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Flash: USD reverses fortunes – Investec

FXstreet.com (Barcelona) - According to Lee McDarby, Corporate Treasury at Investec, “Investors are just beginning to feel like the market is happy to finally consolidate and take profit.”

In the US, European and Asian equity markets all finished in the red yesterday and overnight with the Nikkei in Japan being the worst performer, finishing over 5.00% down on the session. There are mixed reports regarding whether the sell off in USD/JPY was to blame for this, or vice-versa.

The dollar weakness that re-emerged throughout yesterday allowed GBP/USD to trade up to 1.5150 overnight whilst GBP/EUR continues to side-step in the high 1.16’s after the euro has found a happy home in the 1.29’s against the dollar despite some slightly disappointing German unemployment figures.

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Q1 GDP data continue to paint the picture of an economy with strengthening fundamentals that is facing significant fiscal drag - a "tug-of-war" as New York Federal Reserve Bank President Dudley recently characterized it.
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