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With London trading closed for the UK summer bank holiday yesterday, it is no surprise that the last 24 hours of trading have been thinner, even with the weekend’s Jackson Hole meeting.
It is probably no surprise that EUR/USD price has taken a bit of a breather, as these are the two currencies most likely to be affected when the US Federal Reserve finally start tapering. Although in the medium term reaction in the US dollar may be larger, it could well be the euro that ultimately feels the biggest effect. This is because the eurozone is still a long way behind the US as far as economic recovery is concerned and the euro is therefore potentially in a more fragile state.
Currencies are also likely to be affected by unemployment updates, with reports from the US, eurozone and UK due towards the end of the week. The UK unemployment figures will now certainly be viewed with a touch more focus following the recent change in interest-rate sentiment from the Bank of England.