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GBP/USD in a 1.2920/1.3100 range – UOB

In opinion of FX Strategists at UOB Group, Cable’s outlook remains neutral, and it is expected to gravitate between 1.2920 and 1.3100 in the next 1-3 weeks.Key QuotesGBP rose to hit high of 1.3084 but the up-move was quickly reversed. The sharp drop from the high suggests that a temporary top is likely in place. That said, downw...

15:46 26 July /2017 Forex

EUR/USD bearish in the short term – Scotiabank Pablo Piovano

FX Strategists at Scotiabank stay bearish on spot in the near term, with minor support emerging at 1.1620/10.Key Quotes“Longer term bond spreads, which had been narrowing and supporting EURUSD gains in the past few weeks, have steadied and started to widen again, if only modestly, suggesting scope for additional EUR gains is limited from here at the moment”.“15:46 26 July /2017 Forex

Gold keeps the red below $1250, FOMC holds the key Haresh Menghani

Gold pared majority of its early losses and recovered back closer to $1250 level, albeit held in negative territory for the second consecutive session.The precious metal extended its retracement from one-month highs touched at the beginning of this week and dropped to three-day lows to test $1244-43 horizontal support. However, a fresh wave of g...

15:23 26 July /2017 Forex

US Stocks: Strong Q2 earning results keep coming on Wednesday Eren Sengezer

The latest earning results, via Reuters, from big corporations in the U.S.:

15:23 26 July /2017 Forex

EUR/USD extends the recovery to 1.1650, FOMC eyed Pablo Piovano

After testing lows in the vicinity of 1.1610, EUR/USD has regained some attention and is now heading once again towards the mid-1.1600s.EUR/USD focus on FOMCSpot trimmed initial losses and is now looking to prolong the rebound into the negative territory near 1.1650 amidst some selling mood around the greenback.In fact, tracked b...

15:23 26 July /2017 Forex

GBP/USD hits fresh session tops, above mid-1.3000s ahead of the key FOMC decision Haresh Menghani

Having dropped to the 1.30 handle post-UK GDP release, the GBP/USD pair regained traction and has now jumped to fresh session tops beyond mid-1.3000s.The pair eased a bit after the preliminary UK GDP figures showed that Britain’s economy grew ...

15:00 26 July /2017 Forex

USD can’t expect help from the Fed – Deutsche Bank Sandeep Kanihama

Alan Ruskin, Macro Strategist at Deutsche Bank, suggests that USD’s biggest problem is that it can’t expect help from the Fed for a long time, and that won’t change following the July FOMC meeting.Key Quotes“The Fed will play second fiddle to technical signals in driving FX through the summer. For the moment this is an FX market that is prepared to trade the key EUR pair, one leve...

15:00 26 July /2017 Forex

Australia: CPI disappoints - BBH

Australian consumer prices rose 0.2% in Q2, half the pace the economists expected in the Bloomberg survey while the year-over-year pace slipped to 1.9% from 2.1%, notes the analysis team at BBH.  Key Quotes“The median expectation was for a small uptick.  Nevertheless, the trimmed mean and weighted median measures were spot on with a 0.5% increase.  Shortly afterward, RBA Governor ...

14:46 26 July /2017 Forex

BCB likely to maintain pace of easing in July with some downside risk - SocGen

Analysts at Societe Generale suggest that given the sharp decline in inflation and still-high level of real interest rates, the BCB will likely maintain the pace of easing (-100bp) at today’s Copom meeting taking the Selic rate to 9.25%.Key Quotes“Inflation has fallen below the BCB’s target range IPCA inflation fell to 3.0% yoy in June and the IPCA-15 series showed inflation falli...

14:46 26 July /2017 Forex

USD/JPY stance shifted to neutral from bearish – UOB Pablo Piovano

The pair’s perspective is now neutral from bearish and it is expected to meander between 110.80 and 113.00 in the next weeks, noted FX Strategists at UOB Group.Key Quotes“While we indicated yesterday that the sharp recovery in USD “has scope to extend higher to 111.50”, the ease of which this strong level was taken out was unexpe...

