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The Final Countdown

The Final Countdown

A victory over Denmark last night saw England advance to the finals on the 11th, and with the final decision regarding the lifting of lockdown restrictions the following day, there will hopefully be double cause for celebration. 

In regards to currency, the USD was the victor yesterday with the greenback edging higher against both the euro and sterling. This saw EUR/USD fall below the $1.18 mark at the end of the European session with GBP/USD falling below the $1.38 mark also.

This morning, the slightly firmer tone to the dollar is reflected with GBP/USD operating in the top half of $1.37-1.38 and EUR/GBP continues to trade in a narrow 85-86p corridor. 

Looking ahead today, the release of the ECB minutes from their June policy meeting is the main highlight. The release of the results of its monetary policy strategic review is also due. 

Reports suggest officials are set to raise the inflation target to 2%, and to allow inflation to overshoot this target when needed. A press conference after the announcement held by President Lagarde will offer any impact this meeting will have on the euro. 

 

 

Thursday: Japan bank lending, current account, Eco watcher sentiment; Swiss unemployment rate; German trade balance; ECB meeting accounts; US jobless claims.

Friday: China CPI, PPI; UK GDP, trade balance, production; France industrial production; Canada employment.

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