Daily Forex Snap-Shots

US Session: US Unemployment Rises To 10.2%, But Drop In Risk Appetite Should Be Temporary

Elizabeth Gregory — Fri, 06 Nov 2009 18:11:28 GMT

G10 Advancers and Decliners vs USD
	JPY	0.99
	GBP	0.06
	CHF	-0.18
	EUR	-0.22

FX markets have oscillated briskly since the US employment data this afternoon, as the Unemployment Rate posted a shock 10.2% against estimates for 9.9% (from last month’s 9.8%). The Change in Non-Farm Payrolls themselves were also worse than expected at -190k (vs. -175k consensus), but the figure was sweetened somewhat by last month’s upward revisions to -219k from -263k. We expected worse...

European Session: Waiting on NFP

Peter Rosenstreich — Fri, 06 Nov 2009 10:38:52 GMT

G10 Advancers and Decliners vs USD
	GBP	0.25
	EUR	0.22
	CHF	0.19
	JPY	0.03

The USD weakened versus most of the majors with the exception of the JPY as US equities closed up nearly 2% and Asia markets are also much higher across the board. Positive economic data and optimistic central bank commentary helped spur risk-seeking as EURUSD traded 1.4812-1.4919 and USDJPY 90.88-89.99. Oil is now above $80 and gold remains bid at $1095. Yesterday, the Bank of England held...

US Session: BoE Expands QE, But Less Than Expected

Peter Rosenstreich — Thu, 05 Nov 2009 18:14:15 GMT

G10 Advancers and Decliners vs USD
	JPY	0.43
	EUR	0.23
	CHF	0.16
	GBP	0.08

The headline event of the day was the BoE meeting where MPC members voted to maintain interest rates at 0.5%, but more significantly, chose to increase their asset purchase target by only GBP25bn (vs. consensus estimates for 50bn). The smaller-than-expected expansion of the QE program caused a rapid spike in GBPUSD from 1.6500 to 1.6600, as markets perceived this move signaled a less severe...

European Session: FOMC Signals Low Rates To Continue Contingent On Employment And Inflation

Peter Rosenstreich — Thu, 05 Nov 2009 09:13:30 GMT

G10 Advancers and Decliners vs USD
	JPY	0.57
	CHF	-0.12
	EUR	-0.14
	GBP	-0.53

Yesterday’s key event was the US FOMC meeting where policymakers kept rates on hold as expected. The headline aside, markets were more keenly awaiting the accompanying statement for an insight into how Fed officials have incorporated recently improved US data into their policy view, and whether this environment of cheap liquidity would continue going forward. True to form, the statement was...

US Session: Risk Assets Rally As US Data Disappoints

Peter Rosenstreich — Wed, 04 Nov 2009 17:45:59 GMT

G10 Advancers and Decliners vs USD
	GBP	1.14
	CHF	1.06
	EUR	1.03
	JPY	-0.69

The remaining European PMI releases this morning offered little to get FX markets moving, and Eurozone PMI was right on expectations at -0.4% MoM in Sep (-7.7% YoY). The breakdown of the PPI data highlighted ongoing deflation in consumer and capital goods components, but failed to unnerve EUR bulls as the broader trend of USD-selling prevailed across all assets classes. Gold has subsequently...

European Session: All Eyes on the FOMC

Peter Rosenstreich — Wed, 04 Nov 2009 11:26:42 GMT

G10 Advancers and Decliners vs USD
	GBP	0.59
	EUR	0.51
	CHF	0.49
	JPY	-0.45

The USD has been slowly falling in the Asian session as risk appetite increases and equities rally. EURUSD traded higher to 1.4770 from 1.4660 while USDJPY climbed to 90.90 from 90.20. Risk correlated trades generally received a boost from Berkshire Hathaway agreeing to buy railroad Burlington Northern Santa Fe Corp and News Tuesday that the Reserve Bank of India bought 200 metric tons of gold...

US Session: Dollar Makes Early Gains On Fragile Risk Sentiment But Reverses On US Data

Elizabeth Gregory — Tue, 03 Nov 2009 18:00:53 GMT

G10 Advancers and Decliners vs USD
	JPY	-0.04
	GBP	-0.19
	EUR	-0.95
	CHF	-1.01

The USD gained against most of its major counterparts in the European morning as equity markets traded heavy and a lack of significant data allowed risk sentiment to dwindle. Norwegian PMI data disappointed with a 45.8 print in Oct, much lower than forecasts for 47.2 and down on the Sep reading at 46.7. EURNOK rallied from 8.5150 to 8.5575 after the release but NOK has recovered strongly this...

