May 21: European session
GBP/USD rose to a 2-week high of $1.6920 on strong UK retail sales (+1.3% vs. forecast of +0.4%). The Bank of England’s meeting minutes showed that the MPC members voted unanimously to keep policy unchanged. EUR/GBP slid to the 0.8100 area.
EUR/USD remains glued to $1.3700 after testing $1.3723 (bottom of the daily Ichimoku Cloud) earlier today. The euro area’s current account surplus was lower than expected (18.8B vs. forecast of 24.2B). Germany has conducted a successful debt auction.