And once again it has been a relatively quiet trading day in the Forex market while elsewhere, indices like the S&P500 and Nasdaq, as well as Bitcoin are closing in on record highs. Beyond the disparity in risk appetite across assets, it could be difficult to justify all record highs. The driver for Bitcoin was the launch of the Bitcoin future-based ETF, BITO which was one of the biggest ETF launches on record. Cryptocurrency appetite could thus persist if BITO draws in more capital within the next days.
The U.S. dollar fell amid bets other central banks will raise interest rates before the Federal Reserve. The British pound rose above 1.38 as market participants shifted expectations for a first Bank of England rate hike to as early as December, which is very aggressive.
This morning we will have U.K. inflation data due for release which will have an impact on the pound sterling.
GBP/USD: Above 1.3860 we will anticipate higher targets at around 1.39. A short-term support could however come in at 1.3650.
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