The UK Speeds Up Tightening
The Bank of England (BoE) will share its Official Bank Rate and make a statement on monetary policy on August 4, 14:00 GMT+3.
US Dollar index keeps edging up on American upbeat mood
On Friday, the evergreen buck kept tacking on versus other key currencies after the minutes of the Fed’s latest policy gathering along with Thursday’s upbeat data powered optimism as for the strength of the American economy.
The evergreen buck gained support after on Thursday the US Labor Department informed that initial jobless claims went down by 7,000 hitting 222,000 the previous week versus hopes for jobless claims to about 230,000.
The data showed up just a day after the minutes of the Fed's January policy gathering disclosed that the major bank representatives consider greater economic surge as well as soaring inflation to be justification to keep lifting interest rates step by step.
The evergreen buck had been recently put down by hopes for a faster tempo of monetary tightening outside America that would diminish the evident divergence between the major US financial institution and other major banks.
The U.S. dollar index, traditionally utilized to gauge the major American currency’s value versus a group of six main counterparts, rallied 0.13% hitting 89.78, which is off a one-and-a-half week maximum of 90.17 reached on Thursday.
As for the euro and the British pound, they both slumped, with EUR/USD losing 0.15% being worth 1.2310, GBP/USD rose 0.16% hitting 1.3974.
Earlier official data disclosed that year-on-year euro zone consumer price inflation tacked on 1.3% in January, which is in line with hopes.
In January, consumer prices dived 0.9% on a monthly basis, which also fit expectations.
In addition to this, the Japanese yen along with the Swiss franc headed south, with USD/JPY adding 0.12% reaching 106.88 as well as USD/CHF gaining 0.16% reaching 0.9339.
The Australian and New Zealand dollars both lost, with AUD/USD decreasing 0.28% to 0.7823 as well as NZD/USD dipping 0.52% being worth 0.7303.
The currency pair USD/CAD was intact reaching 1.2711.
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