Forex Today: central banks failed to trigger some action

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Here is what you need to know on Friday, September 20th:

  • The Bank of England had a monetary policy meeting, but kept its monetary policy unchanged, waiting for some Brexit clarity.
  • EUR/USD traded within familiar levels, unable to find a clear direction Deteriorating market sentiment on trade war-related news weighed it lower at the end of the day.
  • Trump’s adviser on China, Michael Pillsbury, said that President Trump could escalate the trade war if a deal is not reached soon. Sentiment deteriorated in the American afternoon with Wall Street trimming early gains.
  • During the US afternoon, EU’s Juncker said that if the objectives of the backstop are met through alternative arrangements, the backstop won´t be needed, adding that there could be a deal by the October deadline. The GBP/USD pair soared on the news to fresh multi-week highs.
  • The Japanese yen strengthened after the BOJ left its monetary policy unchanged, hinted action in October. US Treasury yields edged lower.
  •  Crude oil prices pared their two-day decline but were unable to sustain early gains.
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