March 14th - Yesterday’s speculation that this week may see some unwinding of long dollar positions started to come to fruition through last night’s late US then Asian trade as the greenback lost ground against most of the major currencies. Attention is focusing on the Q4 GDP data that’s due for release early in today’s US trade, marking the first of a run of key economic numbers that are due this week. With the Fed’s monetary policy being data dependent, any suggestions of a shortfall here will more than likely leave the greenback under pressure and with additional numbers due in the coming days, even if GDP proves to be in line with expectations there’s no assurance that subsequent data – including Michigan sentiment readings and the capital flow numbers – will prove to be as impressive. Modest French inflation data has perhaps helped consolidate some of the Euro’s recent gains but it’s going to be the ZEW data due for release in the next hour or so that stands to provide the most notable direction here, as again respective interest rate policies remain as the factor dominating the markets.
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