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Daily Market Commentary 22nd February 2024

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A dearth of global economic data releases put the market focus firmly on market speculation of Central Bank activity and the minutes were the focus. The Fed minutes revealed that they move to cut interest rates and the rapidity of those rate cuts were not a priority and inflation. This was a boost for US bond yields and a support to the US Dollar. The EUR traded 1.0800, while the GBP drifted back to 1.2610.

The reserve stabilise and allowed the commodity currencies to book their recent gains. The AUD looks to regain 0.6550, while the NZD is building above 0.6140. Market attention will now turn to global PMI data and European inflation numbers.

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