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6 Mar 2014
Flash: GBP/USD bolstered by data
FXStreet (Barcelona) - Jonathan Pryor, Corporate Treasury Analyst at Investec observed that upbeat UK data plus below estimates US results helped the GBP/USD upside.
Key Quotes
"UK Services PMI yesterday rounded off a hat-trick of strong survey numbers in as many days, in contrast to the weaker than expected PMI and ADP job numbers from the USA. The contrasting results helped keep GBPUSD above 1.67 after a minor dip below, with poor weather still having a negative impact on US data and pointing to a weak Non Farm Payroll reading again on Friday."
"The Crimea crisis continued to steady yesterday and risk adverse positions were unwound. The crisis has had a limited effect on FX markets with EURCHF and USDJPY having been most affected."
"If you are exposed to either of these currency pairs speak to the Dealing Desk today for a more detailed overview. Turning to EU data yesterday PMIs, Retail sales and GDP were all steady ahead of today's ECB meeting. This helped EURUSD sustain the 1.37 handle."
Key Quotes
"UK Services PMI yesterday rounded off a hat-trick of strong survey numbers in as many days, in contrast to the weaker than expected PMI and ADP job numbers from the USA. The contrasting results helped keep GBPUSD above 1.67 after a minor dip below, with poor weather still having a negative impact on US data and pointing to a weak Non Farm Payroll reading again on Friday."
"The Crimea crisis continued to steady yesterday and risk adverse positions were unwound. The crisis has had a limited effect on FX markets with EURCHF and USDJPY having been most affected."
"If you are exposed to either of these currency pairs speak to the Dealing Desk today for a more detailed overview. Turning to EU data yesterday PMIs, Retail sales and GDP were all steady ahead of today's ECB meeting. This helped EURUSD sustain the 1.37 handle."