Two important decisions took place today from two central banks; the first was the Bank of England, where we saw rates unchanged from 0.50% the lowest since the banks establishment along with holding on the 175 billion pounds in the asset purchasing facility, where the bank will end purchasing gilts in the upcoming two months. The second bank was the Bank of Canada, holding rates at 0.25% near the zero barriers in attempt to ease the ongoing money tightening, whereas the governor ensured his previous comments that those rates will extend till the upcoming year.
Since the early morning majors fluctuated, struggling to beat the strength the US dollar gained, yet the strength gained managed to push the euro against the dollar to currently trade at 1.4505 levels after it managed to incline earlier today to record a high of 1.4608 levels. The euro let down earlier gains and ending the upside incline seen in the past four days, yet it remains trading in the upside channel created earlier, however the pair couldnâ€™t reach toward the set targets at 1.4675 levels.
The British pound continued rising to the upside for the third consecutive day, where the pair currently trading at 1.6624 levels boosted by the BoE rate decision today; earlier, the pair managed to breach the key resistance levels at 1.6445 levels as this opens to path for the pair to head to the upside.
The US Dollar fell for the third consecutive day to currently trade at 91.92 levels, yet the pair fell to record a low of 91.40 and then it inclined to record a high of 92.24; the path is open for the pair to decline heading toward the set targets at 89.00 levels.