Sterling has lost more ground to the US Dollar but the prospect of lower rates for both currencies’ home countries leaves current narrow range intact.
EUR/USD IG Client Sentiment: Our data shows traders are now net-short EUR/USD for the first time since Jun 13, 2024 when EUR/USD traded near 1.07.2024-07-01 18:00:00IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 83.39%, while traders in EUR/JPY are...was weaker against the United States Dollar on Tuesday but overall continues the sideways trading which has dogged it since the Bank of England’s June policy meeting.
Still, the market remains reasonably confident that the Fed will start cutting its own interest rate in September, and, although it’s likely to proceed cautiously from there, the prospect also keeps Dollar bulls in check. While GBP/USD is clearly struggling with a downtrend in place since mid-June, trading ranges have clearly narrowed into a new month and retracement support at 1.26212 seems to be the limit of bearish ambition in the short-term. The pair is now trading around both its 50- and 100-day moving averages, with a solid rise above those levels likely to see more consolidation.
While this week’s big US events are likely to see some trading opportunities on GBP/USD, they’re unlikely to produce enduring moves unless they alter current interest-rate views.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits.
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