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A word of caution about today’s Dollar Bounce

By Kenan Machado . WSJ Hong Kong Oct. 20, 2017 12:27 a.m. ET Some analysts urged caution about Friday’s dollar gains. Peter Chia Siong, a forex strategist at broker UOB Kay Hian in Singapore, said the dollar’s near-term direction “hinges not only on the tax reforms” but who Mr. Trump will tap to lead the Federal Reserve for the coming four years. News reports that he is leaning toward Fed Gov. Jerome Powell weighed on...

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GBP/USD – Pound Shrugs Off Dismal UK Retail Sales

The British pound is showing slight losses in the Thursday session. In North American trade, GBP/USD is trading at 1.3175, down 0.22% on the day. On the release front, British retail sales declined 0.8%, well below the forecast of -0.1%. In the US, unemployment claims plunged to 222 thousand, well below the estimate of 240 thousand. Manufacturing data was also strong, as the Philly Fed Manufacturing Index jumped to 27.9, crushing the estimate of 21.9 points. On Friday, the UK releases ...

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OPEC to be Discussing 9 Month Extension to Oil Production Cut Deal

OPEC members are reportedly forming a consensus around extending their production cutting deal with other crude exporters by nine months, a move that would help to put a floor under oil prices. That would prolong the agreement among OPEC, Russia and other oil-producing nations to keep 1.8 million barrels a day off the market through the whole of next year. The exporters reached the deal last December and have...

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Oil Higher on Iraq Disruption Following Military Intervention

Oil prices closed in on the highest level in six months as a conflict in Iraq spilled over into one of the nation’s key crude-producing hubs. Iraqi forces on Sunday launched a campaign to retake control of the area surrounding Kirkuk, an ethnically diverse area controlled by the semiautonomous Iraqi Kurdistan region. Government troops took control of the North Oil Company, a military base and airport, Reuters and Dow Jones reported, marking the escalation of ...

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NAFTA Uncertainty Hitting MXN

Mexico’s Finance Minister Jose Antonio Meade said on Monday that the peso’s recent depreciation reflects uncertainty about the NAFTA renegotiation process and questions about how quickly the U.S. Federal Reserve will normalize rates. “The exchange rate reflects different kinds of uncertainties, many of which we cannot control, such as the normalization process of interest rates in the United States,” said Meade, speaking at an event in Mexico City. “There are other elements which are...

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USD/JPY – Yen Steady at 112, Markets Eye CPI, Retail Sales

The Japanese yen has ticked higher in the Friday session. Currently, USD/JPY is trading at 1.1217, down 0.10% on the day. On the release front, there are no Japanese events on the schedule. It’s a busy day in the US, with the release of inflation, retail sales and consumer confidence reports. Is inflation in Japan finally moving upward? Japanese PPI has steadily moved higher in 2017, and improved in September to 3.0%. Last week, Tokyo Core...

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Japan US Trade Talks Scheduled for Next Week

Japanese Deputy Prime Minister Taro Aso and U.S. Vice President Mike Pence are likely to be at odds next week over U.S. calls to launch negotiations for a bilateral free trade agreement, Japanese government officials said Wednesday. A second round of the high-level economic dialogue, slated for Monday in Washington, comes as the United States is pushing Japan to further open its ...

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USD Recovers Day After FOMC Minutes

The dollar recovered on Thursday, having hit its lowest in more than two weeks as U.S. central bankers showed they were taking a more guarded view of inflation, helped by a steep fall in the British pound. Asian stocks climbed to their highest in a decade, powering global shares to another record high and keeping them on course for their longest winning streak ever. Wall Street was set to open down from...

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