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Dollar Downturn Continues

Friday 24th February
US Dollar:

The dollar’s poor week continued during yesterday’s trading session, as weaker than expected jobs data coupled with uncertainty surrounding tax reform and public spending took its toll on the greenback. Unemployment claims rose by 6,000, more than the expected 4,000 for the week ending February 18th, going against recent strong jobs releases. Meanwhile, new US Treasury Secretary Steven Mnuchin’s comments were also not received well by markets, telling the Fox Business Network that any policy steps the Trump administration takes would have a limited impact this year and that he wanted to see tax reform passed before Congress’ August recess. The aim is to focus on middle-income tax cut and simplification for business, with no further clues on this markets were disappointed  who have been expecting the Trump administration to deliver on promises of  tax reform, infrastructure spending and a cut in regulation.  Whilst broadly in line with recent comments made by other politicians, meeting expectations, but disappointing the bulls who were hoping for more details and a more rapid reform. This stance is likely to limit dollar strength in the short-term. Cable is currently trading at 1.2550, up from 1.2450 at the beginning of yesterday’s European session...

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Today's expected range

1.2500 to 1.2600
1.1790 to 1.1890
1.6190 to 1.6320
1.7280 to 1.7390

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Last Week Market Recap

Monday 20th February 2017

Showed little change for the second consecutive week as Australia reported positive employment data with mixed numbers from the United States. The rate began the week declining on Monday in the absence of any significant data out of either country. The pair then gained ground on Tuesday after making its weekly low of 0.7617 despite better than expected U.S. PPI data. On Wednesday, the rate continued rallying despite U.S. CPI and Retail Sales data, which beat expectations. The pair then sold off after making its weekly high of 0.7731 on Thursday after Australian Employment Change showed the addition of +13.5K jobs last month compared to an expected increase of +9.7K, while the Australian Unemployment Rate declined a notch to 5.7% from 5.8%. The rate continued its selloff on Friday in the absence of any significant economic numbers from either country. AUD/USD closed at 0.7667, with a loss of just -5 pips and virtually unchanged on the week. 

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