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This week will see a heavier yet still relatively light news agenda, with the key items coming as Central Bank input for the U.S. and Australian Dollars and the British Pound, as well as the Euro to a lesser extent.
he US Dollar Index, viewed as a solid gauge of the relative weight of the greenback, had edged away from Wednesday’s 4-week low of 93.402 .DXY but continues to remain close at 93.556 .DXY.
The Pound Sterling experienced only a small improvement after today’s release of unexpectedly upbeat retail sales figures.
Wall Street remained under pressure on Wednesday as investors continued to worry about the U.S. tax reforms after two Republicans spoke out against their party’s latest Senate proposal
The Aussie Dollar was among the currency world’s biggest movers, losing some 0.6% against the US Dollar and touching on a 4-month trough.
The pound fell to near four-week lows on Tuesday following weaker-than-expected inflation data out of the United Kingdom which raised questions as to whether interest rates would be hiked in the near term.
The EUR/USD hit a 2-week peak during trade in London as FX traders resumed their purchases of risky European assets on expectations that Eurozone growth is likely to remain strong, in spite of a low rate environment.
Oil prices were lower on Tuesday afternoon as investors feared that continued increases in U.S. output would negate OPEC’s efforts to buoy oil prices.
According to the most recent forecasts, the Aussie Dollar isn’t likely to get much of a boost in the future, with little to no movement predicted for the coming 12 months.
The British pound hit an eight-day high on Friday to trade at $1.3229, but retreated early on Monday after 40 members of British Prime Minister Theresa May’s Conservative Party committed to signing a letter of no-confidence in her.