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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.
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.
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.
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.
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.
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.
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.