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FOMC ready to dance with market expectations
The USD was even having a hard time holding onto gains against sterling today, which weakened on a very negative GDP report for Q1. Has the market appropriately priced in the FOMC risks here? Technical recession in the UK A negative GDP print today from the UK vs. a small rise expected saw the pound hit for losses across the board for a time today – all the way to the 0.8220 area resistance (old low) in EURGBP. The sell-off in GBPUSD was fairly short lived as of this writing as the market seems to continue be looking for a dovish FOMC statement and Bernanke press conference today (more on that below). The market ... (full story)
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