END OF DAY - The euro rally is full steam ahead
After outperforming expectations earlier in the week following the BoJ announcement of an “open-ended bond purchasing" set to begin Jan 2014. However, after hitting a low ¥117 against the euro, the EUR/JPY rallied to ¥122.78 in today's trading.
The British pound managed to hold steady despite a weaker-than-expected GDP figure (-0.3%) was announced this morning (9:30AM GMT). The biggest mover for the pair was GBP/JPY +0.83% to ¥143.81. The release of the data has now left an expectation that the BoE will further expand its balance sheet.
After topping out at $1.6380, a GBP/USD correction put in a low of $1.5745 in today's trading. The momentum looks to have run out of steam with strength indicators now looking to rebound, however 50/100-day MA's still remain bearish.
The Canadian dollar was a big mover both today and on the week following the Bank of Canada's (BoC) announcement viewing the removal of monetary stimulus as “less imminent” than previously assumed was met with a bearish sentiment by the market. EUR/CAD was the biggest mover, increasing+1.26% to C$1.3579 on the day.
At market close:
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