The Pound gets a severe pounding

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The Pound gets a severe pounding

By Grace Cheng on September 28, 2006 | More Posts By Grace Cheng | Author's Website

It remains to be seen if USD/CHF can fight past the problematic 1.2500, with next target around 1.2550. US data just came in freshly baked at 1230 GMT. US 2Q final GDP was revised to +2.6% from +2.9%, which was very much below the first quarter’s 5.6%, thus weaker than expected. Gross domestic product (GDP) is a measure of all goods and services produced in the economy. Looking to inflation figures, the core PCE price gauge (excluding food and energy) increased 2.7%, revised from a previously estimated 2.8% increase. Not positive. Tomorrow (Friday) there will be lots…

of data from the Eurozone, with Eurozone consumer confidence, CPI estimate out at 0900 GMT. US data include US PCE deflator at 1230 GMT, followed by U of Mich confidence at 1345 GMT. Fed’s Poole is also scheduled to speak on

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