Dollar slips further as Middle East ceasefire holds
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Daily Currency Update
The US Dollar has fallen further this morning as it appears the ceasefire between Israel and Iran is holding for the time being after 12 days of conflict. Donald Trump publicly berated the Israeli government yesterday for allegedly breaching the truce and it appears his strong words have held back any further strikes by their air force. GBP/USD is up to 1.36 and EUR/USD around 1.16 as a result.Key Movers
Away from the Middle East, we had comments from Chairman of the US Federal Reserve, Jay Powell who appeared to push back on the idea that the Fed could start cutting interest rates at its July 30th meeting. Powell said uncertainty over future price rises was a reason for him being inclined to hold rates for a while longer yet. With tensions in the Middle East causing volatility in the price of oil as well as the ongoing trade war he indicated he would rather wait until the economic picture was cleared before lowering borrowing costs. Powell is due to give more testimony today to lawmakers in Washington.Expected Ranges
- GBP/USD: 1.3540 - 1.3700 ▲
- GBP/EUR: 1.1695 - 1.1800 ▲
- GBP/AUD: 2.0860 - 2.1030 ▲
- EUR/USD: 1.1530 - 1.1640 ▲