The Sterling
(GBP) came under pressure early in the European session as the market digest
comments from hawkish BoE Member Beazley that inflation should moderate over time suggesting he did not vote for a rate hike at the last meeting. Cable followed the Euro higher as the Dollar weakened throughout the US session. Overall the GBP/USD traded with a low of 1.8538 and a high of 1.8680 before closing the day at 1.8670 in the New York session. Looking Ahead, MPC Minutes from the August rate meeting and August CBI Orders is forecast at -12 from -8 in July.
(GBP) came under pressure early in the European session as the market digest
comments from hawkish BoE Member Beazley that inflation should moderate over time suggesting he did not vote for a rate hike at the last meeting. Cable followed the Euro higher as the Dollar weakened throughout the US session. Overall the GBP/USD traded with a low of 1.8538 and a high of 1.8680 before closing the day at 1.8670 in the New York session. Looking Ahead, MPC Minutes from the August rate meeting and August CBI Orders is forecast at -12 from -8 in July.
(AUD) bounced in line with a rebound in the commodity complex. Earlier in the day the market digested and shrugged of some dovish minutes from the August RBA meeting suggesting an early rate cut was a possibility. Overall the AUD/USD traded with a low of 0.8625 and a high of 0.8734 before closing the US session at 0.8714.
(XAU) broke above $800 convincingly as the Feds inability to fight inflation saw Gold glitter again as a suitable inflation hedge. Overall trading with a low of USD$783 and high of USD$815 before ending the New York session at USD$814 an ounce.
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