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Relief in risk appetite may help USDJPY, GBPUSD and USDCAD to move back to STEER™ - BNPP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Delhi) – Economists at BNP Paribas, suggests that the release of China’s activity data overnight was ever-so-slightly disappointing, with Q4 GDP printing at 6.8% y/y (6.9% expected), industrial production at 5.9% y/y (6.0% expected) and retail sales at 11.1% (11.3% expected).

    Key Quotes

    “Despite this, markets are in a risk-positive mood this morning with equities, Asian currencies and G10 commodity currencies on a stronger footing. Market sentiment is likely to remain fragile, however, as investors will remain uncertain whether a floor in equities and commodities has been reached, especially with little support provided from the Fed this week with the FOMC in its blackout period.

    Nevertheless, even a short-term rebound in risk appetite should allow some mis-aligned pairs to re-price, with BNP Paribas STEER™, our short-term fair value model, indicating that USDCAD has become overbought while USDJPY and GBPUSD are oversold.”
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