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[QUOTE="limyeeshin, post: 106162, member: 35099"] [B][U][SIZE=6][COLOR=#0000ff]Thursday 21 July 2016[/COLOR][/SIZE][/U][/B] [B][U][COLOR="Red"]Dollar rises supported by upbeat economic reports[/COLOR][/U][/B] The U.S. dollar rose against other major currencies as improvements in the U.S. economy, supported by recent upbeat reports, widened expectations for the Federal Reserve to raise interest rates in this year. Federal Funds Futures Market reflected the probability for July rate hike at 1.2% but increased probability for rate hike in September from 18.8% to 24.6% and December from 46.9% to 50.7%. Rise in New York stock prices also supported strengthening greenback. Market participants are remained cautious after the International Monetary Fund revised the global economic growth down to 3.1% from 3.2%. The IMF also lowered the forecast for U.S. growth to 2.2% from 2.4% but the reduction was more taken from the weaker first quarter GDP rather than Brexit impact. The dollar was quoted at 97.16, up 0.10% against other major currencies. Also, the currency gained as much as 1.50% against the Turkish Lira to a record high of 3.0974 after Turkey president declared a three month State of Emergency in the wake of last week’s coup attempt. The pair surged over 7% over last four sessions. [B][U][COLOR="Red"]Euro and sterling rebounds ahead of ECB meeting[/COLOR][/U][/B] The British pound slightly gained against the U.S. counterpart ahead of the first European Central Bank’s monetary policy meeting after the Brexit vote. On Wednesday, a report showed that Euro zone’s consumer confidence declined sharply by 1.8% to -7.6%. The Governing Council in ECB is broadly expected to stick to current policies at Thursday’s meeting as being short of data to combat post Brexit market shock. Also, the IMF cut U.K. growth forecast to 1.7% from 1.9% for this year and 1.3% for the 2017 growth due to the Brexit. Sterling found some support on Wednesday after the U.K. Office for National Statistics reported that the unemployment rate fell. GBP/USD traded at 1.3230, up 0.19 and EUR/USD rebounded to 1.1018 after shedding 0.5% overnight. [B][U][COLOR="Red"]Kiwi drops sharply after sign of easing from RBNZ[/COLOR][/U][/B] The New Zealand dollar dropped sharply after the recent assessment from the Reserve Bank of New Zealand showed possibility for further easing. On Thursday, the RBNZ suggested that more easing is possible from the overnight cash rate of 2.25% with an objective of weaker exchange rate policy. NZD/USD traded at 0.6977, dropping sharply by 0.64% after the bank’s review. Nearby Australian dollar also fell slightly after the business confidence survey came in lower than expected. AUD/USD traded at 0.7472, down 0.01%. [B][U][COLOR="Red"]Major pairs (Thursday update)[/COLOR][/U][/B] USD/JPY ↑0.19% 107.08 EUR/USD ↑0.19% 1.1035 EUR/JPY ↑0.42% 118.19 USD/CAD ↓0.11% 1.3043 GBP/USD ↑0.23% 1.3235 USD/CHF ↓0.25% 0.9848 AUD/USD ↑0.21% 0.7490 NZD/USD ↓0.50% 0.6986 [/QUOTE]
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