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In otherwise choppy conditions, sterling is particularly weaker today. The Euro is likewise solid, aided by the Pound’s comeback. The Australian dollar is the more dominant since it is recouping losses from the previous week. So far, the upside is restricted ahead of the RBA’s monetary policy decision tomorrow. The Swiss Franc, on the contrary, falls somewhat, reversing some of last week’s advance.
In addition, a decline in COVID-19 cases and the reopening of the British economy have aided the pound’s recent rise, with the currency recovering from its worst drop in nine months in June.
In the meanwhile, the focus of the market will shift to the Bank of England meeting on Thursday. The Bank of England is expected to maintain a strong grip on the stimulus pedal. Some believe the central bank should begin tapering its bond-buying program as the economy recovers, citing the probability of ongoing consumer-led growth and a significant improvement in the UK’s inflation profile.
Meanwhile, the assumption is that there will be no new interest rate advice, but rather a repetition of previous language stating that “substantial progress” is required before the stimulus is removed. Only 1-2 members are likely to vote in favor of ending QE early and provided there are no surprises, the impact on the Sterling should be minor.
Sterling Losses Grip As Euro Consolidates
At the start of August, the major currency pair was constant, with a modest increase. The EURUSD is now trading below 1.1870. The risk-positive market environment earlier in the day made it difficult for the greenback to find demand, which helped EUR/USD rise.
However, after the opening bell, Wall Street’s key indexes dropped from their day highs, allowing the USD to regain its momentum. The US Dollar Index (DXY) is currently trading at 92.08.
The EURUSD has finished a wave of expansion to 1.1840 on H4. The market has currently formed a consolidation range around this level, broken through the range’s top, and conducted a growth link to 1.1908. In practice, this level is regarded as the correction’s local aim. The price could decrease to 1.1840 today (a test from above). After that, a new growth structure of 1.1925 is projected. The correction should end there, with a wave of the drop to 1.1755 following.
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