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Attention turns to GDP releases

Friday 28th April
US Dollar

From the US yesterday we saw Core Durable Goods Orders m/m fall more than forecast to -0.2% and Unemployment claims rose unexpectedly to 257K. This poor data did little to impact market movement but will certainly leave the USD susceptible to further weakening today. We have a number of releases from the US today, with Advance GDP q/q to headline proceedings. This figure is due to fall from 2.1% to 1.3%, this slowdown in growth will be the weakest figure in over a year. Following the poor data released yesterday, this decline could see the Dollar retreat going into the weekend. Today’s Advance GDP release is already having an impact on markets. 

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Today's expected ranges

GBP / USD
1.2910 - 1.2970
GBP / EUR
1.1840 - 1.1900
GBP / AUD
1.7280 - 1.7340
GBP / NZD
1.8800 - 1.8860

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Last Week Market Recap

Monday 24th April 2017

Lost a fraction last week as the RBA released its Monetary Policy Meeting Minutes with mixed economic numbers from both countries. The week began with the rate making its weekly high of 0.7609 on Monday after a lower than expected U.S. Empire State Manufacturing Index number. The pair then declined on Tuesday after the RBA’s Monetary Policy Meeting Minutes noted that, “Members observed that the nature of the risks to global financial stability had changed over the preceding six months as the economic outlook had improved and longer-term interest rates had risen. In particular, there was an increased risk that future portfolio adjustments could prove disruptive.” The rate continued lower on Wednesday, making its weekly low of 0.7490 as the price of oil began to sell off. Thursday saw the pair rebound after the Australian NAB Quarterly Business Confidence index printed at 6 versus a previous reading of 5 upwardly revised to 6. The pair continued gaining on Friday despite a better than expected U.S. Existing Home Sales number. AUD/USD closed at 0.7545, with a loss of -0.2% for the week. 

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