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Markets Range Bound As Muted Conditions Continue

Markets Range Bound As Muted Conditions Continue

Yesterday it was another muted August trading day on the currency markets, with the main FX pairs remaining confined to their recent narrow ranges. In terms of data releases, US durable goods orders proved better than expected, although still in decline. Meanwhile, in the Eurozone, the German Ifo, was below forecast. However, neither data release impacted proceedings on currency markets.

As we kick off today, EUR/USD opens once again in the $1.17-1.18 band, however the pair has edged above the midpoint of this range in the last 24 hours. EUR/GBP starts today again in the stalemate that is the centre of the 85-86p band. While GBP/USD is trading near the halfway mark of $1.37-1.38. GBP/CAD saw a slight boost yesterday, however it has shown downward movement since the start of this morning’s open. 

As we look ahead today, the latest weekly initial jobless claims data is set to increase in the US (from 348k to 350k). Also due is the second reading of US GDP for Q2…however, this data is yet again unlikely to impact the dollar in any dramatic way. Today also sees the Jackson Hole Economic Symposium hosted by the US Fed getting underway, which may give some clues, or at least headlines, regarding the timing of QE tapering. In the Eurozone, the latest ECB meeting minutes are set to be released.

 

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