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12 May 2016, 13:07

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Thursday, May 12th


GBP/USD stood back from its highs at 1.44 level witnessed in Asia. Now traders are awaiting for todays main releases from BOE. Todays inflation report from BOE could make possible to softer British monetary policy. At the moment BOE’s forecast for GDP is well above market expectations. Another important event scheduled in data calendar that will influence pairs sentiment is Interest Rate Decision, Bank of England is expected to remain unchanged on interest-rates decision. Now pair trades at 1.4436 spot, experiencing some volatility before its major release. Support and resistance levels are located at 1.4350 and 1.4536.


USD/JPY rebounded from three days low to level near 109 spot in this Thursday. Pair continues to expand its today highs on the back improved risk sentiment. Yen mostly ignored upbeat Japan’s trade balance data as risky sentiments and strengthening USD positions on the back of upcoming US data continue to drive the pair upwards. Today in the data calendar for US are weekly jobless claims, a couple of Fed speaks due later in the NY session, and as for Japan calendar it will remain quiet for today. Now pair trades under the strong bullish pressure at 108.93 level with todays support and resistance levels located at 108.17 and 109.50.


EUR/USD pair is trading in tight range between 1.1415 and 1.1429 this morning, as economic data calendar is quiet today. Only secondary reports will drive pair today, main events for pair will come on Friday, preliminary Q1 GDP data from Germany and the European Union and US retail sales, consumer sentiment and PPI are due. Now the pair trades at 1.1425 spot with it todays support and resistance levels at 1.1334 and 1.1492.


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