US Dollar up Move amid US Equities Gains, Sterling Broadly Loses Ahead of BOE

Since yesterday morning US dollar has been broadly stronger. The Dollar Index found support at 82.48 and then, on Wednesday morning, it mounted up to 83.03.  Early this morning the currency pair GBPUSD was also under pressure slumping to 1.5075 while EURGBP also surged from 0.8410 on Monday to 0.8492 yesterday.

The monetary policy is expected to remain stable due to the BOE, thus any easing surprise would send pound lower. As far as it concerns to the common currency ahead of ECB decision, it found resistance at 1.2877 against the greenback and dropped mainly on US dollar strength, as of writing trades at 1.2798. EURJPY trades in 120.12/119.14 tight range for the last 2 days indicating neutrality of Euro confirming EURUSD driver is currently the greenback.

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Daniel Moore

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