Talking-Forex.com
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A relatively busy session today; certainly for GBP as the ongoing EU talks – which now look to be extended into the weekend – have provided a major weight. The early buying was presumably positioning ahead of the UK retail sales number, which although better than expected, failed to generate the GBP spur players were looking for. This resulted in a sharp turnaround from the mid 1.4300’s, with Cable losses eventually taking out Thursday’s lows. Decent EUR/GBP buying was also noted, but all inside well-worn territory. Elsewhere, the Oil price retrace was another key theme, leading to see notable losses in CAD (alongside MXN and RUB), with the better than expected US CPI read adding to topside USD/CAD momentum to take out 1.3800. The mood in the equity markets were naturally dampened by Oil also, and this fed through to lower USD/JPY levels, though the Asia lows around 112.70 held. AUD and NZD suffered though, with US inflation adding to the downturn in the respective spot rates. Despite the above, the CNH vs CNY spread remains close to flat, while EUR/CHF finds stability around the 1.1000 level. Into next week, and Sterling could be some way out of the familiar ranges seen this week as we should have more news from the EU summit – on way or other. UK data is also stand out, with the 2nd estimate of Q4 GDP also out on Thursday. Ahead of this, the German Feb IFO survey is released on Tuesday,
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