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  • The rest of the New York trading session is absent major scheduled event risk with US markets closed for the Martin Luther King Jr holiday. There is always a risk of unscheduled developments
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  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.19% 🇨🇭CHF: 0.05% 🇪🇺EUR: -0.02% 🇨🇦CAD: -0.16% 🇦🇺AUD: -0.25% 🇳🇿NZD: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/BrmnTuolx0
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  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: US 500: 0.13% France 40: 0.11% Germany 30: 0.09% Wall Street: 0.07% FTSE 100: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/ZXdpvpEJJ3
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  • The US Dollar Index rallied more than 0.6% this week marking the second consecutive weekly advance. Get your $USD update from @MBForex here: https://t.co/hVshzMbc31 https://t.co/LG0HG9fQ4c
  • There are a few Dollar pairs that have offered up a provocative, tentative technical break to suggest a reversal is possible. EURUSD is the top of my list to watch but $NZDUSD is of interest as well with many kiwi crosses offering similar view https://t.co/Ss74IIOdc7
British Pound Rips on Better-than-Expected Retail Sales

British Pound Rips on Better-than-Expected Retail Sales

David Maycotte,

Talking Points:

U.K. Retail Sales in February came in better-than-expected as receipts excluding automotive expenditures posted a 4.2 percent year-on-year increase, and beating expectations calling for a print of 2.9 percent. The British Pound broke out of its overnight range extending its gains against the US Dollar for what may be the fourth consecutive day. According to DailyFX Market Analyst David DeFerranti, GBP/USD faces resistance at 1.6600 based on candlestick analysis.

DailyFX Chief Strategist John Kicklighter says that the British Pound remains bullish on a fundamental level. He says that the sterling stands out for its focus on the relative monetary policy outlook. UK-US two-year yield spreads remain at two-and-a-half year highs, and expects bulls to continue as U.K. rate forecasts refuse to retreat.

Due later today is the third revision of fourth-quarter US GDP figures, and DailyFX Strategist Ilya Spivak says the US Dollar may rise as 4Q GDP upgrade bolsters Fed taper outlook.

British-Pound-Rips-on-Better-than-Expected-Retail-Sales_body_Picture_1.png, British Pound Rips on Better-than-Expected Retail Sales

GBP/USD 5-minute chart – Created Using FXCM Marketscope 2.0

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-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to instructor@dailyfx.com.

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