FX Weekly: 31st January 2011
The UK grabbed the headlines as a horror GDP estimater (-0.5% q/q) put a sword to any hawkish aspirations from the BoE. Forthcoming revision to Q4 UK GDP is crucial so UK macro data will take on added significance
Credit rating downgrade from AA to AA- for Japan heightened risk-aversion across all asset classes
Fed, RBNZ, Norges and BoJ all left interest rates unchanged as expected
Soft US GDP estimate for Q4 gave the US Dollar added impetus going into the weekend
Political instability in Egypt has allowed geo-political risk to emerge as an active theme in FX. USD, JPY and CHF gapped higher in all pairs to reflect the risk-averse sentiment at the start of this week.
Credit rating downgrade from AA to AA- for Japan heightened risk-aversion across all asset classes
Fed, RBNZ, Norges and BoJ all left interest rates unchanged as expected
Soft US GDP estimate for Q4 gave the US Dollar added impetus going into the weekend
Political instability in Egypt has allowed geo-political risk to emerge as an active theme in FX. USD, JPY and CHF gapped higher in all pairs to reflect the risk-averse sentiment at the start of this week.
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