• The US dollar has been consolidating Tuesday’s gains.
  • Boris Johnson enters 10 Downing Street and he will announce his pick for Chancellor.
  • EZ PMIs are in the limelight ahead of Thursday’s all-important ECB meeting.

Here is what you need to know on Wednesday, July 24th, European session:
– The USD has maintained the gains it achieved on Tuesday. Speculation about the Fed decision due out in one week seems to fuel demand. Also, the IMF’s downgrade of global growth forecasts has also supported the greenback.
– The US and China have announced they will resume face-to-face high-level negotiations next week. However, US Commerce Secretary Wilbur Ross has downplayed the chances of achieving an accord.
– AUD/USD has dropped more than other currencies amid weak Australian PMIs.
– UK: Boris Johnson becomes PM today, and speculation mounts about who will become Chancellor of the Exchequer. Outgoing Chancellor Phillip Hammond – who was respected by markets – is expected to step down. The pound remains depressed.
– Europe: Tension rises ahead of the European Central Bank’s meeting on Thursday. Most expect the ECB to signal a rate cut in September and open the door to new QE. However, some speculate that President Mario Draghi and his colleagues may slash rates already now. Forward-looking PMIs will provide additional input.
– Oil prices remain under pressure ignoring the ongoing stand-off in the Gulf and a private sector report that has shown a drop in inventories.

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