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The single currency, at the mercy of the broader market sentiment, picked up to $1.1330 on Monday as European Council President Michel proposed a smaller joint EU budget for 2021-27 than previously envisaged to placate thrifty countries in the north. EU summit is highly anticipated for clues on July 17-18.
Sterling mounted to $1.2660 on news that a cross-party group of politicians will analyze the country’s pandemic situation and help overcome the crisis and that UK will leave EU by the end of 2020 regardless of the type of agreement, echoed by Michel Gove. Speech by the BOE Governor Bailey and Home Secretary Priti Patel is awaited for fresh impetus.
The Japanese yen, divided between risk-on mood and broad US dollar weakness, trades flat around 106.90 per dollar, as Bank of Japan appointed new monetary policy team head to tackle coronavirus economic impact.
The Aussie mounted to $0.6980 despite fears rattled by US-China Trade War as President Trump said that it is highly unlikely that a “Phase 2” trade deal with China will occur at this time.
The South African rand surged to 16.71 against the greenback amid looming economic data from around the world.
The pair stayed unfazed at 40.20(selling) on the local market.
19:30 - GBP - BoE Gov Bailey Speaks