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The USD had a great few days following the Mayday Bank Hol with the Dollar Basket (DX) managing an impressively speculative bounce off its 14-month lows. However, chart technicals point to a fair amount of resistance for the index with the downtrend from 3 Dec highs unchallenged by recent strength. We’re seeing it head lower again this week after Friday’s jobs report came in rate hike negative, as has much US macro data of late, giving little reason for investors to start purchasing Dollars.
Note this week sees the Bank of England’s monthly ‘Super Thursday’ extravaganza which is sure to cause some volatility in the GBP, especially given ‘Brexit interference’* in things like inflation forecasts. The Euro is also seen fairly steady amid all of this
*Though Brexit is unlikely, everyone loves trying to work out exactly which form the resulting apocalypse might assume in the event of a ‘yes’ vote.
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UK Economic Announcements
08:30 Halifax House Price Index
Intl Economic Announcements
07:00 Factory Orders (GER)
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UK Economic Announcements
00:01 BRC Sales Monitor
09:30 Balance of Trade
Intl Economic Announcements
07:00 Balance of Trade, Current Account, Industrial Production (GER)
15:00 Wholesales Inventories (US)
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UK Economic Announcements
09:30 Industrial Production, Manufacturing Production
Intl Economic Announcements
12:00 MBA Mortgage Applications (US)
15:30 Crude Oil Inventories (US)
19:00 Budget Statement (US)
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UK Economic Announcements
10:30 BoE Inflation Report
12:00 BoE Interest Rate Decision & meeting minutes
Intl Economic Announcements
07:00 Wholesale Price Index (GER)
10:00 Industrial Production (EU)
13:30 Initial Jobless Claims, Continuing Claims (US)
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Intl Economic Announcements
(07:00) Consumer Price Index , GDP (Flash Estimate) (GER)
(10:00) GDP (Flash Estimate) (EU)
(13:30) Business Inventories, Producer Price Index, Retail Sales (US)
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Until next week, Take Care!
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