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Euro stages a modest rebound - BTMU

FXStreet (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ comments on the euro staging a modest rebound against the dollar by making a high around 1.2500 levels.

Key Quotes

"The euro has staged a modest rebound against the US dollar lifting EUR/USD back towards the 1.2500-level. Euro selling accelerated earlier this month as investor expectations heightened that the ECB could deliver further monetary easing before year end."

"A market news report released yesterday cast some doubt on those expectations citing two senior Eurosystem sources as stating that “there is wide support among governing council members that more time is needed to assess the impact of recently launched asset purchase programs on the ECB’s balance sheet before coming to a decision on taking further measures”. Rather the report suggests that early next year is likely to be a “crucial period” when important policy decisions have to be made with the ECB unlikely to be in position to implement sovereign bond purchases until the first quarter of next year at the earliest."

"The report also states that the ECB would only consider implementing sovereign bond purchases if medium-term inflation expectations take a turn for the worse. The report is likely to provide only temporary relief for the euro."

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The Financial Conduct Authority (FCA) has imposed fines totalling GBP1,114,918,000 on five banks for failing to control business practices in their G10 spot foreign exchange (FX) trading operations: Citibank N.A. GBP225.575m (USD358m), HSBC Bank Plc GBP216.363m (USD343m), JPMorgan Chase Bank N.A. GBP222.166m (USD352m), The Royal Bank of Scotland Plc GBP217m (USD344m) and UBS AG GBP233.814m (USD371m).
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Valeria Bednarik, Chief Analyst at FXStreet comments that the GBP/USD pair saw a short term downward spike to 1.5880 after UK employment figures, as the report shows both, unemployment rates and jobless claims missing expectations.
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