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These Two Things Could Affect the Pound This Week

With an initial Brexit deal out of the way, pound traders will be focusing on whether optimism over that lasts and shifts the Bank of England’s thinking this week. Even with an agreement to move Brexit talks on to trade and no expectations for the BOE to change interest rates on Thursday, news on either front could drive the currency, according to Jeremy Stretch, Canadian Imperial Bank of Commerce’s head of Group-of-10 currency strategy. BOE Governor Mark Carney has tied the next policy shift to the success of the Brexit ...

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MARKETS SNAPSHOT FOR 08/12/17

NASDAQ-Adv: 1,637 Dec: 1,343 NYSE-Adv: 1,763 Dec: 1,176 (Source: Nasdaq)

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What If Analysts Are Too Cautious on European Earnings for 2018?

It’s that time of year again, when strategists make predictions about equities for the coming 12 months. A common theme for 2018 is emerging from top forecasters including UBS Group AG, JPMorgan Chase & Co. and Goldman Sachs Inc.: the current analyst consensus for an 8 percent increase in European profits may turn out to be too conservative. Granted, the market has had a tendency of being too bullish over the past decade when going into a new year, only to be disappointed by Europe’s anemic profit growth. But 2017 ...

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Pound’s Acid Test on Brexit Is Yet to Come for Options Traders

As the U.K. and the European Union announced they had secured a divorce deal, the pound rose — and its gains all but evaporated in a fleeting few seconds. What gives? On display was the classic market adage of “Buy the rumor, sell the fact.” But also obvious was a recognition among traders that the negotiations have reached a crucial second phase: if just the first phase of unlocking the divorce bill was this challenging, the path ahead could be even more frustrating and time-consuming. Investor skepticism about further progress ...

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Sterling skids as investors bank Brexit deal gains

Sterling skidded on Friday, trading almost two U.S. cents below a high reached earlier after a breakthrough in Brexit negotiations, with cautious investors booking profits after a sharp rally in recent days. Britain and the European Union reached a divorce deal on Friday that paves the way for arduous talks on future trade ties, easing immediate pressure on Prime Minister Theresa May and raising hopes of an orderly Brexit. That sent sterling rallying to as high as $1.3521 earlier in the day, and to a six-month high against the euro, ...

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Sterling hits six-month high, stocks up as Brexit deal adds to Asian cheer

A breakthrough in Brexit negotiations pushed sterling to a six-month high against the euro on Friday and added momentum to an upswing in world stocks underpinned by strong economic news from China and Japan. Britain and the European Union struck a deal on Friday to move on to talk about trade and a transition period after they agreed the outline of their divorce. Sterling was up nearly half a percent against the euro <GBPEUR=> to hit a six-month high and stock indices across the continent opened sharply up on the ...

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Sterling rises, euro edges down as Brexit deal may be near

Sterling rose while the euro edged down on Friday, as traders waited to see if British Prime Minister Theresa May has finally clinched an elusive deal with Irish and EU officials on how they would run their post-Brexit Irish land border. The U.S. dollar was higher against a basket of currencies, on track for a weekly gain, as the passage of a bill to temporarily extend U.S. government funding raised investors’ optimism that a tax reform bill would also pass. The leader of the Northern Irish party which props up ...

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MARKETS SNAPSHOT FOR 07/12/17

NASDAQ-Adv: 1,892 Dec: 1,088 NYSE-Adv: 1,850 Dec: 1,088 (Source: Nasdaq)

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Dollar advances ahead of U.S. jobs report; bitcoin nears $16,000

The dollar rose to a two-week high against a basket of major currencies on Thursday, on stronger risk appetite across markets and optimism the United States will successfully push through a tax reform program. The greenback also gained against the yen, hitting a three-week high. It slipped against the safe-haven currency on Wednesday after U.S. President Donald Trump said he would recognize Jerusalem as the capital of Israel, a move that imperiled Middle East peace efforts and provoked widespread condemnation. But as global stock prices edged higher on Thursday after ...

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Sterling to coast, but Brexit talks progress would drive rally – Reuters poll

Sterling’s outlook is stable over the coming year, but a few currency strategists polled by Reuters expect it to make significant gains if negotiations over Britain’s departure from the European Union take a positive turn. Forecasts from the poll of around 60 foreign exchange specialists, taken Dec 4-6, predict the pound will be worth $1.33 in a month, $1.32 in six and $1.33 in a year. It was trading at $1.34 late on Wednesday and medians were little changed from last month. The most optimistic forecaster – ING – said ...

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U.S. tax cuts to eventually underpin dollar, but may sink in meantime

The U.S. dollar is set to lose a bit more ground against other major currencies next year, challenging a view among most foreign exchange dealers that aggressive tax cuts just passed by the Senate will have a positive effect on the currency. The latest monthly Reuters poll, taken Dec 4-6, found a slight majority of currency strategists who answered an extra question thought that if the final bill looks similar, it ought to support the dollar beyond a year from now too. Still, the forecasts collected this week on how ...

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Dollar hits two-week high on U.S. tax reform optimism, world shares climb

The dollar rose to its highest level in two weeks on Thursday over optimism the United States would successfully push through tax reforms, while world shares rebounded after two straight days of losses. The U.S. currency slipped against the safe-haven Japanese yen on Wednesday after U.S. President Donald Trump said he would recognise Jerusalem as the capital of Israel – a move that imperiled Middle East peace efforts and provoked widespread condemnation. But amidst a broader climb in global stocks on Thursday, the greenback rose 0.3 percent against the yen ...

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Dollar rebounds vs yen, bitcoin surges above $14,000

The dollar recovered some ground against the yen on Thursday, as global markets regained some appetite for risk, and on optimism that the United States will successfully push through a tax reform program. The greenback had slipped against the safe-haven Japanese currency on Wednesday after U.S. President Donald Trump said he would recognize Jerusalem as the capital of Israel — a move that imperiled Middle East peace efforts and provoked widespread condemnation. But as global stock prices rebounded on Thursday, investors bought back into the U.S. currency, which was trading ...

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MARKETS SNAPSHOT FOR 06/12/17

NASDAQ-Adv: 1,038 Dec: 1,949 NYSE-Adv: 1,251 Dec: 1,712 (Source: Nasdaq)

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In the World’s Strangest Bull Market, Most Stocks Are Falling

Every bull market is unique, but the one in China right now looks downright strange. The Shanghai Composite Index has climbed 24 percent from its January 2016 low, and yet a majority of stocks in the benchmark gauge have fallen during the period. That’s a first for Shanghai bull markets since at least 2002, when Bloomberg began tracking the data. And it makes China a big global outlier. For all 45 of the other national equity gauges that have climbed at least 20 percent since last January, a majority of ...

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