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Daily Forex Preview – 08/01

US Dollar

The Dollar Index posted a fresh high yesterday reaching 92.5, boosted by a better than expected ADP jobs print which shows 241k new jobs being added, beating estimates of 227k. Previous month’s ADP numbers were also revised higher to 227k. But the main risk for the Greenback was the FOMC meeting minutes. The minutes showed that Fed members were of the opinion that rate hikes were unlikely before April and expressed concerns on falling crude oil prices effects on inflation, and that inflation could remain persistently below the Fed’s 2% inflation. All said and done, the FOMC meeting minutes was interpreted as neutral by the markets which saw the Dollar slightly mixed.

Euro

Eurozone’s initial CPI estimates saw the headline inflation decline -0.2%, while core CPI strengthened to 0.8%. The markets were however focused on the negative headline print with continued conviction that the ECB could act as early as its January meeting. The Euro declined to fresh lows of 1.18 before managing to stabilize from the lows.

British Pound

The Cable was weak yesterday despite lack of any fundamental events, driven largely by the Greenback’s strength. The Cable declined to 1.5055 levels in late evening yesterday and is seen to be currently consolidating around this low. Today’s main risk will be the Bank of England’s interest rate decision which is widely expected to remain unchanged.

Fundamentals – January 8, 2015
• Australia building approvals 7.5% vs. -2.7% forecast
• German factory orders m/m to decline -0.6%
• UK Halifax HPI m/m to rise 0.3%
• Eurozone PPI m/m to decline -0.2%
• Bank of England Interest rate decision
• Canada NHPI m/m to rise 0.3%
• Weekly US unemployment claims to ease to 291k

Thursday, 08 Jan, 2015 / 12:25

Source : http://www.orbex.com/blog

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