After the panic moves from Monday, the market corrected sharply yesterday. The euro experienced a correction, dipping slightly below 1.14 from where it recovered all of its losses towards the end of the day. The British pound rose above 1.58, but failed to hold this level and dropped sharply towards 1.5680. We see the cable still trading within an upward channel, which ranges from 1.58 until 1.5670/65. Above or below these levels, we expect fresh momentum to accelerate.
What is important for today?
The most important piece of economic data will be U.S.Durable Goods Orders, scheduled for release at 12:30 GMT. Economists expect a decline in July, which could put further pressure on the USD. Given the recent market swings, we might see a consolidation today – let’s be surprised.
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