Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
US currency is almost intact
On Monday, the evergreen buck didn’t change versus a group of other crucial currencies due to the fact that market participants were cautious ahead of a number of major banks gatherings this week, which could potentially help to spot the near-term market direction for currencies.
Assessing the greenback’s purchasing power versus a group of its six key counterparts, the USD index offered an outcome of 94.49, nearly intact, having dived on Friday.
The US dollar slumped, although held near one-week maximums because data disclosing that the American economy ascended at the fastest pace in four years for the second quarter was compensated by worries that trade tensions would serve as a drag on the surge in the second half of 2018.
The data actually underlined hopes that the major US bank would keep raising its interest rates in 2018. However, market experts are concerned that the leap in second quarter surge might not be sustainable.
Financial analysts were looking ahead to the very conclusion of the Federal Reserve’s two-day policy gathering on Wednesday, as they needed another sign that the US main financial institution would have its rate lifted already in September.
In addition to this, the Bank of Japan is expected to have another meeting on Tuesday in the face of rumors that it’s considering a series of tweaks of its huge asset purchase program.
Additionally, the Bank of England is anticipated to come up with its interest rate verdict on Thursday, and the vast majority of market experts hope for a quarter-point rate leap.
The evergreen buck stood still versus the common currency. The currency pair EUR/USD hit 1.1657.
Versus the Japanese yen, the US currency rallied. The currency pair USD/JPY added by 0.08% trading at 111.12.
The UK currency didn’t change versus the evergreen buck and the euro. The currency pair GBP/USD showed 1.3107, EUR/GBP hit 0.8890.
The European central bank will publish the main refinancing rate and make a statement on Thursday, July 16, at 14:45 MT time. Also, the ECB’s press conference will be later at 15:30 MT time.
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The Canadian central bank will announce interest rates and make a speech on Wednesday, July 15, at 17:00 MT time. Also, the BOC press conference will be later at 18:15 MT time.