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USD
EUR/USD
The single currency nosedived to $1.1740 on weaker than expected German industrial orders data on Friday, coupled with ECB policymaker Weidmann' comments that "ECB must tighten monetary policy if it needs to counter inflationary pressures and cannot be put off from doing so by the financing costs of eurozone states".
GBP/USD
Sterling tumbled to $1.3870 on rumours of a political rift between UK PM Johnson and Finance Minister Sunak about the possible sacking of Sunak.
USD/JPY
Japanese yen plunged to 110.20 versus the dollar on upbeat Friday's U.S. jobs report, adding to arguments for faster tightening of monetary policy in the U.S. There is no trading in Tokyo on Monday, with Japan shut for a national holiday.
USD/CAD
Loonie hammered to 1.2563 per greenback after the Canadian domestic employment report showed far fewer jobs added in July than expected.
AUD/USD
Aussie recovered from a low of $0.7328 to $0.7350 after strong Chinese inflation figures this morning.
USD/ZAR
South Africa's rand gave up its earlier gains to 14.65 per dollar despite positive sentiment surrounding the appointment of a new finance minister.
USD/MUR
The Mauritian rupee tumbled to 43.00(selling), buoyed by broad U.S dollar strength.
18:00 - USD - JOLTs Job Openings (Jun)
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.
