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Forex Flash: FOMC statement showed little change - BTMU

FXstreet.com (Barcelona) - Lee Hardman, FX Strategist at the Bank of Tokyo Mitsubishi UFJ notes that the FOMC statement overnight was little changed from the January meeting although the Committee noted that the economy appears to be returning to “moderate growth following a pause late last year”.

He writes, “The FOMC expects only a modest negative impact upon growth this year from the sequester expecting growth of 2.55% (mid point). Chairman Bernanke stated that the labour market has made quite some progress but the FOMC wants to make sure such improvement is durable before altering the pace of QE which looks more likely in the second half of 2013. The Fed’s unemployment rate mid-point projections for 2013 and 2014 were revised down to 7.4% and 6.85% respectively to reflect the lower than expected starting point.”

UK: PSNB at £4.356B in February

UK Public Sector Net Borrowing was £4.356 billion in February, official figures released by National Statistics show, following £-10.263 billion registered in January. Analysts expected £8.250 billion.
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Forex: EUR/GBP tumbles on good UK retail sales and PSNB

The EUR/GBP traded sideways around the opening price of 0.8566 during the Asian session, but EUR weakness in reaction to disappointing Markit PMI data in France and Germany and the GBP strength ahead of UK retail sales and PSNB data sent the cross down to 0.8513 low. However, data release sent the EUR/GBP further down, to 0.8500 psychological level already.
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