European Session: RBA Hikes Rates Again But Moderates Hawkish Tone

Elizabeth Gregory — Tue, 03 Nov 2009 08:43:40 GMT

G10 Advancers and Decliners vs USD
	JPY	0.17
	EUR	-0.03
	CHF	-0.09
	GBP	-0.36

The major news overnight has been the RBA meeting where rates were raised 25bps to 3.50% as expected. AUDUSD had ground gradually higher in anticipation of the announcement, but sold off from 0.9090 to 0.9007 after the release as the supplementary statement sounded a moderately less hawkish tone. The statement removed previous comments that the “very expansionary setting” of current rates was...

US Session: Better US ISM Data Boosts Risk Appetite As Markets Shrug Off CIT News

Elizabeth Gregory — Mon, 02 Nov 2009 18:02:46 GMT

G10 Advancers and Decliners vs USD
	CHF	0.83
	EUR	0.75
	GBP	-0.31
	JPY	-0.95

Today’s data has been awash with PMI releases out of Europe, which were all broadly in line with forecasts (Eurozone, Germany), or better than expected (Sweden, Italy, France, UK). There was very little impact on FX markets after the releases, no doubt due to the more significant central bank meetings and data releases coming up in the remainder of the week. EURUSD drifted between 1.4730 and...

European Session: CIT Bankruptcy Shakes Risk Appetite...Briefly

Peter Rosenstreich — Mon, 02 Nov 2009 10:23:47 GMT

G10 Advancers and Decliners vs USD
	EUR	0.08
	CHF	0.01
	GBP	-0.07
	JPY	-0.14

The slightly weaker US economic data, as well as worries about the stability of the US financial industry, prompted selling in risk correlated trades last week. In the FX market, high beta currencies were the biggest losers as falling equity and commodity prices renewed risk-aversion & spawned correction fears. Friday U.S. stocks tumbled the most since July after declines in personal...

US Session: USD Rallies Back on Weaker Equities

Peter Rosenstreich — Fri, 30 Oct 2009 17:43:55 GMT

G10 Advancers and Decliners vs USD
	JPY	0.92
	GBP	-0.39
	EUR	-0.68
	CHF	-0.83

The lack of follow through in risk correlated trades has definitely raised some concerns over the sustainability of this risk rally. In particular, the better than expected Chicago PMI and U. of Michigan Confidence failed to translate USD weakness as the EURUSD collapsed to 1.4720. Intresetingly, the sell-off was almost exactly to our expectations of central bank tightening, with currencies such...

European Session: BoJ Announces Withdrawal Of Stimulus

Elizabeth Gregory — Fri, 30 Oct 2009 08:54:55 GMT

G10 Advancers and Decliners vs USD
	JPY	0.34
	CHF	0.06
	GBP	0.02
	EUR	0.01

Yesterday’s better than expected US Q3 GDP has revitalized risk appetite; sending equity markets higher across Europe and the US yesterday, and providing positive momentum through to Asian indices overnight. The 3.5% annualized Q3 figures exceeded forecasts for 3.2% and indicated the first expansion in the US since Q2 2008. In turn, EURUSD has rallied to test resistance around 1.4860 and gold has...

US Session: US Q3 GDP Beats Forecasts, Boosts Risk Appetite

Elizabeth Gregory — Thu, 29 Oct 2009 17:36:46 GMT

G10 Advancers and Decliners vs USD
	GBP	1.28
	CHF	0.93
	EUR	0.90
	JPY	-0.67

The day’s trading has been dominated by the US Q3 GDP release which convincingly beat expectations with a 3.5% annualized pace of growth vs. expectations for 3.2% (-0.7% last). At first, FX markets seemed tentative in pushing EURUSD higher, but European indices quickly turned positive on the day and US stock markets opened higher, which gave the green light for risk-correlated assets to rally....

