Looks like we've got a bit of a correction going on in the market, after the USD bull run we've been seeing lately.
Cable pushed higher yesterday after the UK GDP came out as expected at 0.5%. Also USD seemed to be extremely overbought, so we did see a lot of traders taking profits.
on the Euro front, a bit of see-sawing going on there. earlier yesterday it hit the lows of 1.4011 after some market rumors about the greek PM resigning. Additionally WSJ came out with an article about US banks possibly holding $17 bn liability in lawsuits!! However, we saw the Euro rebound during the NY session up to 1.4118, after equities and oil rebounded.
This morning Euro gained support as well after a FT article came out stating China is to buy Europe's bailout bond.
Tonight we only have data coming out of the U.S so keep a watch on those figures!
Data Today
US GDP - 12.30pm GMT
US unemployment claims - 12.30pm GMT
Cable pushed higher yesterday after the UK GDP came out as expected at 0.5%. Also USD seemed to be extremely overbought, so we did see a lot of traders taking profits.
on the Euro front, a bit of see-sawing going on there. earlier yesterday it hit the lows of 1.4011 after some market rumors about the greek PM resigning. Additionally WSJ came out with an article about US banks possibly holding $17 bn liability in lawsuits!! However, we saw the Euro rebound during the NY session up to 1.4118, after equities and oil rebounded.
This morning Euro gained support as well after a FT article came out stating China is to buy Europe's bailout bond.
Tonight we only have data coming out of the U.S so keep a watch on those figures!
Data Today
US GDP - 12.30pm GMT
US unemployment claims - 12.30pm GMT
Happy Trading!
FxTaurian
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Harry
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