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Currency News 15/1/2014 - Sterling regains losses against most currencies.

Currency News 15/1/2014 - Sterling regains losses against most currencies.

 
Old Jan 15th 2014, 10:17 am
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Default Currency News 15/1/2014 - Sterling regains losses against most currencies.

UK News & Data releases

There is nothing of significance on the UK calendar today, but GBP performed well yesterday considering the weaker than expected CPI data. While this probably doesn't significantly change the timeline for Bank of England action, the CPI decline came in spite of strong energy price rises, and suggests there may be more declines to come, underlining the lack of urgency for any move.

Nevertheless, UK retail sales data on Friday is likely to be more important, and the risks for this seem to be slightly on the low side of market expectations, so while we see scope for GBP strength later in the month, there may yet be some downside for Sterling this week.

Euro Zone & Swiss Franc News & Data releases

Stronger than expected Eurozone industrial production data may have helped push Eurozone yields a little higher yesterday, and comments from ECB council member Nowotny talking up Eurozone growth potential may also have helped. This underpins the EUR in the short term, and there is nothing on the calendar today that suggests recent ranges will be threatened. 1.3550-1.3750 looks like the big picture range, and for the moment the risks are probably slightly to the top side of this range, though from a medium term perspective there is still more reason to expect a break to the downside.

US Dollar News and Data Releases

While yesterday's retail sales data did trigger a USD rally, it was comparatively modest, reflecting the continuing difficulty that the USD has in benefiting from stronger numbers.

Comments from the Fed's Plosser and Fisher helped boost the USD overnight, even though they are both established hawks, so their hawkish tone was not particularly surprising. There will be interest in today's Empire manufacturing index and Fed Beige Book, but for now the USD looks unlikely to break out of recent ranges.

Canadian News and Data Releases

The US Dollar /Canadian Dollar exchange rate has continued to edge higher, but the near term upside may now be quite limited as the market has already priced in the spread narrowing in favor of the US Dollar and in the absence of more data, many doubt the market is prepared to price in scope for a BoC rate cut.

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