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    Foreign Exchange

    Date: 18/11/2021

    Time: 10.30 am

     

    • Bullish bets on the Chinese yuan hit a more than five-month high despite risks from a slowing property sector, while the prospect of an economic rebound led investors to unwind bearish positions in Thailand’s baht, a Reuters poll showed on Thursday.
    • The dollar hovered below a 16-month peak in Asian trade on Thursday, losing ground on the New Zealand dollar, after having fallen against the pound and yen overnight as traders assessed whether the U.S. currency’s recent surge was starting to stall.
    • Strong U.S. retail sales data earlier this week added fuel to the dollar’s recent rally, which started last week after a strong U.S. inflation print bolstered market bets that the Federal Reserve will have to raise rates around the middle of next year.
    • The Canadian dollar was at 1.2622 per U.S. dollar, at a six-week low. Markets are expecting the Bank of Canada to start raising interest rates early next year.
    • The GBP/USD is approaching 1.35 on Wednesday, rising just under half a percent following Consumer Price Index (CPI) data that beat estimates.
    • Cable is currently 10 pips off of the 1.35 level. Traders once again seem to be pricing in a Bank of England rate hike, after disappointment following a 7 to 2 decision to keep rates unchanged earlier this month.

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