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AUD/USD: Recovery could extend further
AUD/USD digested the largely anticipated interest rate cut by the RBA on Tuesday, managing to regain upside momentum and leave behind two daily drops in a row in response to the intense selling pressure on the Greenback, which gathered pace after US CPI showed mixed prints in July.
EUR/USD: Further rebound targets 1.1800
EUR/USD set aside two daily declines in a row on Tuesday, advancing to levels just shy of 1.1700 the figure and flirting at the same time with two-week tops. The pair’s robust bounce came in response to an intense loss of traction in the Greenback as investors assessed the July’s CPI readings and the likelihood of two rate cuts by the Fed.
Gold bounces off lows, back above $3,350
Following earlier lows near the $3,330 zone per troy ounce, Gold now regains some composure and revisits the $3,350 region on Tuesday on the back of the intense downward pressure on the US Dollar and mixed US yields across the curve.
Bank of England cuts rates in dramatic meeting
The Bank of England has cut rates by a further 25 basis points to 4% but the statement hints that officials think the easing cycle is nearing its end. Policymakers are visibly worried about a more persistent bout of inflation as the headline number is way higher than target.
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