Euro up and Sterling still under pressure

24 Jul 2018 03:46 PM

The euro rose to its highest level since yesterday at 1.1716, following data showing business growth in the Eurozone remained strong, despite concerns about a trade war with the United States.

Investors are waiting for the ECB meeting to conclude the path of monetary policy in the coming period, with the Federal Reserve likely to raise interest rates at least twice this year, while the ECB is unlikely to raise rates until the second half of next year.

The British Pound rose to higher than 1.31 levels today before losing its gains as a result of concerns over Brexit and concerns about the economy. Sterling hit a 10-month low last week on weak economic data and political uncertainty about the British government's stance on Brexit.

The Bank of England is meeting next week and there are expectations that it will raise interest rates as markets priced in by 80% for a hike.

Bitcoin rose today to $ 8,000, the highest level since May 23, as recent reports on impending approval in the US for a Cryptocurrency ETF have boosted demand recently. Bitcoin lost more than half of its value in 2018.

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