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Forex Flash: Fed & ECB lead the way this week - Societe Generale

FXstreet.com (Barcelona) - Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that the Fed and ECb meets are coming up this week and the broadly weaker near-term growth indicators across the world have spurred central bank easing hopes, which has supported risk assets in recent days.

Looking towards the FOMC meets on Wednesday, he adds that it is widely expected to be a non-event. He writes, “Monetary easing hopes are instead centred on the ECB, which meets on Thursday. While there is widespread speculation about the possibility of a 25bp rate cut by the ECB, it is also widely agreed that such action would not have much impact beyond a psychological one. More useful would be further non-standard measures to address the financial fragmentation in the Euro area and the continued deleveraging in the periphery.”

Forex: GBP/USD backs away from highs

The British pound is giving up ground versus the dollar at the beginning of the NY session, as the recent rally found resistance at 1.5545 where the pair scored a 2 ½-month high earlier on the day.
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