It has been a relatively quiet start to an eventful trading week with the U.S. dollar slightly strengthening against the pound and the euro ahead of the FOMC meeting. The British pound tumbled towards 1.3330 as Brexit optimism fades. While short traders of the GBP/USD were able to book some profit yesterday, the EUR/USD traded little changed and none of our daily signal entries was triggered.
Today’s focus will shift to the U.K. Consumer Price Report due at 9:30 UTC. If inflation comes in higher than forecast, the pound could find its way back towards 1.3430 and 1.3490. As long as the 1.33-support remains intact, we could see some bullish pullback. If 1.33 breaks we expect further losses towards 1.3220.
From the Eurozone, we have the German ZEW Survey scheduled for release at 10:00 UTC.
The EUR/USD is currently tilted to the downside and if the currency pair is unable to break the 1.18- threshold significantly, we expect the euro to test the 1.17-level.
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