|Day's range||1.324 - 1.324|
|52-week range||1.2777 - 1.4377|
Investing.com - Investors will be looking ahead to Federal Reserve Chairman Jerome Powell’s testimony on the economy and monetary policy to a Senate committee on Tuesday.
The markets continue to be shackled by geo-political headwinds, with Trump at the center of it all, the U.S – Russian Summit, trade wars, Iran sanctions to name but a few of the U.S President’s handiwork.
The British pound continue to go back and forth during the week, ultimately settling on a negative candle focusing on the 1.32 level. This is an area that I think will continue to define where we go longer-term, but I do see a lot of demand underneath that of course makes it a very interesting proposition.
The British pound has initially falling during the day on Friday, but then bounced rather hard from the 1.31 level to show signs of resiliency again. By doing so, this shows that there is a lot of demand near the 1.31 handle, and therefore I think we are starting to put a bit of a “floor” in the market.
The U.S. dollar index took aim at its biggest weekly gain in four weeks on Friday, as its rivals struggled in the face of trade-war worries and comments from President Donald Trump during his Europe trip.
Investing.com – The dollar retreated from a two-week high against its rivals Friday, pressured by a rebound in the pound from an 11-day low.
U.K. stocks pare their gains into the close on Friday as the pound swung higher after U.S. President Donald Trump backtracked on his criticism of Theresa May’s Brexit plans and said a U.S.-U.K. trade deal is still possible.
The market is likely to start the upside move towards the 1.33 level again, that’s an important resistance level and if it gets broken, then the market could go to the 1.35 level. If the market breaks the 1.32 level again, then next support is at 1.3175 level.
The pound continues to be under pressure due to the geopolitical developments with the UK putting the Brexit process under a cloud
While risk appetite returns to the markets, the Dollar looks to have found its some upside in the early part of the day, though it could all change should sentiment towards trade tariffs take another turn.
The British pound went sideways overall during the trading session on Thursday before dipping. However, we found enough support underneath the 1.32 level to show signs of resiliency yet again.
Investing.com – The dollar was roughly flat against its rivals Thursday, as U.S. economic data showed the pace of consumer prices was subdued last month, but downside was limited by a slump in the yen amid easing trade-war concerns.
Investing.com - The dollar was holding steady at one-and-a-half week highs against a currency basket on Thursday after data showing that U.S. inflation hit a six year high in June, underpinning expectations for two more rate hikes by the Federal Reserve this year.
U.K. stocks finish in the green Thursday, rebounding from its worst loss in more than two weeks, with Sky shares leading the charge as the bidding war for the broadcaster intensified.
Investing.com - The dollar rose to fresh six month highs against the yen on Thursday and was steady against a currency basket as solid gains in the latest U.S. inflation report reinforced expectations for two additional rate hikes by the Federal Reserve this year.
The WTI Oil price fell from $72.98 to $68.68 yesterday despite the inventories data showing a draw of -12.6M barrels which is the biggest since September 2016. Global stocks recover as investors continue to watch trade war developments.
The risk tap opened this morning, providing much needed support for the Asian equity markets and the commodity currencies, with focus now shifting to the release of the ECB policy meeting minutes and U.S inflation figures.
The market in the short term is likely to continue volatile as confusion relating to the rate hike by ECB remains. The pair had a choppy session during the yesterday’s session, initially trying to rally during the day but found enough resistance to turn around and fall towards the 1.3225 level.
The pound has been having a tough time of late but over the last 24 hours, it has managed to steady itself pretty much
The British pound was somewhat range bound during the day on Friday, dancing around the 1.3250 level. The 1.32 level underneath offers plenty of support, but at the same time I can say that the 1.33 level offers plenty of resistance. This makes sense as there is a lot of political turmoil around the currency right now, so I suspect that we are going to see more of the same until we can get some clarity.
Investing.com – The dollar rose Wednesday as data showing U.S. wholesale prices increased at a faster pace than anticipated last month raised investor expectations for stronger inflation, increasing the prospect of further Fed rate hikes.
The U.K.’s blue-chip stocks sharply drop Wednesday, falling by the most in two weeks, as the U.S. said it plans to hit Chinese imports with another $200 billion in tariffs, intensifying a trade fight between the world’s largest economies.
Inability to sustain the break of nearly two-month old descending trend-line seems dragging EURUSD towards 1.1680 re-test, clearing which the 1.1600 and the 1.1540 are likely following numbers to appear on the chart. Alternatively, the 1.1730-40 region, comprising 50-day SMA & aforementioned TL, could keep restricting the pair’s near-term upside, which if broken might trigger its recovery targeting the 1.1840 and the 1.1935-40 resistances. Alike EURUSD, the GBPUSD also couldn’t surpass adjacent trend-line, needless to mention about 50-day SMA.
Investing.com - The dollar edged higher against a currency basket on Wednesday, but gains were capped after the U.S. said it would place tariffs on an additional $200 billion worth of Chinese imports, escalating a trade spat between Washington and Beijing.