11. Still, it was the 15th straight week in which speculators held net long positions in the greenback, reflecting a wider belief that the Fed will probably continue to wind back its extraordinary policy stimulus this year. Commodity currencies such as the Australian dollar were also in favour after Chinese lending data on Saturday suggested the world’s second-biggest economy may not be cooling as much as feared. Analysts, though, warned that the data could be distorted by the Lunar New Year holidays in January. China is the biggest export market for Australia and New Zealand. The Australian dollar hit a fresh one-month high of $0.9070 , before relinquishing a bit of ground to last stand at $0.9053.
On the other hand, attempting to pick a top and taking a trade on the short side presupposes current momentum will unravel without any readily apparent evidence. As such, we will remain flat for the time being. Confirm your chart-based trade setups with the Technical Analyzer . New to FX?
Cable was likely to find support at 1.6643, Friday’s low and resistance at 1.7000. The pound has strengthened since the BoE raised its U.K. economic growth forecast for 2014 to 3.4% from 2.8% on Wednesday and indicated that it may raise interest rates next year. The bank updated its forward guidance on bank rates, saying it will not raise rates until the spare capacity in the U.K. economy has been fully absorbed, which it sees happening in 2015.
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Forex – Pound steady near 4-year highs against dollar
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