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Editors’ Picks
EUR/USD strengthens to above 1.1650 on ECB’s cautious stance
The EUR/USD pair climbs to near 1.1675 during the early European session on Monday. The Euro strengthens against the US Dollar due to a potential meeting between US President Donald Trump and Russian President Vladimir Putin on Friday to end sanctions. Traders await the US Consumer Price Index data for July, which is due later on Tuesday.
GBP/USD consolidates just below mid-1.3400s; bullish potential seems intact
The GBP/USD pair kicks off the new week on a subdued note and consolidates its recent goodish recovery gains from the 1.3140 area, or the lowest level since April 14, touched earlier this month. Spot prices trade just below mid-1.3400s during the Asian session, nearly unchanged for the day, though the fundamental backdrop seems tilted in favor of bullish traders.
Gold price declines amid risk-on sentiment despite Fed rate cut expectations
Gold price kicks off the new week on a weaker note, while a positive risk tone undermines safe-haven assets. Rising Fed rate cut bets prompt fresh USD selling and offer some support to the non-yielding yellow metal. Traders now look forward to the release of US inflation figures this week to determine the near-term trajectory.
Bank of England cuts rates in dramatic meeting
The Bank of England has cut rates by a further 25 basis points to 4% but the statement hints that officials think the easing cycle is nearing its end. Policymakers are visibly worried about a more persistent bout of inflation as the headline number is way higher than target.
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