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USD
EUR/USD
The single currency recovered from one-month low of $1.1682 to $1.1709 after the US Federal Reserve on Wednesday cleared the way to reduce its monthly bond purchases and signaled interest rate increases may follow more quickly than expected, with half of the 18 U.S. central bank policymakers projecting borrowing costs will need to rise in 2022.
GBP/USD
Sterling tumbled to $1.3614 ahead of a policy announcement by the Bank of England on Thursday, with expectations for a rate hike.
USD/JPY
Yen plunged to 109.80 per dollar on upbeat mood from Chairman Jerome Powell speech.
USD/CAD
Loonie strengthened to 1.2757 per greenback as firmer oil favors the Canadian dollar due to Ottawa’s reliance on energy export.
AUD/USD
The Australian dollar soared to $0.7295 after Chinese property developer Evergrande said it would make a bond coupon payment.
USD/ZAR
South Africa's rand loitered around 14.77, shrugging off positive local annual consumer inflation which quickened to 4.9% in August from 4.6% in July.
USD/MUR
The dollar-rupee stayed unchanged at 42.85(selling) on the domestic market.
11:30 - EUR - German Manufacturing PMI (Sep)
12:30 - GBP - Composite PMI
12:30 - GBP - Manufacturing PMI
12:30 - GBP - Services PMI
15:00 - GBP - BoE Interest Rate Decision (Sep)
15:00 - GBP - BoE MPC Meeting Minutes
16:30 - USD - Initial Jobless Claims
16:30 - CAD - Core Retail Sales (MoM)(Jul)
The pound sterling is hovering near its one-month low around 1.3620 ahead of FOMC and BOE monetary policy meetings. The pound met with some fresh supply in the zone 1.3670-80 which could be a key resistance in the near term followed by 1.3800.
On the technical side, GBPUSD appears to be moving in a consolidation zone. As per Elliott wave principle, it appears that GBPUSD is currently riding a wave B ( triangle) of a corrective move A-B-C which could put more pressure to the downside in the near term.
A break and close of 1.3600 opens the door towards 1.3100 in the medium term. A breach of wave A of triangle (1.3980) invalidates the move and can be bullish in the medium term.
