The dollar rose against the euro and the pound ahead of the BoE and ECB data
2018-09-13 09:45 am | Resource: News | No Views : 67
The US dollar rose against the euro and the British pound on Thursday, as investors looked at policy decisions by the European Central Bank and the Bank of England later in the day.
The ECB will certainly keep the policy unchanged, making simple changes in its guidance to stay on track to end bond purchases this year and raise interest rates next fall.
The Bank of England is also expected to ignite after raising interest rates last month with market expectations to raise the interest rate that was not seen until the second half of next year.
Perhaps attracting more attention is the monetary policy meeting by the Turkish central bank, which is expected to raise interest rates to support the lira.
Consumer price data comes after US soft-price data dampened the situation to accelerate policy tightening by the Federal Reserve.
The US central bank is widely expected to raise benchmark interest rates at its meeting in September, but prospects for another move in December have declined in recent days.
On the other hand, investors remained focused on the US-China trade dispute following news that the Trump administration had invited Chinese officials to resume trade talks, raising hopes for an agreement that would ease bitter tariff disputes between the world's two largest economies.
Meanwhile, against the currency basket, the greenback was up 0.1% at 94.91 ahead of US CPI data later on Thursday.
- The euro fell 0.1% to 1.1620, while the pound fell modestly to 1.3040 by 0850 GMT.
- The pound was valued at 6.3700 against the dollar, up about 0.5%. It fell to a record low of 7.2400 in mid-August.
- The Chinese yuan rose 0.2% to 6.8481 against the dollar, retreating from a two-and-a-half-week low of 6.8801 yesterday.
- The Australian dollar, seen as a proxy for global growth due to China's large trade exposure to China, rose 0.3% at 0.7190.
Time frame Used - four hours The USDJPY is moving in a bullish direction in the near term The USDJPY faced resistance and selling pressures around level of 114.08 to retreat below the lower boundary of the rising wedge pattern around the 113.68 level In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators Accordingly, we expect that the USD/JPY will target…
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