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Windswept GBP up vs. USD

Windswept GBP up vs. USD

As the storm passes, travel disruption across the south of the United Kingdom means that trading in London is likely to be very slow and coupled with todays fairly quiet economic calendar, we do not expect much movement from GBP today.

The big event of the week is the US FOMC meeting on Wednesday evening (UK time) which is expected to see the Fed remain on hold with any decision to taper now pushed back to December at the earliest, but more likely March next year due to concerns of another government shutdown.

After last weeks adjustment in GBP/EUR, falling from 1.18+ to below 1.1700, this coming weeks data releases put the pressure firmly on the Euro to hold its ground – Wednesday morning sees the first big Eurozone news of the week with German employment figures.

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