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By xemarketanalysis June 21, 2018 2:05 pm
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    XE Market Analysis: Sterling Jumps on MPC Vote, with Haldane Now Voting to Hike


    • Sterling rebounds following MPC vote and renewed expectations of a rate hike.
    • USD weakens after a sharp drop in Philly Fed Index.
    • Euro recovered from weakest level since July 2017.


    The Pound stabilizes against the USD as expectations of a rate hike this year from BOE come back into play. The focus will shift to the EU summit on the 28/29th of June.


    The US Dollar weakened against a basket of currencies after a surprise fall in the Philadelphia Federal Reserve's index. This saw the index's sharpest drop in 4 years and came amid growing concerns of a US/China trade conflict.


    The Pound rebounds after surprise MPC vote saw 3 members now voting for a rate hike, increasing expectations of a hike as soon as August. The pound rose off a 7-month low against the Greenback and hit a 4-day high against the Euro.


    The Euro recovered from its weakest level in nearly a year against the Greenback.


    The Loonie is relatively unchanged against the US Dollar, has hit close to a year low. Oil prices fell and the currency remains under pressure as talks to renegotiate NAFTA continue to move slowly. 


    The Aussie Dollar remains on the backfoot, coming close to one-year lows. The RBA seems unlikely to adjust policy any time soon, with Governor Philip Lowe citing concerns for lower inflation over a period.


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