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Sterling rallies as Covid-19 cases drop - Euro currency news daily

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GBP - British Pound

Yesterday sterling rallied against most of its peers as Covid-19 cases in the UK dropped for a fifth day in a row. GBP/USD broke back above the 1.38 handle after a very strong day for sterling, with GBP/EUR breaking the 1.17 handle briefly.

With very little economic data from the UK over the next week, we would expect the market to be driven by Covid-19 sentiment.

Key Movers

The euro rallied against the dollar yesterday, as the pair broke back above the 1.18 handle at the end of the European session. The market will now look to the FOMC interest rate decision and press conference on Wednesday for further direction on the dollar, however there aren't any major announcements expected, with the Jackson Hole symposium in August.

We also have Eurozone's Q2 GDP release on Friday, any upside should give the Euro a boost.

Expected Ranges

GBP/USD: 1.3730 - 1.3850 up

GBP/EUR: 1.1660 - 1.1750 up

GBP/AUD: 1.8705 - 1.8830 up

EUR/USD: 1.1730 - 1.1810 down

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Eurozone Economic Calendar

Monday 26 July

07:00 EcoFin Meeting

Tuesday 27 July

08:00 Private Loans (YoY) (Jun)
08:00 M3 Money Supply (3m) (Jun)
08:00 M3 Money Supply (YoY) (Jun)

Thursday 29 July

09:00 Services Sentiment (Jul)
09:00 Consumer Confidence (Jul)
09:00 Industrial Confidence (Jul)
09:00 Business Climate (Jul)
09:00 Economic Sentiment Indicator (Jul)

Friday 30 July

09:00 Consumer Price Index - Core (YoY) (Jul) (Preliminary release)
09:00 Gross Domestic Product s.a. (QoQ) (Q2) (Preliminary release)
09:00 Consumer Price Index (YoY) (Jul) (Preliminary release)
09:00 Gross Domestic Product s.a. (YoY) (Q2) (Preliminary release)
09:00 Unemployment Rate (Jun)
19:30 CFTC EUR NC Net Positions