LN:AGFX 101.00p

FX Majors Weekly Report September 18th

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Sterling has a full suite of inbound data this week, as Wednesday’s highly anticipated
inflation release (CPI) paves the way for a likely 0.25% hike from the Bank of England on
Thursday, before a ‘temperature check’ on the state of UK services and manufacturing
sectors is taken on Friday morning.


After an inexorable slide through some major chart levels last week, it is fundamental
‘crunch time’, with UK inflation data, the Bank of England meeting and the Federal
Reserve meeting all hitting FX markets in coming days.


Despite a 0.25% hike last week from the European Central Bank, forward-looking FX
markets decided to feast off the heavy implication that this was the ‘final hike’ and thus
drove the euro lower to test the major chart level of June’s 1.0635 low.

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