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DAILY MARKET OVERVIEW – Pound on Seven-Day Hot Streak as BOE Stiffens Hiking Rhetoric

DAILY MARKET OVERVIEW

Top 3 Pre-Market Headlines for Jun 29, 2017

  • Pound on Seven-Day Hot Streak as BOE Stiffens Hiking Rhetoric
  • HSBC Surges After U.S. Stress-Test Pass Boosts Payout Prospects
  • Euro Momentum Stays Strong as German Inflation Provides Boost
 

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Pound on Seven-Day Hot Streak as BOE Stiffens Hiking Rhetoric

The pound rose for a seventh day versus the dollar, set for its longest winning streak since April 2015, after Bank of England Governor Mark Carney said Wednesday that the Monetary Policy Committee may need to raise interest rates despite a weakening economy.

Sterling erased its post-election losses and rose against most of its 16 major peers Thursday after Carney appeared to rein back on some of his rhetoric from last week when he suggested that he was firmly placed among the other doves on the MPC. It extended gains past $1.30 as chief economist Andy Haldane told the BBC that the BOE needs to look seriously at raising rates. The U.K. currency could move up toward $1.35, according to Lee Hardman, a foreign-exchange strategist at MUFG in London.

 

hsbc

HSBC Surges After U.S. Stress-Test Pass Boosts Payout Prospects

HSBC Holdings Plc surged to trade near a four-year high after the bank’s North American unit passed the Federal Reserve’s stress test, clearing the way for more than $3 billion of capital to be returned to shareholders, analysts estimate.

The Fed told Europe’s largest bank it has more than enough capital, sending the shares up as much as 4.9 percent, the most since November, on speculation that the bank will increase its buyback program. HSBC has already bought $3.5 billion of stock since August.

 

germany

Euro Momentum Stays Strong as German Inflation Provides Boost

The euro extended its gains and rose to levels not seen since May 2016 as momentum buying kept the shared currency above $1.14 amid better-than-forecast German regional inflation data.

European Central Bank President Mario Draghi may have suggested that the ECB is moving toward a less inflation-sensitive stance, but investors couldn’t overlook beats in consumer prices in Saxony and other German regions. Profit-taking and fresh supply was met by model accounts buying the dip each time during the London session, traders in Europe said.

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This post first appeared on Bull Markets Blog — Fearless Trading, please read the originial post: here

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DAILY MARKET OVERVIEW – Pound on Seven-Day Hot Streak as BOE Stiffens Hiking Rhetoric

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