Wednesday, August 3, 2016

London Session Forex Major Currency Movers:

GBP – The pound reigned supreme during the morning London session. There were no bullish catalysts that could account for the pound’s strength, but it’s possible that there was some relief buying after Markit’s final services PMI came in unchanged.
It’s also possible that some pound shorts were unwinding their positions ahead of tomorrow’s BOE statement. By the way, Forex Gump has a write-up on the 3 Things to Remember for the Upcoming BOE Statement. You can read it here.
GBP/USD was up by 51 pips (+0.39%) to 1.3354, GBP/JPY was up by 42 pips (+0.32%) to 134.98, GBP/CHF was up by 66 pips (+0.52%) to 1.2929
CAD – The Loonie was the second-strongest currency of the session after the pound, thanks to the recovery in oil prices.
USD/CAD was down by 33 pips (-0.23%) to 1.3100, NZD/CAD was down by 26 pips (-0.28%) to 0.9416, EUR/CAD was down by 37 pips (-0.25%) to 1.4674
CHF – The Swissy ended up being the weakest currency of the session, which is rather strange because risk aversion appears to have been the dominant sentiment. Perhaps the SNB was sneakily weakening the Swissy again?
USD/CHF was up by 13 pips (+0.13%) to 0.9682, CAD/CHF was up by 27 pips (+0.37%) to 0.7389, EUR/CHF was up by 14 pips (+0.13%) to 1.0845

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