EUR/USD: A close today above 1.2300 should set off the next round of short covering of stale FX positions..Chart from Analyst, Nicole Elliott, Investors Chronicle

 

EUR/USD: SHORT TERM TRADER: Long at 1.2150; stop below 1.2140. Target 1.2575.

EUR/USD: POSITION TAKER: Long at 1.2200; stop below 1.2100. First target 1.2600, then maybe 1.3000.

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ONS stats suspect Errors go back 5 years

Tuesday the Office for National Statistics admitted that the way it had measured data relating to the telecoms industry was incorrect for the years between 2010 and 2015. The implication, they say, is that their inflation data was too high and that economic growth was understated. This affects pay negotiations, travel fares and index-linked gilts. Today the Financial Times reports that the way ONS has been measuring retail sales data might also be incorrect. Blaming the Black Friday event for sharply rising sales in November was not accorded sufficient weight when seasonally adjusting December’s sales. A sector that accounts for more than 10 per cent of the economy.

Yet again the US government might be forced to shut down tomorrow unless a bill to allow federal agencies to borrow money is passed by the Senate today. This is because they have already reached the allotted debt ceiling.

Financial & Political Commentary

 

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