Tags Posts tagged with "EUR"

EUR

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Fed fund futures were implying a 23 percent chance of a rate increase at tomorrow’s meeting. This marks a fall of 2 percent since yesterday. Polls carried out by Reuters and CNBC showed economists are evenly split over whether the Fed will opt to begin raising rates during this meeting or wait.

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GBP/USD rallied over 1.55 in early trade after some of robust earnings and wage data. Average UK earnings came in with a 2.9 percent gain in July over the prior three months.

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Despite disappoiting retail sales numbers the dollar was trading higher across most pairs on Tuesday as traders started to increase bets that the Federal Reserve might opt to begin raising rates this meeting. Yields on longer data US treasuries increased.

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EUR/USD tacked lower for a second day reaching as low as 1.1257. Traders were selling into rallies which drained EUR/USD of any upward momentum for much of the day. EUR/USD continued its descent which began yesterday and was meeting support at 1.1281 and 1.1257.

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The US dollar was locked in directionless trade on Monday ahead of a crucial meeting of the Federal Reserve. This week’s two-day Fed meeting is the first one in nine years in which markets see a realistic chance that interest rates could actually be raised.

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EUR/USD was testing resistance around the 1.13 area. EUR/USD found a floor around 1.1082 earlier in the week and has been rising steadily for the past four days.

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Cable extended a strong rally today as traders welcomed a neutral statement from the Bank of England’s monetary policy committee. Interest rates were kept fixed at 0.5 percent – a decision that was widely anticipated.

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Improvements in the US jobs markets helped firm up the dollar today. The JOLTS report, released monthly by the Department of Labor, showed a record high number of job opening in July.

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UK manufacturing activity fell in July according to recent figures. Manufacturing production fell by 0.8 percent in July. Analysts had expected a small rise of 0.2 percent on the month, so the release had a negative impact on sterling.

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Decent economic news from Germany and the Eurozone gave added support to the single currency. The US dollar was down against the British pound and the euro, but trading higher on the yen.