European Session: Risk Aversion Puts EURUSD And Gold On The Ropes

Elizabeth Gregory — Thu, 29 Oct 2009 09:04:52 GMT

G10 Advancers and Decliners vs USD
	GBP	0.37
	EUR	0.20
	CHF	0.18
	JPY	0.14

Equities traded heavily throughout the day yesterday, but it took a large miss in forecasts for US New Home Sales (-3.6% MoM vs. +2.6% expected) to add the catalyst for a USD rally late in the session. The numbers are particularly worrying considering that these figures reflect the performance of the housing market under stimulus, and considering the recent speculation that first-time homebuyer...

US Session: Norges Bank Raises Rates, Dollar Trades Sideways Ahead Of Q3 GDP

Elizabeth Gregory — Wed, 28 Oct 2009 17:40:48 GMT

G10 Advancers and Decliners vs USD
	JPY	0.84
	GBP	0.07
	CHF	-0.19
	EUR	-0.32

It’s been a choppy day’s trading for the USD; equity markets across Europe and the US have traded very heavily but there has been little decisive movement for the DXY (76.25 last). Gold has struggled to make gains above its crucial $1030 support, but this has been more indicative of sagging crude oil prices ($77.90 last) than a strengthening USD. Scandinavian data dominated the morning price...

European Session: US Recovery Seems to be Losing Momentum

Peter Rosenstreich — Wed, 28 Oct 2009 11:30:41 GMT

G10 Advancers and Decliners vs USD
	JPY	0.71
	CHF	0.21
	GBP	0.20
	EUR	0.15

Risk appetite was slightly weaker in the Asian session, as equity markets failed to shake off a weak US consumer confidence figure. The USD strengthened as a consequence, with the commodity currencies losing the most ground. We believe the markets are starting to really take notice of the mounting disparity between relative economic performances. The falling momentum can be seen in the recent US...

US Session: Lack Of Fuel For Risk Appetite Allows The Dollar To Rally

Elizabeth Gregory — Tue, 27 Oct 2009 16:46:59 GMT

G10 Advancers and Decliners vs USD
	JPY	0.16
	GBP	0.02
	EUR	-0.28
	CHF	-0.31

The USD has reclaimed more ground against its major counterparts today as a lack of economic data and indifferent performance in equity markets provided little stimulus for risk appetite. The DXY is now comfortably above the 76-handle at 76.20; with EURUSD back around 1.4800 levels and USDCHF testing major resistance up at 1.0250. The main market-moving news this morning was Swedish PPI data...

European Session: Risk Appetite Wanes As Equities Falter

Elizabeth Gregory — Tue, 27 Oct 2009 08:53:01 GMT

G10 Advancers and Decliners vs USD
	GBP	0.23
	JPY	0.21
	EUR	0.20
	CHF	0.10

There were very few scheduled risk events yesterday but a late slump across equity markets prompted a defiant rally from the USD, and caused EURUSD to plummet from 1.5000 to 1.4840 lows (currently 1.4920). GBP spent yesterday as one of the best performers against the USD, perhaps predictable given the extent of Friday’s sell-off; but despite CAD gaining some ground as BoC’s Carney failed to...

US Session: US Equity Sell-Off On High Volumes Boosts The Dollar

Elizabeth Gregory — Mon, 26 Oct 2009 18:06:20 GMT

G10 Advancers and Decliners vs USD
	GBP	0.17
	JPY	-0.14
	EUR	-0.58
	CHF	-0.73

The European session was extremely uneventful as German GfK Consumer Confidence was the only timetabled release, and markets largely ignored the number. GBP provided the only noteworthy movement in the morning as some profit-taking from Friday’s dramatic sell-off pushed GBPUSD from 1.6252 to 1.6396, causing it to be one of the best performers on the day. In the afternoon BoC’s Carney was billed...

European Session: FX Markets Range Bound with No News

Peter Rosenstreich — Mon, 26 Oct 2009 09:01:53 GMT

G10 Advancers and Decliners vs USD
	JPY	0.06
	EUR	-0.06
	CHF	-0.06
	GBP	-0.10

The light economic calendar today should keep FX markets range bound today. Asian equities were marginally stronger, after US equities ended weaker on Friday, despite broadly firm Q3 earnings reports and some better economic data. The sterling selling saw no respite in Asian session. The GBP was still the weakest among all currencies, as the lingering effect of the UK posting 3Q GDP figures,...

