EUR/GBP well bid, but a little too bid before FOMC minutes?
|Currently, EUR/GBP is trading at 0.8484, up 0.35% on the day, having posted a daily high at 0.8495 and low at 0.8403.
Euro is in key focus as we head towards the elections in The Netherlands and France starting next month and markets are jittery on various developments. First, the French election news for today has Bayrou backing Macron. We will now await the FOMC minutes, but we just had Fed's Powell speaking who expects rate increases to be gradual, and that could lift the euro some more. Judging by the market reaction to the Bayrou news, the French elections are going to be a key driver for the euro and each development will be monitored very closely.
EUR/USD bounces off lows 35-pips; FOMC could knockout cold the euro
EUR/GBP levels
EUR/GBP has been on the bid today, covering some hard ground on the hourly sticks for the best part of the US session so far. The cross has broken a key technical level on the upside at 0.8450 and now the 50 1hr sma at 0.8470. This comes as the dollar sharpens up across the board but the euro bulls shrug it off and managed a rally to through the 50 sma on the same time frames as well. 0.8520 is the key upside target to negate the negative trend of late and comes in line with the 200 hourly smoothed sma at 0.8517.
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