|Day's Range||1.254 - 1.261|
|52 Week Range||1.1477 - 1.3510|
The dollar has sold off in early European trade Wednesday, with riskier assets in demand as investors look for more fiscal stimulus amid signs of a global economic recovery. At 3:05 AM ET (0705 GMT), the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, stood at 97.362, down 0.3%, falling to levels last seen in the middle of March. EUR/USD traded 0.5% higher at 1.1220, trading above 1.12 for the first time since mid March, on hopes policymakers will continue to support the euro zone, despite the German government's failure to agree on a second big stimulus package Tuesday.
With the RBA holdings policy unchanged, the focus returns to the key risk drivers. Continued unrest in the U.S and tensions between the U.S and China are in focus.
The investment climate in June will be shaped by forces that emerged in May. Many countries began relaxing lockdowns and various activity-based alternative data, like traffic pattern, Open Table Reservations showed improvement on the margins.
It’s a busy day ahead. Service sector PMIs put the EUR and Greenback in focus, with the BoC and Brexit putting the GBP and Loonie in the spotlight.
The British pound rallied above the 1.25 handle to reach towards 1.2550 level. The market looks as if it is fighting the previous resistance.
GBP/USD continued to push higher and trades a fresh one-month high in early trading on Tuesday as the dollar continues to tumble.
The British pound rallied a bit during the trading session on Monday, showing signs of bullish pressure yet again. We have broken above the 50 day EMA.
Early in the summer of 2020, the British Pound is slowly growing against the USD, which is quite good after a depressing previous week. At the beginning of June, GBP/USD is mostly trading at 1.2403.
GBP/USD recovered higher last week on the back of a broadly weaker dollar but is seen approaching an important technical resistance level.
As we already know, I was a bit bullish on the GBP crosses, mostly on the GBP/USD. We can see that the first target has been reached. Continuation is possible.
GBP/USD breached the resistance level at 1.2350 and continues to gain upside momentum.
It’s a busy week ahead. Central banks are in action and China will be in a retaliatory mood. Then there are the stats to begin tracking once more…
The British pound has initially pulled back a bit during the trading session on Friday only to turn around and rally towards the 50 day EMA.
A weak dollar has dominated the major currencies this week although Sterling has struggled to benefit from it.
While the economic calendar is on the busier side, Trump’s news conference will be the main event, which is testing risk sentiment early on.
The British pound continues to go back and forth during the trading session on Thursday, as the pair has a lot of noise in this general vicinity.
GBP/USD is attempting to recover higher this week on the back of a weaker dollar, however, expectations of further monetary policy easing are weighing on the pair.