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USD
EUR/USD
The single currency fell to $1.1722 before recovering to $1.1740 on Thursday after U.S. producer prices increased more than expected in July, suggesting inflation could remain high as strong demand fuelled by the recovery continues to hurt supply chains.
GBP/USD
Sterling plunged to $1.3814 on speculation that the Bank of England would make no moves in its monetary policy after official data showed Britain's economy grew in line with expectations in the second quarter.
USD/JPY
Japanese yen loitered around 110.40 against the greenback as investors assessed the impact of the slower vaccination program on the pace of economic recovery.
USD/CAD
Loonie inched lower to 1.2517 per dollar on rumours that Canadian Prime Minister Trudeau is planning to call a snap election for Sept. 20.
AUD/USD
Aussie hammered to $0.7339 as market sentiment dwindled, as vaccine optimism fails to overcome Covid infections in Queensland and Victoria that clung to the recent highs.
USD/ZAR
South Africa's rand lost ground to 14.78 per greenback on Thursday as data showing a steady U.S. job market recovery and a rise in producer prices added fuel to debate over whether the Federal Reserve could tighten monetary policy sooner than expected.
USD/MUR
The dollar-rupee remained stagnant at 42.95(selling) on the local market.
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.
