The U.S. dollar slightly strengthened versus the euro and pound Tuesday. The euro gave up some of its recent gains but was, for the time being, able to hold above the 1.07-mark. With only one day to go before the ECB meeting we do not expect huge market moves in the EUR/USD. Rather, we expect the euro to range-trade between 1.0760 on the upside and 1.0660 on the downside. There are no major important economic reports scheduled for release today, so market participants may stay on the sidelines.
The British pound reversed after peaking at 1.2775 and fell back below 1.27. Recently, sterling was supported by hopes that a hard Brexit can be avoided but the Supreme Court’s ruling on the legitimacy of the U.K. government to trigger Britain’s exit from the EU is still far from done and dusted. From a technical perspective we see next supports around 1.2550 and 1.25 where the pound is probably headed before gaining some ground.
U.K. Industrial and Manufacturing Production figures are scheduled for release at 9:30 UTC and could impact the cable’s price action.
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