Previous Day's Market Highlights
As was widely expected, the ECB kept interest rates on hold. Overall, the statement and accompanying comments were consistent with those made in June. The ECB has said that interest rates are expected to remain very low until “at least through the summer of 2019”. The euro was softer around the meeting.
Sterling-dollar gave up 1.32 and euro-dollar fell back below 1.17. Under-forecast US Durable Goods Orders did little to deter the dollar’s gains. Sterling-euro continued to trade in the 1.12-1.13 range.
|Currency Pairing||08:00 Today||Vs 08:00 Yesterday||Four-Week High||Four-Week Low||% Change|
Today's Market Highlights
The dollar could see further gains today with the release of the first estimate of Q2 GDP(13:30 BST). A sharp acceleration from Q1’s 2% growth is projected, to 4.1%. Should the release fall short of expectations, the dollar could weaken. A quiet calendar otherwise may again keep exchange rates around familiar levels.
Next week, central banks will remain in focus. The Fed is expected to keep rates on hold at 2.00% on Wednesday, while the Bank of England meeting will be closely watched for a possible rate hike.
Today's Economic Calendar
|13:20||USD||Fed's Bullard Speaks|
|13:30||USD||Core Personal Consumption Expenditures QoQ (Q2)||2.2%||2.3%|
|15:00||USD||Michigan Consumer Sentiment Index (Jul)||97.1||97.1|