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Markets normalising on QE rhetoric - BMO Capital Markets

FXStreet (Barcelona) - Stephen Gallo, European Head of Currency Strategy at BMO Capital explained markets are normalising.

Key Quotes:

"With the exception of the JPY, the USD faced very little or no pressure to appreciate during the London morning. However improbable an actual delay is, yesterday’s verbal intervention from one Fed official suggesting a delay to ending QE could materialise has caused a significant reversal in sentiment."

"Rates have backed up because commodity prices and inflation expectations have backed up. Things have returned to normal because of speculation that Fed policy might remain abnormal. Flight to safety has reversed at the same time that QE rhetoric has capped the USD."

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