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Imminent Sino-US deal signing lifts Asian currencies; sterling slips

The imminent signing of a preliminary Sino-U.S. trade deal helped Asian currencies rally on Monday, but sterling fell on fresh hints of a Bank of England rate cut.

“Both sides should produce a lot of positive headlines, really talking up the deal and sounding positive about the outlook,” said Westpac FX analyst Sean Callow.

“The more difficult questions on trade can come later. I think for this week the vibe on the trade side will be very positive and that may help sentiment a bit.”

The Aussie hit a one-week high of $0.6919. The New Zealand dollar also climbed 0.2% to its strongest since Thursday at $.6650 and the euro was steady at $1.1128.

The Japanese yen weakened 0.1% to 109.60 per dollar, close to a seven-month low, and it slid 0.6% to an 8-month low against the trade-sensitive Korean won. A holiday in Japan reduced overall trading volumes.

Sterling slips

Elsewhere, the British pound fell 0.3% to $1.3037 and flirted with a two-week low after dovish comments from Bank of England policymaker Gertjan Vlieghe over the weekend.

Vlieghe told the Financial Times newspaper that he would vote for a cut in interest rates later this month, barring an “imminent and significant” improvement in growth data.

Futures pricing pointed to an implied probability of a rate cut at the end of the month of one-in-four.

https://www.cnbc.com/2020/01/13/dollar-firms-with-us-china-phase-one-trade-deal.html

According to Trading Central (3rd party RIA) the GBPUSD could be heading DOWN to 1.2760 if it does not go ABOVE 1.3275

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10571790

Number of Lots:Required Margin:Risk Management (200%):Potential Profit/Loss 1.2760
1€ 3,896.36€ 7,792.71€ 2,157.12
5€ 19,481.78€ 38,963.57€ 10,785.60
10€ 38,963.57€ 77,927.14€ 21,571.20
25€ 97,408.92€ 194,817.85€ 53,928.00
50€ 194,817.85€ 389,635.69€ 107,856.00

According to Trading Central (3rd party RIA) the GBPJPYcould be heading DOWN to 136.83 if it does not go ABOVE 146.75

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10564826

Number of Lots:Required Margin:Risk Management (200%):Potential Profit/Loss 136.83
1€ 3,896.36€ 7,792.71€ 4,698.60
5€ 19,481.78€ 38,963.57€ 23,493.00
10€ 38,963.57€ 77,927.14€ 46,986.00
25€ 97,408.92€ 194,817.85€ 117,465.00
50€ 194,817.85€ 389,635.69€ 234,930.00

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