The best way to grow is to recycle capital into new projects.
USD
EUR/USD
The single currency soared to $1.1752, after U.S. Consumer Price Index data rose 0.5 per cent in July for a 5.4-per cent year-over-year gain.
GBP/USD
The pound surged to $1.3888 on comments from Lord and former Tory MEP Hannan that "Britain has successfully managed the vaccine purchase program while the EU messed it up quite badly, in its first real test of post-Brexit challenge."
USD/JPY
Yen shouted to 110.40 per dollar, despite global rating giant Fitch downgraded Japan's long-term foreign currency Issuer Default Rating at 'A' with a negative outlook.
USD/CAD
Loonie climbed to 1.2504 per dollar as WTI crude oil’s rebound exerts an additional downside burden on the quote.
AUD/USD
Aussie bolstered to $0.7389, amid a mild risk-on mood on Treasury Secretary Yellen' meeting with Chinese counterparts.
USD/ZAR
South Africa's rand vaulted to 14.64 against a weaker dollar on Wednesday after data showing U.S. consumer prices rose at a slower pace in July eased concerns that the Federal Reserve would taper its economic support sooner than expected.
USD/MUR
The local pair is unchanged at 42.95(Selling).
10:00 - GBP - GDP(YoY)(Q2)
10:00 - GBP - GDP(QoQ)(Q2)
10:00 - GBP - Manufacturing Production (MoM)
10:00 - GBP - Monthly GDP 3M/3M Change
16:30 - USD - Initial Jobless Claims
16:30 - USD - PP1(MoM)(Jul)
EURGBP appears to be riding into a corrective wave A-B-C after completing 5 waves to the downside. Yesterday, we observed an impulsive break out of wave B channel which could lead EURGBP towards final wave C as per Elliott wave analysis. we remain bullish on EURGBP with stop loss below 0.8500 targeting 0.8757 , 0.8826 and ultimately 0.8915.
After rallying towards a high of 156.07 end of May 2021, we saw a three wave corrective move to the downside in GBPJPY which possibly could be the end of a corrective wave A-B-C before a new high is formed or possibly part of a larger corrective combination wave W-X-Y as per Elliott wave perspective.
127% appears to be good level for short term rebound to the upside.
Approaching 149.00/149.10 could be an opportunity to long the market with stop below 148.30 with targets levels 150 , 150.71 and 151.70.
