Tags Posts tagged with "JPY"

JPY

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A recovery in GBP/USD was set into reverse on Monday on further evidence that the UK economy is cooling. The services sector, the main cornerstone of the economy, weakened significantly in September.

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The greenback fell against the euro, the Japanese yen and the pound pulling back some of yesterday’s strong gains. Activity was subdued though with most traders waiting on tomorrow’s nonfarm payrolls before placing trades of any size.

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GBP/USD was testing the lower range at 1.51 with upward breaks of any size being quickly sold down again. Mark Carney, governor of the Bank of England declined to offer any support to the Pound in his speech yesterday. Instead Mr Carney focused on the global economy and the impact of climate change.

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Hiring across the private sector remained strong last month according to recent figures from data collection firm ADP. There were 200,000 new hires in September up from 186,000 the previous month.

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The euro recovered from early losses with a late rally. Setting the tone for the day, Germany’s inflation figures came in far below what most economists had expected.

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GBP/USD was showing negative sentiment early on and began drifting to the downside. The pair dipped as low as 1.5127 reaching a five month low before staging a minor recovery rally.

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A mixed set of economic data kept the US dollar treading water. Consumer spending in August came in above expectations according to latest figures. The Department of Commerce reported a 0.4 percent lift in spending between July and August.

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Commodities opened the week on a bearish note. Crude oil futures tumbled one US dollar to $47. Copper and other industrial metals also resumed their persistent downwards trajectory.

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EUR/USD bounced upwards to 1.1177 retracing up from the 200-day moving average. Weak support was established at this level and this was enough to generate ample buying interest.

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The dollar index edged lower on Wednesday on mixed data. The greenback was weaker against the euro but made gains on the British pound, Canadian and Australian dollars.