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Overview
Sterling remained under pressure, with the euro hitting a new 6-month high of 93.89 against the pound. The yen took a broad slide as resilience in oil, commodity and equity prices supported units such as the New Zealand and Australian dollars. The US dollar inched up against other currencies on Tuesday but didn't stray far from recent lows as traders await clearer signs from US corporate earnings,
German investor sentiment data and stock market performance.??Early trading in Europe was subdued and restricted to narrow ranges; however the result of the US Federal Budget Balance is expected to drive volatility for the US dollar and forex trading today. The German ZEW Economic Sentiment, the British CPI and BOE Inflation Letter are also expected to be create market volatility
UK Market - Pound Sterling News
The British Chamber of Commerce said business confidence was getting stronger but the economy was still “frail”. If next week's official GDP figures show no increase, it will be the first time the UK has endured six successive quarters without growth.
The pound is trading in consolidation mode against the US dollar today, posting its lowest level since May 21. GBP/USD has been trading inside a narrow range between 1.59 and 1.58 and the pair has reached an intra-day low trading at around 1.57.
European Market - EURO News
The euro has made a recovery from its slip yesterday after running into bids around 1.47 against the US dollar. However, traders do not seem keen to push the single currency out of its near term range of 1.470 -1.477. The trading range against the pound is among the key support at 0.91 and key resistance now lies at 0.95.
US Market - US Dollar News
The US currency was up a quarter of a percent against the yen at 90.05 and was flat against the euro at 1.47.
Despite inching up slightly, the dollar remains weak, trading close to the 1-year record low level. The past week saw a rise in US bond yields which pulled the dollar back up against the Japanese yen.
World Currencies - News Highlights
China and Russia have signed trade agreements worth USD 3.5 billion. The agreements came on the second day of a visit to Beijing by Russian Prime Minister Vladimir Putin.
The New Zealand dollar was up almost half a percent at 0.73 against the US dollar whilst the Australian currency, which earlier hit a 14-month high of 0.90 against the dollar, crept back as dealers booked profits from the rise.
The Canadian dollar traded against the US currency at 1.031 whilst Switzerland's import price index for September climbed to 0.2%, higher than both the prior and forecasted readings of 0.1%. Tags
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