European Session: US Budget Deficit Swells

Peter Rosenstreich — Fri, 23 Oct 2009 09:59:25 GMT

G10 Advancers and Decliners vs USD
	GBP	0.10
	EUR	-0.02
	CHF	-0.04
	JPY	-0.44

Markets are still digesting the whopper of a US budget deficit released yesterday. The figure has ballooned by close to $1tln over the pat year, staggering for even the US . Currently roughly 51% is held by overseas investors and of that number half is held by Japan and China . Interestingly, while the markets ponder how long foreign appetite for US assets will continue, the Fed happily extends...

US Session: Dollar Consolidates As Risk Appetite Tempers

Elizabeth Gregory — Thu, 22 Oct 2009 18:06:15 GMT

G10 Advancers and Decliners vs USD
	EUR	-0.07
	CHF	-0.09
	GBP	-0.10
	JPY	-0.47

The morning session kicked off with the Riksbank Rate Announcement where rates were left unchanged at 0.25%, but the accompanying statement struck a distinctly dovish tone with the markets. It reiterated that rates would remain on hold until autumn 2010, and affirmed that a further SEK100bn would be offered to banks, disappointing those who hoped the financial system may have recovered...

European Session: EURUSD Claims 1.5000 Landmark

Elizabeth Gregory — Thu, 22 Oct 2009 09:38:12 GMT

G10 Advancers and Decliners vs USD
	GBP	1.36
	EUR	-0.27
	CHF	-0.29
	JPY	-0.51

Three noteworthy events defined yesterday’s FX markets; first off the BoE indicated a unanimous 9-0 vote had supported the decision not to expand QE at the most recent meeting, sending GBP soaring higher amongst the majors (GBPUSD has hit a high of 1.6637 so far). The statement elaborated that the MPC saw no compelling reason to change the bond plan for now, but added the November meeting would...

US Session: Pound Powers Higher After BoE Minutes

Elizabeth Gregory — Wed, 21 Oct 2009 18:12:05 GMT

G10 Advancers and Decliners vs USD
	GBP	1.37
	CHF	0.52
	EUR	0.39
	JPY	-0.29

Pound Powers Higher After BoE Minutes The stand-out performer on the day has been GBP as the BoE Minutes indicated a unanimous 9-0 vote in favour of maintaining levels of QE at 175bn. The accompanying statement showed the MPC saw no compelling reason to change the bond plan for now, but added the November meeting would provide an opportunity to assess more fully (referring to the availability of...

European Session: Dovish BoC Disappoint Bulls, But RBNZ Turn Hawkish

Elizabeth Gregory — Wed, 21 Oct 2009 08:50:42 GMT

G10 Advancers and Decliners vs USD
	GBP	0.19
	JPY	0.10
	CHF	0.01
	EUR	-0.04

Dovish BoC Disappoint Bulls, But RBNZ Turn Hawkish. The NZD found itself back above the 0.7500 level against the USD on comments from RBNZ Governor Alan Bollard that the strength of the currency was not an impediment to raising rates. The NZ stock index was down a percent overnight, as the comments appear to lend credence to speculation that the central bank will drop its dovish bias at the next...

US Session: The Dollar Bites Back

Elizabeth Gregory — Tue, 20 Oct 2009 18:13:01 GMT

G10 Advancers and Decliners vs USD
	GBP	-0.30
	JPY	-0.34
	CHF	-0.37
	EUR	-0.46

The USD has recovered slightly throughout the day, with the DXY managing to grind back to 75.40 as equity markets erased early gains. Much of the morning data was ignored by FX markets, German Producer Prices for Sep were much lower than expected (-0.5% MoM vs. -0.1% expected), and UK public finance data showed borrowing hit a record high last month. Nevertheless, the USD found itself under...

European Session: Apples Earnings Keep Risk Appetite High

Peter Rosenstreich — Tue, 20 Oct 2009 08:54:29 GMT

G10 Advancers and Decliners vs USD
	JPY	0.53
	CHF	0.21
	EUR	0.19
	GBP	0.12

USD was on the back footing again, as Wall Street’s rally spilt over to Asian regional indexes. Risk correlated FX trades are moving lock in step with risk appetite. The positive risk sentiment was also helped by better than expected corporate earning from Apple and Komatsu Ltd. Perhaps the one barrier to continued USD weakness was the meeting of Eurozone finance ministers in Luxembourg. Yet,...

