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  • Goldman Sachs sees the Turkish Central Bank cutting rates by 100bps over next three central bank meetings
  • Cable has undergone a nice rally as of late, with it having risen over four figures off the September low.Get your $GBPUSD market update from @PaulRobinsonFX here:https://t.co/jdNzvlgecz https://t.co/kF4pZgwiOz
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.35% 🇨🇭CHF: 0.10% 🇪🇺EUR: -0.04% 🇬🇧GBP: -0.04% 🇦🇺AUD: -0.18% 🇳🇿NZD: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/SSMahbp5s0
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  • Yen Pullback Begins: EUR/JPY, GBP/JPY, AUD/JPY, CAD/JPY https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/10/21/Yen-pullback-begins-EUR-JPY-EURJPY-GBP-JPY-GBPJPY-AUD-JPY-AUDJPY-CAD-JPY-CADJPY.html https://t.co/iZpZvFopiF
  • The oil price breakout has extended into the first level of lateral resistance- risk for some ‘back and fill’ here but the outlook remains constructive. Get your market update from @MBForex here:https://t.co/jdNzvkYCNZ https://t.co/OlqgYQLcxK
  • Tesla opened lower as afterhours trade yesterday suggested we would, but after the gap down, we've had a strong rally this morning. I wonder if the Robinhood-type crowd trades before/after hours or if that is the traditional segment https://t.co/tFVllKbBKb
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  • The Turkish Central Bank cut its weekly repo rate to 16%, marking a 200bps cut vs expectations for a 50-100bps reduction. Get your market update from @JMcQueenFX here: https://t.co/Gz3yZYqZdn https://t.co/C1PgJsCoGp
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EUR Outlook Remains Bearish- GBP Threatens Bearish Trend Ahead of BoE

EUR Outlook Remains Bearish- GBP Threatens Bearish Trend Ahead of BoE

David Song, Strategist

Talking Points:

- EUR/USD Outlook Weighed as EU Tries to Buy More Time For Greece.

- GBP/USD Threatens Bearish Channel Ahead of BoE Inflation Report..

- USDOLLAR Outlook Vulnerable to Further Contraction in Retail Sales.

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EUR/USD

EUR/USD Daily

Chart - Created Using FXCM Marketscope 2.0

  • EUR/USD remains vulnerable as Greece struggles to secure a bailout agreement with the EU; may put increased pressure on the European Central Bank (ECB) to further support the monetary union as policy makers struggle to meet on common ground.
  • Will retain a bearish outlook for EUR/USD as long as the Relative Strength Index (RSI) preserves the downward trend dating back to October 2013.
  • DailyFX Speculative Sentiment Index (SSI) shows retail crowd remains net-short EUR/USD, but seeing the ratio narrow as it currently stands at -1.56.

GBP/USD

GBP/USD Daily
  • GBP/USD making another assault at channel resistance ahead of the Bank of England (BoE) inflation report; remains at risk for a larger rebound as the RSI has already broken out of the bearish momentum.
  • There’s growing speculation the BoE may further reduce its inflation forecast, but will keep a close eye on the forward-guidance for monetary policy as Governor Mark Carney continues to prepare U.K. households and businesses for higher borrowing-costs.
  • Will keep a close eye on the opening range, with the key region of interest coming in around the former support zone near 1.5500-10.

Join DailyFX on Demand for Real-Time SSI Updates Across the Majors!

Read More:

AUDCAD Threatens Weekly Opening Range- Long Scalps Favored Above 9750

Weekly Setups Target Key Opening Ranges in USD, GBP, Gold & Silver

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

11873.83

11877.34

11827.79

0.31

74.66%

EUR Outlook Remains Bearish- GBP Threatens Bearish Trend Ahead of BoEUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Dow Jones-FXCM U.S. Dollar may retain the monthly opening range as U.S. Advance Retail Sales are expected to contract another 0.4% contraction in January.
  • A further downturn in household spending may dampen the Fed’s scope to normalize monetary policy in mid-2015 as lower energy prices fail to boost private-sector consumption.
  • Will continue to watch the broader range from 11,721 (38.2% expansion) to 11,901 (78.6% expansion).

Join DailyFX on Demand for Real-Time SSI Updates!

Release

GMT

Expected

Actual

MBA Mortgage Applications (FEB 6)

12:00

--

-9.0%

Fed’s Richard Fisher Speaks on U.S. Economy

13:00

Monthly Budget Statement

19:00

-$19.0B

Click Here for the DailyFX Calendar

--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

To be added to David's e-mail distribution list, please follow this link.

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