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Forex Flash: UK economy could benefit from fall in GBP – ANZ

FXstreet.com (Barcelona) - The UK budget at best is neutral for the GBP, however the focus on monetary activism implies further, near-term easing in monetary policy. Indeed, “Sub-trend economic activity and an absence of wage inflation (real wages are actually falling), suggest that any inflation feedback from the exchange rate will prove temporary.” Writes the ANZ Research Team. With inflation expectations broadly stable, sterling's weakness should not be an obstacle to further easing.

The pound has benefitted from the crisis in Europe and a shake out of long USD positions. “This may run further in the near-term, but it does not alter the argument that the economy could benefit from a real depreciation in the exchange rate.” the team adds.

Forex: USD/CAD falls to daily lows after Fed projections

The US Dollar has reacted down after the FOMC decision to maintain its interest rate unchanged and the Fed economic projections for the upcoming years. The USD/CAD fell to 1.0280, extending its decline from 1.0270, where the pair found support and it has begun to rise to trade at 1.0250.
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Forex: USD/JPY surges past resistance to test 96.00 level

The USD/JPY has streamed higher following the decision of the Fed earlier today. Having jumped on the news of steadied interest rates, the pair surged to session highs at 96.07. At the time of writing the cross is testing the 96.00 level Wednesday, having already climbed +0.91%.
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