Todays focus will be very much on the delayed US Employment figures, in particular the Nonfarm Payrolls at 1.30pm UK time. Remember the US unemployment figure is a key pointer as to when the Fed may consider the fabled tapering - a better than expected payrolls figure will see USD strengthen. Market expectations are that GBP/USD will remain in the 1.6100-1.6200 range for the coming week.
Elsewhere, AUD continues is significant rally with GBP/AUD moving from 1.73 to 1.6700 is a matter of weeks. Several factors have conspired to produce such a drive from AUD; Better than expected Chinese growth figures meaning continued strong demand for Australian commodities, reduced expectations of a rate cut in Oz and continually better than expected economic data.
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Posted in Daily Market News on May 30 2014