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Choppy Thursday

Choppy Thursday

The Pound yesterday really did lose a lot of ground in the wake of not only the economic data releases we discussed yesterday, but also on some more broad fundamental news. The GBP/USD, having failed to break 1.55 during the week came away significantly but with the events of this week, relating to more balanced comments from the Fed and their attitude towards a potential interest rate rise, has the fundamental picture shifted here?

The EUR picked up as CPI came in on expectation (I know, I know, employment a wee bit soft). However, there seems to be evidence of progress on the whole Greek situation and even the potential of reaching some kind of agreement come Sunday. This move really gathered steam during the day and left the Pound struggling to stem the tide of the move, leaving us down more than two cents during the course of trading.

Coming in to today, where it’s a public holiday for our European counterparts, we have a number of UK figures such as Manufacturing PMI (forecast for a slight improvement), Consumer Credit (forecast for a slight improvement too) and some US figures including their Manufacturing PMI as well – this too is forecast for a slight improvement. I would expect some month end flows to support EUR and AUD and weigh on CAD, JPY, USD and GBP.

Have a fantastic long weekend everyone.

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