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Forex Trading Themes for the Week of November 10, 2013

Forex Trading Themes for the Week of November 10, 2013

7 Years ago | November 10, 2013 00:00:00

The European Central Bank (ECB) blindsided the markets on Thursday with an unexpected 25bp cut in its refi rate to 0.25%. We had been expecting some sort of ease by the ECB after a run of weak Eurozone and German economic data. The previous week had seen soft German September retail sales data. They came on the heels of weaker than expected employment data, and a softer than expected IFO survey. The broader Eurozone saw rising unemployment and falling (0,70% y/y) flash October HICP inflation. It was the developing deflation in the Eurozone that forced the hand of the ECB to make the token cut in the Refi rate. Its greatest significance was symbolic as it sent a clear message to the markets that the Eurozone economy is in trouble. This is a bear

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