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Flash: US data in focus ahead of FOMC – Investec

FXstreet.com (New York) - According to Lee McDarby, Corporate Treasury at Investec, “The market will closely observe the US PPI, Industrial Production and Consumer Confidence data, which we expect to provide additional insight into economic activity ahead of next week’s FOMC meeting.”

Yesterday’s retail sales data was positive from the outset with the headline number rising slightly and this was accompanied by a lower print on weekly jobless claims. However, the USD failed to benefit from this release as the market is more focused on numbers that are likely to bring the likelihood of US quantitative easing tapering to the fore.

FOMC gathers interest

With next week’s FOMC meeting gaining more attention, the Fed are clearly concerned by the instability in the markets and the activity around anything likely to be ‘taper’ related. There were notes in the press yesterday from a Fed official urging investors not to over-react when the Fed pulls back from its bond-buying program. “The Fed is keen to stress an adjustment in the QE program does not mean it will all end and once nor that the Fed are close to raising interest rates. This theme looks like it is set to dominate the market in the short-term at least.” McDarby adds.

USD/CAD up, US data eyed

The renewed strength of the Canadian dollar is driving the USD/CAD to fresh 4-week lows around 1.0170 on Friday, falling for the second consecutive week from highs around 1.0380...
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Session Recap: EUR/USD under mild pressure

FX market enjoyed a relatively calm session, with the USD mixed across the board, trading higher versus its European peers but lower versus the yen.
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