Spectrum FX Daily Report

GBP: The British Pound traded sideways through yesterday’s session as GBP investors continued to adjust their bets for a potential Bank of England interest rate cut next month. This followed a flood of high-impact UK economic data last week, which despite being mostly positive, was not enough to weaken bets for back to back rate cuts from the BoE.

EUR: The Euro was muted during yesterday’s session as?a lull in Eurozone data left EUR investors with limited trading stimuli. Looking ahead, the Eurozone will publish its latest consumer price index later this morning. July’s finalised figures are expected to confirm an acceleration of inflation in the bloc, which may underpin the euro.?

USD: The U.S. Dollar steadied at a more than seven month low amid growing conviction that the Federal Reserve will cut interest rates in September. Powell’s address on Friday is expected to provide more cues on this front, although analysts do not expect the Fed chair to definitively outline when and by how much the central bank will cut rates.

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