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USD
EUR/USD
The fibre soared to $1.1840 before retreating to $1.1815 in the wake of US Durable Goods Orders and housing numbers coming in softer-than-expected for June and May, respectively. German GfK Consumer Confidence for August eyed.
GBP/USD
The cable vaulted to $1.3893 on rumours that Britain might open borders, while the EU paused legal action against the UK over the Northern Ireland protocol.
USD/JPY
Last night, the yen surged to 109.55 per dollar amid growing fears about a Chinese government crackdown on technology, and jitters spilt over into U.S. markets.
AUD/USD
Aussie loitered around $0.7351, on mixed sentiment represented by the upbeat Aussie Q2 inflation figures and a 16-month high rate of Covid infections in New South Wales.
USD/CAD
Loonie tumbled to 1.2595 per greenback, ahead of Canada Consumer Price Index for June and verdict from Fed Chair Powell statement about inflation, economic growth, interest rates and bond-buying.
USD/ZAR
South African rand recovered from yesterday's low at 14.95 to 14.80 per dollar, following a fall in Treasury yields with Fed policy meeting underway.
USD/MUR
The Mauritian rupee stayed put at 42.95(selling) on the local market.
16:30 - CAD - Core CPI (MoM)(Jun)
18:30 - USD - Crude Oil Inventories
22:00 - USD - FOMC Statement
22:00 - USD - Fed Interest Rate Decision
22:30 - USD - FOMC Press Conference
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.
