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Daily Market News By FXNET
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[QUOTE="FxNet, post: 57960, member: 19407"] [b]Market report 28-01-2014[/b] Asian Session - Pound rises as focus turns to UK GDP data After much volatility in currency markets on Monday due to the emerging market turmoil, Tuesday was calmer. While most major currency pairs were steady and range-bound, especially EURUSD, USDJPY, the most notable moves were made by the pound, as GBPUSD extended gains into the Asian session. The pound climbed back to a near 3-year high against the dollar ahead of key UK data later today. GDP numbers will be released, with expectations for a confirmation of strong growth in the British economy in the last quarter. GBPUSD rose to $1.6624 from $1.6582 at the open of Asian session trading. The pound’s strength may out some pressure on the dollar for now. However the dollar could be expected to regain a firmer footing against the yen as the Federal Reserve meeting comes closer. The Fed begins its 2-day monthly monetary policy meeting today and will announce its policy decision tomorrow. There are expectations that the Fed will scale back its stimulus further and this is helping pull the dollar off a 7-week low against the Japanese yen. USDJPY was steady in Asia and barely moved while trading sideways, ending the session at 102.61 yen. The Australian has also proved to be resilient and was another currency that performed well in Asia today. AUDUSD rose to $0.8791, well above Friday’s low of $0.8659. [/QUOTE]
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