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A completely empty macroeconomic calendar provided a perfect condition for euro to recover after the decline that occurred due to the crisis given by Credit Suisse. It seems that Europe managed to solve the problem, thanks to the swift bailout of Credit Suisse, which was done by selling to UBS. Additional growth factor was the rising confidence of investors that the Federal Reserve will raise its rate by only 25 basis points tomorrow, as well as the expectations that tomorrow's hike will be the last before the interest rate-cutting cycle begins.
Pound saw similar price movements, but the difference is that the problem with Credit Suisse affected it less than euro. As such, it has now risen to new local highs.
Most likely, there will be consolidation around the reached values, especially as investors will be preparing for the upcoming FOMC meeting.
EUR/USD continues to rise, building up the idea that it will eventually recover from the slump it had recently. It is currently near last week's high, where a contraction in the volume of long positions has occurred. In case this scenario repeats, euro will pull back, but staying above 1.0750 may result in a rally later.
In GBP/USD, the price continues to rise, but the level of 1.2300 is in the way of buyers. Staying above it will allow further gains.
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