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FX-News Tuesday 17th January, 2012

As we write this morning the sterling (GBP/USD) is advancing for the second day and is currently firmly trading in the 1.5360-76 range and this is ahead of the inflation data due later today and the expectation is that there will be a sharp drop in the CPI figures in the months ahead.

The EUR/USD single currency is keeping alive the upside that sparked in the first hours on Tuesday, trading at the moment in the upper end of the range propped by stronger than expected data from the Chinese economy and the news of the EFSF downgrade to AA + by Standard & Poor seems to be well digested.

It was announced yesterday that the UK plans on making London the central international hub of Chinese Yuan trading and Mr. Osborne added that Britain was perfectly located to serve as a Gateway between Asia and Europe. This is good news for the global currency exchange Industry.

In Europe new car registrations in Europe declined 5.8% in December to 995,404 with registrations down across the board with the exception of Germany and the European automobile manufacturers association.

The Asian market seems to have grown on unexpected Chinese growth data as retail sales grew by 18.1% in December higher than the consensus of 17.1% and November 17.2%. Being the major business partner, China’s sentiment has spread to Australia, South Korea and Japan.

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