14:46 26 July /2017 Forex

GBP/USD outlook appears neutral – Commerzbank Pablo Piovano

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable’s stance remains on the neutral stance for the time being.Key QuotesGBP/USD has stabilised ahead of its near term uptrend, currently at 1.2959. Last week we saw the market perform a key day reversal (only just) and the new high was accompanied by a div...

14:46 26 July /2017 Forex

Fed: Practically no chance of a new policy initiative - BBH Sandeep Kanihama

By definition, the Federal Reserve Open Market Committee meeting is the highlight of the day and without a press conference and following last month's rate cut, there is practically no chance of a new policy initiative either on the balance sheet or the Fed funds target.Key Quotes“Market participants will be most sensitive to how the FOMC statement discusses inflation.

14:46 26 July /2017 Forex

FOMC: All eyes on announcement of balance sheet normalization - SocGen Sandeep Kanihama

The FOMC Meeting take centre stage today, and while analysts at Societe Generale expect few major changes, all eyes will be on whether the Fed announces the start of its balance sheet normalization policy.Key QuotesFocus of FOMC on balance sheet announcement “In terms of other changes to the statement, we look for only minor tweaks. For example, the sentence on j...

14:46 26 July /2017 Forex

USD/CAD treading water around 1.2500, FOMC on sight

The greenback is alternating gains with losses on Wednesday, with USD/CAD so far in a sideline theme around the 1.2500 handle.USD/CAD attention to FOMCThe pair seems to have found some support in the 1.2480 area recorded yesterday, levels last traded in early May 2016, while the door remains open for a test of 2016 lows at 1.2458...

14:23 26 July /2017 Forex

Brazil: COPOM expected to cut rates by 100 bps - BBH Sandeep Kanihama

Analysts at BBH suggest that COPOM is expected to cut rates by 100 bps to 9.25% at its policy meeting today.  Key Quotes“IPCA inflation was only 2.78% y/y in mid-July, the lowest since 1999.  This is below both the 4.5% target and the 3.0-6.0% target range, and so further easing is likely.  Markets are pricing in a 75 bp cut to 8.50% at the September 6 meeting followed by a 50 bp ...

14:23 26 July /2017 Forex

AUD/USD retakes 0.79 handle and beyond, focus remains on FOMC Haresh Menghani

The AUD/USD pair trimmed some of the softer CPI-led losses and has recovered around 40-pips from session lows touched during the Asian session.The pair ran through some fresh offers after the Australian headline CPI showed easing inflationary pressure and slipped below the RBA's medium-target. This coupled with a goodish 14:23 26 July /2017 Forex

Fed: Staying on track of policy normalization - ING Sandeep Kanihama

The Federal Reserve remains focused on withdrawing stimulus despite softer inflation and activity numbers, according to James Knightley, Chief International Economist at ING.Key Quotes“Given the Federal Reserve's commitment to “gradual increases” in the Fed funds rate and the fact it only hiked rates last month, today’s meeting should be a non-event in terms of action. Instead, at...

14:23 26 July /2017 Forex

Australia: 2Q CPI & Governor Lowe pushes AUDUSD away from 0.80s - ING

A sub-consensus headline 2Q CPI print (0.2% QoQ vs. 0.4% expected) supports the RBA's view that domestic inflationary pressures are lacklustre, but officials may take some comfort in the slightly firmer core readings, according to analysts at ING.Key Quotes“This sentiment was echoed in Governor Lowe's speech shortly after the data release; the RBA chief made clear that there is no...

14:00 26 July /2017 Forex

Fed: No fireworks expected today – Danske Bank

Today's key event is the FOMC meeting tonight in the US and analysts at Danske Bank expect the Fed to maintain the Fed funds target range in line with consensus and market pricing.Key Quotes“All eyes will be on the statements as there are no updated projections and no press conference. We also expect the Fed to wait until the big September meeting to make an announcement on 'quant...

14:00 26 July /2017 Forex

Fed is universally expected to leave rates unchanged today - TDS Sandeep Kanihama

The Fed is universally expected to leave rates unchanged at the July FOMC in what could serve as a placeholder meeting as policy makers await confirmation that disinflationary headwinds are transitory, according to analysts at TDS.Key Quotes“Our base case calls for minor mark-to-market changes in the statement while a more cautious message on inflation would warrant a more dovish ...

14:00 26 July /2017 Forex