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Currency Round Up

Today's news from Neil Davies, Head of Trading, PlutusFX

GBP/USD 1.6643– Sterling continues to strengthen. BoE governor refines forward guidance and suggests rates will remain low, likely to be now more than 2% by 2017.

USD/BRL 2.42 – The government’s failure to meet its fiscal targets and doubts over its ability to repeat last year’s GDP surplus of 1.9% continues to add pressure to the Real.

GBP/EUR 1.2178 – The jobless rate in Greece reaches a record high of 28%, with 61% of those under 25 unemployed.

USD/Bitcoin 650.67 – Now 35% off the all-time high. Flaws in the currencies underlying software exposed by one of its largest trading exchanges

USD/JPY 102 – Focus falls again on the huge public debt burden of in excess of one quadrillion Yen, the interest on which eats up over 50% of all tax revenues.

AUD/USD 0.896 – Reserve Bank of Australia expects growth to pick up in 2014 to somewhere between 2.25 and 3.25%, ahead of its own forecast last November.

EUR/CHF 1.22  – The referendum vote to install strict limits on immigration may ultimately weaken the EU trading relationship and damage the Franc

USD/CAD 1.099– The impact of the Canadian Oil Sands is larger than expected and with production doubling by 2025 should bring long term strength for the CAD

EUR/ZAR 11.07 – South Africa’s hike in its rate policy fails to stop the continued sell off in the Rand

GBP/SCP ? – Floating rate for the Scottish pound currently in mid air

Neil Davies, Head of Trading, PlutusFX


 

The contents of this commentary are for information purposes only and it is not intended as a recommendation to trade. The opinions are those expressed by the author and should not be taken as advice. PlutusFX will not be held responsible from any loss or damage arising from any action taken following the use of this information.

 

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