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  • Fed's Kaplan: Because cryptocurrencies lack the same underlying worth like gold, investors must exercise caution
  • Fed's Kaplan: - If supply-demand imbalances persist, there is concern that they will become rooted in inflation expectations - Upon emerging from the pandemic, we should begin to discuss tapering QE
  • Fed's Kaplan: - Fed should discuss tapering sooner rather than later - I am concerned about the economy's excesses and imbalances, as well as the housing sector
  • Fed's Kaplan: - We are determining how long it would take to correct imbalances - The Fed is committed to a 2% inflation target and 2% inflation projections
  • Despite inflation fears rearing their head with rippling effects across global financial markets, gold prices have enjoyed a strong run since early April. Get your market update from @CVecchioFX here:https://t.co/xXnc1XD3Lp https://t.co/Qqdee3e9yz
  • As we close out in what has been a volatile week, GBP/USD is on the front foot with the pair nearing its weekly highs having reclaimed the 1.41 handle. Get your $GBPUSD market update from @JMcQueenFX here:https://t.co/neGBchlJ0O https://t.co/45DDtMSTKg
  • UK PM Johnson: - To move forward with Monday's planned easing of restrictions - June 21 easing could be more difficult - Does not believe reopening needs to be delayed at this time
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  • UK PM Johnson: - We have seen further clusters of India covid variant - If the variant is significantly more transmissible we will face hard choices - Good news is that there is no evidence that vaccines are less effective against the new variant $GBP $GBPUSD #FTSE100
  • The Nasdaq Composite has faced heavy selling pressure amid surging Treasury yields. Get your #Nasdaq market update from @RichDvorakFX here:https://t.co/QPzBgW6fwm https://t.co/VDV5FBjiLM
DailyFX European market wrap: Negative Momentum Continues

DailyFX European market wrap: Negative Momentum Continues

Jeremy Naylor,

European markets start the week on a negative footing, following in the wake of the Asian markets, which saw investors taking a defensive stance in reaction to President Trump’s immigration policy.

Over the weekend, Trump signed two executive orders to ban refugees from entering the US and to rebuild the military.

Commodity stocks also declined on reports the European Union has decided to impose definitive dumping duties on Chinese steel tube imports.

The euro fell to an 11-day low against the dollar and German government bond yields pared gains after German inflation came in slightly below forecast, easing pressure on the European Central Bank to unwind its stimulus program.

Vodafone is one of the big movers after saying it is in talks to merge its Indian operations with Idea Cellular. Vodafone has been looking to spin off its Indian business but in November, it said it would wait for market conditions to stabilize.

Another big mover in London today was British engineering group, WS Atkins. At one stage, it was up 7% on reports of a potential $4bln merger approach from US Company CH2M. The share price increase boosted Atkins’ market value by almost £100m.

Jeremy Naylor looks at how GBP/USD is impacting company earnings and the markets as a whole.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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