Kantox currency update: euro and pound consolidate gains in quiet trade
Major currencies remained steady in a quiet trading session on Wednesday, with euro and pound consolidating previous day’s gains, as investors shift their focus towards the French elections.
EUR/USD consolidates above 1.0700. Euro recovery from last Friday’s lows at 1.0600 was capped on Wednesday at three-week highs around 1.0735, and the pair remained trading within a tight range above 1.0700. At London market opening times, the EUR/USD is trading at 1.0725.
GBP/USD: steady around 1.2800. The pound consolidated gains around 1.2800 on Wednesday following a 3% rally that pushed the pair to 7-month highs at 1.2900 after May’s call for early elections in June. At London market opening times, the GBP/USD is trading at 1.2815.
USD/JPY: upside, capped below 109.20. The dollar remained trapped between support at 108.15 and resistance area at 109.20 consolidating losses after last week’s sell-off from 111.00 area. At London market opening times, the USD/JPY is trading at 108.85.
In the Calendar Today
At 15:30 GMT investors will be attentive to BoE Carney’s speech at the IMF/World Bank meeting in Washington. His comments about UK economic perspectives and especially any hints about the bank’s monetary policy might have an impact on the pound.
15:30 GMT BoE: Carney’s speech