"We expect the BoE to ease monetary policy further in the coming months, either through lowering interest rates and/or restarting QE, and/or expanding their 'Funding for Lending' scheme. Further BoE monetary easing should keep downward pressure on the pound through the rest of this year." - Bank of Tokyo-Mitsubishi UJF (based on Business Recorder) Pair's Outlook The British Pound failed to advance for
On Thursday the US Dollar managed to appreciate against the Japanese Yen for the fourth consecutive time, but with gains barely exceeding 35 pips.
The European currency experienced a three day rally against the Greenback after the Brexit vote results.
The Greenback dropped from 1.3023 at the start of Wednesday's trading to 1.2937 at the end of day against the Loonie, as the risk on sentiment returns to the markets and traders retreat from gold, the buck and other safe investments.
The Aussie not only successfully retook the 0.74 major level, but also managed to climb over the tough resistance area, located circa 0.7430.
The Kiwi has been surging for two consecutive trading sessions against the US Dollar, and the pair has erased half of the losses it suffered due to the UK referendum on European Union membership.
For the third consecutive day the Euro managed to outperform the Japanese Yen yesterday, but still unable to put the immediate resistance level to the test.
The yellow metal gained strength on Wednesday, as it surged from 1,310.21 to 1,319.06 by the end of day's trading session.
The British currency keeps recovering after Brexit's plunge last week, with the Cable posting more gains on Wednesday.
The European common currency surged on Wednesday from 1.1062 to 1.1124 at the end of day's trading against the US Dollar.
The USD/JPY currency pair remained flat yesterday, as bears were unable to hold the exchange rate below the weekly PP of 102.69.
The US Dollar is depreciating against the Canadian Dollar, as the currency pair is recovering after the results of the UK's referendum on EU membership turned out to favor the leave option.
Antipodean currencies are on the rise since Tuesday, when the AUD/USD pair edged 57 pips higher.
The New Zealand Dollar is in a second consecutive session of gains against the US Dollar, as the Brexit shock dwindles in its aftermath.
On Tuesday risk-appetite returned to the markets, causing the Euro to post more gains against the Japanese Yen, this time completely erasing Monday's bearish gap.
The Greenback's bullish development against the Japanese Yen on Tuesday caused the broadening falling wedge pattern to be preserved.
As was anticipated, the Sterling managed to rebound on Tuesday, unable to fall below the post-Brexit's low of 1.3230.
Although, the market recovered on Tuesday from the Brexit induced shock last week, markets have returned to risk off sentiment on Wednesday, as, in the meantime, the yellow metal met the weekly pivot point at 1,307.95 and began to increase.
The European currency surged from 1.1023 to 1.1062 on Tuesday against the US Dollar, as the Euro is slowly recovering after the huge drop it experienced on the results of the UK referendum on EU membership.
As the markets recovered from the huge selloff started by the UK's referendum on membership in the European Union, the Loonie gained strength against the US Dollar on Tuesday.
The Euro edged higher on Monday, but failed to completely erase yesterday's bearish gap.
The New Zealand Dollar previously had seven consecutive sessions of gains against the US Dollar, which were wiped out by the two sessions following the UK referendum on whether to stay in or leave the European Union.
The Australian currency continued to post losses against its US counterpart, having fallen more than 80 pips yesterday.
The USD/JPY currency pair almost fully negated early Monday's bearish gap yesterday, managing to return within the borders of the broadening falling wedge pattern.