{"id":40191,"date":"2014-02-16T13:30:40","date_gmt":"2014-02-16T18:30:40","guid":{"rendered":"http:\/\/countingpips.com\/?p=40191"},"modified":"2014-02-16T13:30:40","modified_gmt":"2014-02-16T18:30:40","slug":"forex-recap-fundamental-outlook-consumer-prices-tap-uk-us-canada-week","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2014\/02\/16\/forex-recap-fundamental-outlook-consumer-prices-tap-uk-us-canada-week\/","title":{"rendered":"Forex Recap & Fundamental Outlook: Consumer Prices on tap for UK, US, Canada this week"},"content":{"rendered":"

By CountingPips.com<\/strong><\/p>\n

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Last Week’s Recap & Notable Data Points:<\/strong><\/h3>\n

Last week we saw the US dollar on the defensive against all of the other major currencies with overall declines against the euro, British pound sterling, Japanese yen, Swiss franc, Canadian dollar, Australian dollar and the New Zealand dollar for the week. The major out-performer was the British pound sterling as the GBP surged on expectations that the Bank of England could be the first of the major central banks to raise interest rates with UK economic data coming in better than expected recently.<\/p>\n

David Song, Currency Analyst at DailyFX, summarized the upbeat GBPUSD outlook.<\/p>\n

“The British Pound rallied to a fresh yearly high of 1.6722 following the Bank of England (BoE) Inflation Report, and the GBPUSD may press higher next week should the fundamental developments coming out of the U.K. highlight a stronger recovery for 2014. It seems as though the BoE removed the 7% unemployment threshold as jobless claims are expected to contract for 14 consecutive months in January, and the Monetary Policy Committee (MPC) Meeting Minutes may spur a further shift in the policy outlook should we see a growing number of central bank officials show a greater willingness to normalize monetary policy sooner rather than later.”<\/p>\n

Here are the major economic results from last week:<\/b><\/p>\n