 Trading as been relatively quiet in European session today. Sterling strengthened slightly despite CPI data showing inflation returning to BoE's target for the first time in three years. Notably, services inflation remains elevated at 5.7%, which could limit the BoE's ability to aggressively ease policy, although the first rate cut is still expected in August. Market participants will closely watch tomorrow's BoE rate decision, with traders scrutinizing the statement and voting details. Currently, Australian Dollar is the second strongest currency of the day, although it lacks strong follow through buying momentum. Euro follows as the third strongest. In contrast, New Zealand Dollar is the weakest, with traders awaiting New Zealand's GDP data in the upcoming Asian session. Yen is the second weakest, followed by Dollar, while Swiss Franc and Canadian Dollar are positioned in the middle... |
