Forex Today: Dollar determined ahead of the Fed, Sterling suffers on Brexit fears, cryptos consolidating
|Here is what you need to know on Monday, July 29th, European session:
- The US dollar is consolidating its gains at the wake of a busy week that includes the first Fed rate cut since the crisis and the Non-Farm Payrolls. The greenback gained ground after US GDP beat expectations with 2.1% annualized in the second quarter.
- GBP/USD has hit new two-year lows as weekend reports suggest Boris Johnson's new government is ramping up preparations for leaving the EU without a deal. The Confederation of British Industry has warned that both the UK and the EU are unready for a hard Brexit.
- The US and China resume face-to-face high-level talks for the first time since early May. The world's largest economies held only telephone conversations so far.
- Speculation about American intervention to weaken the USD has circulated on Friday and White House adviser Larry Kudlow came out to deny them. However, President Donald Trump has left the door open to such moves and kept criticizing other countries' behaviors. The dollar ignores the topic for now.
- Cryptocurrencies are stabilizing after they suffer sharp losses over the weekend. Bitcoin is below $10,000 again.
- WTI oil is stable despite reports that the UK is sending another warship to the Persian Gulf amid growing tensions with Iran.
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