|Day's Range||1.211 - 1.213|
|52 Week Range||1.2019 - 1.3349|
Cable continued to stay consolidated near 1.1264 level on Wednesday. Upbeat July Canadian Consumer Price Index (CPI) remained as the primary driver that lifted the CAD currency.
The British pound ran into a bit of resistance during the trading session on Tuesday but ran into the 1.22 level to roll over a bit. At this point, the question is whether or not we are trying to form some type of bottoming pattern?
Investing.com - The U.S. dollar was hovering just below three-week highs in subdued trade on Wednesday as investors looked ahead to the minutes of the Federal Reserve’s July meeting later in the day for fresh clues on the monetary policy outlook.
It’s the start of a mini-tour of the EU as Johnson looks to change the Brexit script. An unyielding EU lies in wait and it may do more harm than good.
Investing.com - The euro recovered from earlier lows after Italy’s Prime Minister Giuseppe Conte said he is resigning ahead of no-confidence vote, putting the future of the Italian government in jeopardy.
The RBA looks set to hold on rates near-term. For the day ahead, a lack of stats will leave the markets exposed to any trade war chatter.
The British pound fell a bit during the trading session on Monday to kick off the week, as the Brexit continues to cause major issues. Ultimately, it looks as if the downtrend should continue. With that in mind I continue to sell signs of exhaustion.
The British pound was the strongest performer last week among the major currencies, but is under pressure in early trading today, underperforming all of its major counterparts.
Investing.com - The U.S. dollar was hovering near two-week highs against a currency basket on Monday as U.S. Treasury yields bounced back from recent lows amid hopes that major economies will seek to prop up slowing growth with fresh stimulus.
Investing.com - This week all eyes will be on the Federal Reserve as investors wait for fresh insights on how it may respond to growing fears of a recession after the Treasury yield curve inverted. The Fed will hold its annual gathering in Jackson Hole later in the week, where Chairman Jerome Powell is to deliver what will be a closely watched speech Friday. It will publish the minutes of its July meeting on Wednesday.
In the USD Index, the bulls continued to take over the bears even today. Interim, rising odds for a no-deal Brexit was making the Cable traders upset.
The British pound bounced during the week against the US dollar and what would have been a bit of a reprieve after a nasty selloff. That being said, there is a large, round, psychologically significant figure that has come into play as well.
The British pound rallied significantly during the trading session on Friday, reaching into the previous consolidation area as we head towards the weekend.
GBP/USD carved out a bottom in the early week and has been consolidating higher even though the dollar has had a firm bid for most of the week.
After marking the day’s opening near 105.89 level, the Ninja showcased a pretty decent performance on Thursday. Greenback continued to sustain positive price actions even today.
The key UK yield curve (2/10) has inverted, adding to the woes for the UK. With Sterling still mired in multi-year lows and probability of a No-Deal exit from the EU increasing, where does this leave the outlook for Sterling, the BoE and the wider UK economy?
The British pound rallied against its counterparts in early trading on Thursday after UK retail sales came in ahead of expectations.
Based on the early price action, the direction of the index the rest of the session is likely to be determined by trader reaction to the short-term 50% level at 97.840.
British retail sales in July grew 3.3% compared to a year ago, according to data released Thursday. Economists polled by FactSet expected a 2.6% rise. The Office for National Statistics said both value and volume rose in July, and department stores saw the first increase this year.