Forex Daily News

1st February 2019

GBP/USD heads for first weekly loss since early December

Pound consolidates weekly losses across the board. 
Greenback posts mix results on Friday after data, ends week on a soft note after the FOMC meeting. 
Cable drops after rising during six weekly gains in-a-row. 

The GBP/USD pair failed to hold on top of 1.3100 and pulled back during the second half of Friday’s American session to the 1.3070 area. Cable is about to…

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31st January 2019

EUR/JPY drops to 6-day lows near 124.50

ECB's Weidmann says normalisation process will be slow.
Eurozone GDP expands 1.2% (YoY) in Q4 as expected.
Slightly higher risk appetite helps pair limit its losses.

The EUR/JPY pair came under a renewed selling pressure in the second half of the day and dropped to its lowest level since January 25 at 124.49. As of writing, the pair was losing 0.43% on the…

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Canada: Slowdown likely to be transitory – RBC CM

Canadian GDP contracted 0.1% during November. Josh Nye, Senior Economist at  RBC Capital Markets, explains that the slowdown could prove to be transitory and notes that the Bank of Canada won’t be surprised by the report. 

Key Quotes: 

“Canadian GDP was on consensus, falling 0.1% in November. That is the second decline in three months, leaving year-over-year growth at 1.7%.”
 
“Today’s GDP release…

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US: Risk of higher compensation costs spurring inflation is growing – Wells Fargo

The Employment Cost Index (ECI) rose 0.7% during the fourth quarter. Analysts at Wells Fargo point out that over the past year, employment costs are up 2.9%, the strongest pace of this expansion. They see inflation pressures as still tame.

Key Quotes: 

“Compensation costs grew a touch slower in Q4, with the ECI rising 0.7% after a 0.8% rise in Q3. The…

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