Meanwhile euro and other currencies are trading higher after four of the world’s leading central banks have further scaled back the US dollar liquidity they offer via emergency swap lines with the Federal Reserve, in the latest illustration of the global financial system’s recovery from the market panic caused by corona virus earlier this year.
The European Central Bank, the Bank of England, the Bank of Japan and the Swiss National Bank said on Thursday that they would offer short-term dollar funding via the Fed’s swap lines only once a week, instead of three times, because of “continuing improvements in US dollar funding conditions and the low demand” at recent auctions as reported in FT.
TREND : SIDEWAYS
Time : 24/08/2020
Pivot : 1.1793
Technical View : LONG ABOVE 1.1812
Target : 1.1821, 1.1831, 1.1867
Technical View : SHORT BELOW 1.1773
Target : 1.1765, 1.1751, 1.1731