US Session: USD Suffers As Equity Markets Rally

Elizabeth Gregory — Mon, 19 Oct 2009 18:21:43 GMT

G10 Advancers and Decliners vs USD
	CHF	0.50
	EUR	0.26
	GBP	0.24
	JPY	0.15

It’s been an extremely quiet day in terms of news and releases, so equity markets and positioning have been the major determinants of flows. In early trading the USD was under pressure from buoyant equity markets across Asia and Europe, but GBPUSD was the notable exception as GBP sold off aggressively across the board (GBPUSD to lows of 1.6241, EURGBP to highs of 0.9190). The move appeared to be...

European Session: Shift in Japans Rhetoric

Peter Rosenstreich — Mon, 19 Oct 2009 10:07:42 GMT

G10 Advancers and Decliners vs USD
	JPY	0.13
	EUR	0.02
	CHF	0.01
	GBP	-0.28

Markets remain in a bullish mode, despite the pause on Friday of risky asset accumulation. In the Asian session, the EURUSD traded in the range of 1.4840-1.4920 and the USDJPY traded higher, in the range of 90.75-91.15. Last weekÕs Q3 earnings were broadly ahead of expectations, giving plenty of support to risk takers. The biggest gainer was the sterling, as traders paired down bets that the...

US Late Session

Peter Rosenstreich — Fri, 16 Oct 2009 17:58:42 GMT

G10 Advancers and Decliners vs USD
	GBP	0.61
	JPY	-0.15
	EUR	-0.21
	CHF	-0.34

The USD has had a tentative recovery in today’s session as headline earnings failed to cloak mediocre revenue and profit details at GE and Bank of America. GE modestly beat estimates with an EPS of 22c vs. 20c expected, but profits fell 45% in the third quarter and revenues were down 20%. BoA (the biggest US lender) posted a loss of 26c per share on defaults and credit write-downs, causing the...

More Hawkish Rhetoric From RBA Boosts Australian Dollar

Elizabeth Gregory — Fri, 16 Oct 2009 08:49:33 GMT

G10 Advancers and Decliners vs USD
	GBP	0.20
	EUR	-0.33
	CHF	-0.36
	JPY	-0.38

GBP has continued to outperform this morning (GBPUSD 1.6355, EURGBP 0.9125) on a combination of chatter regarding M&A activity and rumours that the BoE will not be increasing QE in November. GBP-crosses have looked oversold for some time now, and this correction has brought us within reach of some key technical levels; the high so far in GBPUSD has been 1.6400, a break of 1.6468 opens up next...

US Session: Sterling Shines Amongst Majors As Gold Fails To Dazzle

Elizabeth Gregory — Thu, 15 Oct 2009 17:56:30 GMT

G10 Advancers and Decliners vs USD
	GBP	1.74
	CHF	0.17
	EUR	0.13
	JPY	-1.09

After the big moves overnight which saw the USD pushed to its lowest levels in 14 months; it has been a very choppy day’s trading for the majors. The biggest gains today have been GBP and GBP-crosses which have been threatening key technical levels throughout the day; GBPUSD touched a high of 1.6299, EURGBP dipped to 0.9143, and GBPJPY hit a peak of 147.52 – up nearly 5 big figures from its lows....

European Session: Dow Jones Above 10,000 Spells Doom For The Dollar

Elizabeth Gregory — Thu, 15 Oct 2009 08:30:14 GMT

G10 Advancers and Decliners vs USD
	GBP	0.69
	CHF	0.22
	EUR	0.19
	JPY	0.02

Yesterday morning the USD seemed poised for another brutal session of weakness as the DXY and most major currency pairs looked to have penetrated major technical levels, leaving very little barriers left to restrain the risk appetite trade. However despite JPMorgan reporting an estimate-busting EPS of 82c (consensus 51c) and global stock indices almost universally higher on the day, the DXY has...

European Session: The "Risk Trade" Surges Across the Board

Peter Rosenstreich — Wed, 14 Oct 2009 11:16:25 GMT

G10 Advancers and Decliners vs USD
	JPY	0.67
	GBP	0.40
	CHF	0.36
	EUR	0.32

USD weakness was the primary theme in the Asian session. The DXY is now making fresh lows, while the EURUSD peaked above thee 1.4900 handle. Sterling finally gained some ground on the greenback weakness, stopping just short of the 1.6000 level. Overall, risk correlated trades are showing a stellar performance and there seems to be little in the way of shifting risk appetite. Even a report that...

