The Daily Score by MahiFX

MahiFX

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Aug 29, 2011
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Market Summary
The Cable continued its strong run yesterday setting fresh 2 ½ year highs above 1.6670, marginally breaching the highs set in January. This came as the BOE chief economist Spencer Dale said investor’s bets that U.K. interest rates will increase within 2 years were reasonable. The Euro also put in a solid showing trading back to levels seen at the start of the week (1.3692 highs, Tuesday’s highs 1.3683). The Usd/jpy traded heavily early in the day (down to ~101.69 lows) before staging a rally to finish largely unchanged (~102.15). U.S. data releases were largely underwhelming although continue to be clouded by appalling weather conditions. January retail sales fell by 0.4% MoM (0.0% exp.) following a downwardly revised 0.1% drop in December. Initial jobless claims rose 8,000 to 339,000 vs. the 330,000 expectations.

The Aud/usd has continued its rally in Asian trading today after failing to push lower than its Asian session lows (.8927) seen in trading yesterday after the weak January employment data release (highs today, .9026). Gold continued its impressive rally breaking the $US1300 level for the first time since November 2013. On the data release schedule for today German and Euro zone Q4 2013 GDP features along with U.S. Industrial Production and the Michigan consumer confidence survey.