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Iforex Market Insight
Date– 01– Mar
INTERNATIONAL CURRENCY BUZZ
EUR/USD
GBP/USD
The GBP/USD is flat today with no domestic data but Brexit possibilities grow. The pound is trad-
ing at 1.3963. The UK currency remained below $1.40 against the US dollar following a torrid
week.The slump in sterling has been fueled by fears the UK could vote to leave the EU, dubbed
‘Brexit’, on June 23. Jack Row, global fixed income investment manager at NN Investment Part-
ners, said the pound had already weakened 4-7 per cent due to the risk of Brexit and warned it
could fall further.He said: “It is not easy to assess how much the weakness of GBP is due to
Brexit risk. Correlations with the US dollar and the euro have destabilized and it is not straight-
forward how cyclical developments, such as disappointing UK economic data and a more dovish
stance by the Bank of England, can be disentangled from Brexit risk. But it seems fair to say that
GBP is around 4-7 per cent weaker because of it.”
The euro fell to the day’s lows against the dollar and the yen on Monday after data showing that
the euro area fell back into deflation in February for the first time in five months cemented ex-
pectations for more central bank stimulus.EUR/USD touched lows of 1.0896, the weakest since
February 2 down from around 1.0915 earlier.The drop in the euro came after Eurostat said the
consumer price index fell 0.2% on a year-over-year basis after rising 0.3% in January.It was the
first negative inflation figure since September, when consumer prices fell 0.1%, and is well below
the European Central Bank’s target of close to but just below 2.0%.Economists had expected the
annual rate of inflation to tick down to 0.1%.The fall was due in large part to falling energy costs,
which were 8% lower in the year to February compared to the previous month's 5.4% drop.Core
inflation, which strips out energy costs, fell to 0.7% from 1.0% in January.
Forex -Dollar sharply lower against yen as China stocks sink
Forex - Aussie holds steady, kiwi declines after disapppointing data
Forex - Dollar edges up to fresh 3-week highs vs. rivals
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