US Session: Dollar Dips To Test Downside Support Again

Elizabeth Gregory — Tue, 13 Oct 2009 17:58:53 GMT

G10 Advancers and Decliners vs USD
	GBP	0.44
	EUR	0.30
	CHF	0.23
	JPY	0.18

The morning session looked encouraging for the USD as the DXY managed to remain firm between 76.10-30 despite equity markets across Asia closing strongly higher. The morning data schedule included a number of inflation readings out of Europe, starting with Swiss Producer & Import Prices (Sep), which posted a marginally higher-than-expected reading of 0.2% MoM (vs. 0.1% consensus) but the...

NZ Retail Sales Impress And Europe Awaits Inflation Data

Elizabeth Gregory — Tue, 13 Oct 2009 08:42:16 GMT

G10 Advancers and Decliners vs USD
	EUR	0.06
	CHF	0.05
	JPY	-0.21
	GBP	-0.34

Asian equities are strongly higher today as a weak JPY boosted manufacturing names and NZ Retail Sales set a bullish tone to the session; Aug figures were 1.1% MoM vs. 0.5% expected (-0.5% prior), following the example set by Australian and US Retail Sales in convincingly beating forecasts. NZDUSD immediately popped from 0.7340 to 0.7380, and has managed to sustain these levels into the start of...

US Session

Elizabeth Gregory — Mon, 12 Oct 2009 17:55:26 GMT

G10 Advancers and Decliners vs USD
	CHF	0.58
	EUR	0.39
	JPY	-0.29
	GBP	-0.36

The USD has spent most of the day under pressure after initially spending the European morning recovering some ground against the majors. The DXY opened at 76.35 and climbed to a high of 76.66 as some investors took profit on USD shorts; but as European equities continued to look resilient, and US indices opened higher, the USD suffered another round of risk-appetite driven selling which saw it...

European Session: US Bank Earnings Holds USDs Fate

Peter Rosenstreich — Mon, 12 Oct 2009 10:23:52 GMT

G10 Advancers and Decliners vs USD
	EUR	-0.12
	CHF	-0.24
	GBP	-0.72
	JPY	-0.78

The USD was able to claw back some losses in the Asian session, as regional equity markets failed to keep risk appetite afloat. Last week’s USD selloff stems from the belief that the need for safe haven assets has declined, causing participants to search for risk premium. This week, risk appetite will be left in the hands of US bank earnings (JPMorgan, Citibank, GS and BofA) and rhetoric from...

Late European Session

Elizabeth Gregory — Fri, 09 Oct 2009 15:59:20 GMT

G10 Advancers and Decliners vs USD
	EUR	-0.39
	CHF	-0.50
	GBP	-0.88
	JPY	-0.93

The morning started far more tentatively than in previous sessions as the DXY reclaimed some lost territory on the back of Bernanke comments overnight. Norwegian CPI posted an estimate-beating 0.8% MoM in Sep (vs. 0.5% expected, -0.2% prior), spurring EURNOK to fresh lows at 8.2938 before profit-taking pared the gains. UK PPI was also higher than anticipated in Sep, although the GBP failed to...

Dollar Recovers From Lows, But For How Long?

Elizabeth Gregory — Fri, 09 Oct 2009 08:54:20 GMT

G10 Advancers and Decliners vs USD
	GBP	-0.34
	EUR	-0.36
	CHF	-0.42
	JPY	-0.86

Yesterday the USD suffered another devastating rout after the two major risk events (BoE and ECB rate meetings) passed without surprises and offered little or no encouragement to curtail buying risky assets. The BoE left rates (at 0.5%) and the size of their Asset Purchase Target (175bn) unchanged, deferring the major decision of whether to expand stimulus measures until the November meeting – by...

Late European Session

Elizabeth Gregory — Thu, 08 Oct 2009 16:16:42 GMT

G10 Advancers and Decliners vs USD
	GBP	0.53
	EUR	0.25
	CHF	0.19
	JPY	0.04

The morning session offered very little in the way of market-moving data, with German Industrial Production for Aug (1.7% MoM vs. 1.8% expected, -1.1% prior) being of very little consequence to a market determined to sell USD. Gold tipped to new highs at $1058.60 as the DXY floundered below 76.00. The Bank of England rate announcement was the first major focus, but turned out to be pretty...