Mid-Day Report: Pound Reversed Gains on Dovish BoE, Consolidations Elsewhere

[Forex-Outlook]

While gold extends the uptrend and makes another record high of 1245.4 today, the forex markets are rather quiet. US trade deficit widened to one year high of -$40.4b in March. Both exports and imports rose rapidly, jumping 3.2% and 3.1% respectively, which is consistent with global economic recovery. Canada trade surplus narrowed to CAD 0.3b in March which new housing price index rose 0.3% mom. Nevertheless, markets have little reaction to the data.

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