It was US National Holiday yesterday, and FX market remained very much range bound. GBP traded above 2.0200 ahead of Bank of England meeting today. The Euro against USD was traded within the range between 1.3607 and 1.3630. Commodity block also were traded in a range. Oil price is above US 70 price mark again, and hence gave some support to CAD last night.
Rate decisions for Bank of England and European Central Bank will be the key focus today. Market wildly expects that BoE raise the rate by 25bps to 5.75% while ECB keeps the rate unchanged at 4.00%
AUD was quite steady after RBA left the interest rate unchanged. The long-term outlook for AUD is still bullish with a target of 0.8900. Look to buy on dip at 0.8460.
DOMAINS YAHOO FOR CONFERENCE CALL SERVICE
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