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Concerns over the growing death toll in China from the Coronavirus have sent FX traders on the hunt for safe haven assets. That sent both the Swiss Franc and the Japanese Yen higher, while the Chinese Yuan hit a 1-month trough. Those worries also impacted trade-linked currencies including the Australian and New Zealand Dollars. The
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Throughout last week, the view of analysts was that the PMIs published on Friday would be decisive as to whether the BOE cut rates during its first meeting of the year. But, in the end, the data split the difference and just increased uncertainty. Yes, the important manufacturing PMI was above expectations, but it was
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The current structure hints to further upside as part of the cycle degree w-x-y-x-z triple zigzag. With primary wave Ⓒ completed, the recent ascent could form a 5-wave move as part of the final bullish leg near 1.002. Since the intermediate waves (1) and (2) have already been formed, we could expect a bullish ascend
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The Pound Sterling was trading near to a 1-week trough versus the US Dollar as FX traders await tomorrow’s policy decision from the Bank of England. Dovish statements by a number of the voting members have raised expectations that another rate cut is highly likely. Analysts are forecasting that at least three members will vote
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FOMC in Focus The US dollar has been a little firmer again over the European morning on Wednesday. The main event focus today is the FOMC meeting later in today’s US session. While the Fed is not expected to move on rates, traders will be keen to see if the Fed’s outlook has shifted at
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Better Data Boost Dollar The US dollar has been helped higher once again this week, ahead of the FOMC later today. Yesterday, the conference board consumer confidence index printed a robust 131.6 reading against the prior and expected figure of 128.2. This latest reading, which is the best since August 2019, is not too far
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DAVID SOLOMON, the boss of Goldman Sachs, plans to spin discs at a party for the Super Bowl. Ahead of that performance DJ D-Sol took centre stage at the bank’s headquarters in Manhattan on January 29th. This was a new gig: he was laying out a fresh vision for Goldman at its first-ever investor day.
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FOR THOSE seeking to help the worst-off in poor countries, the mobile phone has been a magic weapon. Mobile-money accounts have helped deliver “financial inclusion”—making financial services accessible to the tens of millions with a phone but no bank account. But they have downsides too. The most obvious way digital financial services harm poor people
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The euro sunk to a 33-month trough against the Swiss franc on Tuesday as traders bought the safe-haven franc in droves due to fears about the coronavirus and how it will continue to impact the global markets. The EUR/CHF pair has historically been one of increased volatility during times of uncertainty, and with fears about
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The Pound Sterling was weaker against both the greenback and the Euro during London trade on Tuesday as Brexit worries resurfaced. Recent comments from Michel Barnier have led to more anxiety for FX traders. The Chief Negotiator for the European Union said that they would never compromise the integrity of their single market, and that
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Despite the concerns about the potential economic impact from the wildfires and the spread of the coronavirus, the Australian Dollar has been moving higher this month. The data coming out next could give that trend a further nudge, and put an end to speculation of a rate cut by the RBA. Data reports over the
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USD Rally Continues The US dollar continues to trade higher into the middle of the week as the reversal lower in equities keeps the greenback bid on Tuesday. Looking ahead, the main focus of the week will be tomorrow’s FOMC meeting. No change in policy is expected though traders will be keen to see if
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The coronavirus outbreak continues to dominate news flows this week and is visibly weighing on risk appetite. The spread of the disease is drawing scary parallels with the 2003 SARS outbreak. As such, investor uncertainty is rapidly rising. How Far Has the Virus Spread so Far? As of yesterday, the current infection is just below
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Expectations of economic fallout from the coronavirus toll drag Aussie and other risk assets down as Yen and safe-haven appetite in general increases. Certainly not a good lunar year for the Chinese this time around. Meanwhile, in Europe, Euro hangs patiently above 1.10 ahead of the FOMC meeting, whereas, #cable weakens despite real Brexit happening!
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