Only yesterday we were talking about difficult market conditions without sustained consistency but finally there has been some momentum, providing traders profitable chances in both major pairs.
The GBP/USD was the best performer yesterday, falling more than 150 pips from our short-entry. A next target for sterling bears could be at 1.5320, from where the British Pound may bounce off. Above 1.5550 we would favor a bullish stance again.
The EUR/USD should still be treated with caution. While the euro declined against the U.S. dollar and surprisingly showed a linear movement to the downside, the currency pair remains vulnerable for spiky moves. Greece promised new reform proposals but Europe’s leaders warned Tsipras that only a few days are left to reach a deal. Greece has now five days to commit to its reforms and accept the terms of the Eurozone’s financial support or face ejection of the euro region.
Euro-zone fiance ministers will hold a conference call today to weigh Greece’s new aid request. If the loan from the European Stability Mechanism (ESM) is granted, it would give the nation some breathing space.
FOMC Minutes of secondary importance today?
The Federal Reserve releases minutes of the last FOMC meeting at 18:00 GMT. No surprises are expected as Fed chair Janet Yellen failed to provide a clear timeline for a rate hike at her last press conference. Chances are that minutes are more hawkish, but given the recent turmoil in the financial markets, the Fed’s view may have changed since the last meeting. The impact on the dollar could therefore be muted today. Let’s wait and see.
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