The pound's 1.2 per cent jump on Friday was the largest in three months and left it at $1.3107.The was hovering at $1.1471 and just short of major resistance at $1.1489. "It is a mixed picture that is likely to leave the Fed cautious, and it is little wonder markets have lowered the odds of further rate hikes this year," said ANZ economist David Plank. "Whether it also delays the start of balance sheet normalisation remains to be seen, but we suspect the Fed will want to push on with that for now. "Fed funds futures imply around a 50-50 chance of another hike by December, and have less than two moves priced in for all of next year. The Aussie was last at $0.7824 with bulls targetting the 200-week moving average around $0.8026.

Source: Economic Times July 17, 2017 02:15 UTC