Snapshot – 23rd July

23rd July 2020

Price action in FX markets has been reasonably subdued in major FX markets today with a paucity of tier-one macro data probably contributing to narrow trading ranges.

The GBP/USD cross did trade at 1.274 in early morning trade but as the Dollar has bounced back the cross has once again fallen below 1.27. Reports that the EU and UK are struggling to make ground on a new trade deal has arguably created a new headwind for Sterling. Similarly, the EUR/USD cross has given back the gains it made this morning to trade around 1.156 at time of writing.