There were a few notable moves in FX on Tuesday. Despite weaker than expected CPI data, sterling managed to quickly reverse all of the initial losses, squeezing out a lot of shorts in the process. Sterling was 0.7% firmer against the euro through the day. Against the dollar, the euro finds itself not that far away from the year’s lows (currently at 1.1753 from yesterday). There remains an ongoing focus on next week’s ECB meeting, which has continued to put downside pressure on the currency. As an aside, also not that the European Court of Justice announces a non-binding legal opinion on the ECB’s 2012 program (not implemented). This is of some interest given Germany’s on-going concerns regarding the efficacy of the ECB’s QE program that is likely to be outlined this quarter. The main overnight news has been seen on the Aussie, with the currency down 1.2%, mostly on the back of the sharp decline in copper prices. As we’ve mentioned before, the Aussie has traded less like a commodity currency in the past couple of years, but the linkage is not totally broken when we see extreme moves such as the 5% decline seen overnight. For today, US retail sales data is see at 13:30 GMT. The headline rate is seen falling slightly by 0.1%, with the ex-autos and gas measure rising a more robust 0.5%. The past three months have seen US gasoline pump prices fall by a third. What we have to start looking for now are stronger signs that households are spending the money saved elsewhere in the economy in the data released over the coming 1-2 months. Further reading: EUR/USD breaks below the double bottom on Draghi, OMT OMT may be legal says EU court aide – green light for QE FxPro - Forex Broker FxPro - Forex Broker Forex Broker FxPro is an international Forex Broker. FxPro is an award-winning online broker, offering CFDs on forex, futures, indices, shares, spot metals and energies, serving clients in more than 150 countries worldwide. FxPro offers execution with no-dealing-desk intervention and maintains a client-centric business model that puts customer needs at the forefront of our operations. Our acquisition of leading spot FX aggregator, Quotix, enables us to offer access to a deep pool of liquidity, as well as top-class order-matching and some of the most competitive spreads in the market. FxPro is one of only few brokers offering Negative Balance Protection, ensuring that clients cannot lose more than their overall investment. FxPro UK Limited is authorised and regulated by the Financial Conduct Authority (registration number: 509956). FxPro Financial Services Limited is authorised and regulated by the Cyprus Securities and Exchange Commission (licence number: 078/07) and by the South Africa Financial Services Board (authorisation number 45052). Risk Warning: Trading CFDs involves significant risk of loss. View All Post By FxPro - Forex Broker Daily Look share Read Next EUR/USD, GBP/USD, USD/JPY Pivot Points and TA – Jan. 14 John Benjamin 8 years There were a few notable moves in FX on Tuesday. Despite weaker than expected CPI data, sterling managed to quickly reverse all of the initial losses, squeezing out a lot of shorts in the process. Sterling was 0.7% firmer against the euro through the day. Against the dollar, the euro finds itself not that far away from the year's lows (currently at 1.1753 from yesterday). There remains an ongoing focus on next week's ECB meeting, which has continued to put downside pressure on the currency. As an aside, also not that the European Court of Justice announces a non-binding legal… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.