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Daily Foreign Exchange Rates and News |
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Going on holiday or travelling abroad? Best Exchange Rates when buying travel money, Buy travel money. You can call on 0044 (0)207 183 2790 or email us: info@imsfx.co.uk |
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Daily news story:
Exchange Rate Outlook - Currency Exchange Rates Today.
Wednesday is a good a day as any for a reversal, and with the US Dollar
rate so stretched across the board, we are quite confident that we
will finally begin to see sentiment shift back in the favour of the buck.
Technically, the FX market is looking stretched and the
US Dollar
exchange rate is quite oversold, so a healthy corrective pullback
should not be discounted. The latest weakness in the Greenback has come from a pickup in talk of additional accommodative monetary policy measures from the Fed which would significantly undermine the value of the currency. Also seen weighing has been a raft of weak data out of the US highlighted by the most recent softness in personal income, personal consumption, pending home sales and factoryorders. The resulting price action has seen the USD post new lows versus the best Euro rate, Sterling, Japanese Yen and other major currency today. On the data front, UK BRC shop price index remained unchanged and the Australian AiG performance of service index came in a tad softer. Otherwise data was very upbeat out of Australia with the house price index and trade balance both soundly beating expectations. US equities failed to generate additional momentum from the strong Monday performance, and although the declines were only marginal, this could now lead to a bout of profit taking in a market that has been quite volatile, while also failing to manage any form of sustainable gains. For the full story please visit www.dailyfx.com
Bye for Now
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