

Tuesday, 24 May 2016

Andrew Atkins

United States Dollar: The USD weakened initially yesterday due to profit taking but then support came as the day continued. Most signs point to the support still coming from the FOMC minutes last week but also from the various comments from FOMC members yesterday. John Williams talked about 2-3 rate hikes this year and even 3-4 in 2017. He has made this statement before so this is nothing new. He then went on to say “inflation is likely to reach the 2% target in the next year or two”. Eric Rosengren used to be known as being dovish however he seems to be favouring a June rate hike. James Bullard stated that the negative influences from abroad have weakened (Brexit fears and Chinese slowdown) however he mentioned nothing specifically about June. Investors now await this week''s data. New home sales Today. Goods trade balance on Wednesday. Core durable goods orders, Unemployment Claims, and the pending home sales index on Thursday and the second estimate for first-quarter GDP, as well as consumer sentiment due Friday for more clues about the economy. The GBP traded sideways yesterday its movements not caused by any data releases for the GBP but from reactions to FOMC members and speculation of a ... read more

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