What will happen? US consumer confidence will be announced at 5:00 MT (GMT+3) on Tuesday, July 27…
GBP/USD hits 15-month maximum on firm UK data
On Wednesday, the British pound re-approached recent 15-month maximum versus the greenback, underpinned by sturdy British retail sales data. Meanwhile, caution ahead of the Fed’s approaching policy verdict maintained downward pressure on the US currency.
The currency pair GBP/USD ascended 0.64% being worth 1.3589, re-approaching Monday's 15-month maximum of 1.3620.
The UK currency leapt after on Wednesday the UK Office for National Statistics announced that August retail sales surpassed forecasts, adding 1%.
The British pound had been suppressed after BoE Governor Mark Carney told on Monday that Brexit will affect overseas trade and breaking up with the EU was already restricting the potential size of the British economy.
Carney also added that interest rates will probably leap in the nearer months, repeating what was told at the BoE's latest policy gathering and had already underpinned the UK pound.
The OPEC meeting and the US Nonfarm Payrolls rocked the market last week. The market is torn between optimism about the global economic recovery and concerns about the new coronavirus strains.
All eyes are turning to the Federal Reserve and the US dollar. How to trade XAU/USD, EUR/USD, and GBP/USD?
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
Hong Kong stock index extended a decline sparked by China’s tech crackdown. Tesla posted better-than-expected results. Jump in!
This week Apple, Microsoft, Google, Facebook, Pfizer, and other large US companies will deliver earnings reports…