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USDZAR has rallied higher today despite the BRICS Bloc announcing its expansion plans. The inclusion of Saudi Arabia is sure to stir up de-dollarisation talks once more, but a lot of work lies ahead for the Bloc in that regard.
EUR/GBP failed to hold below the 0.8500 psychological level as consolidation looks set to return. Adjustments to rate hike probabilities do appear to favor further downside over the medium-term.
US PMI continued the trend today and missed estimates showing signs that the rate hike cycle is being felt. Canadian retail sales provided mixed signals with USDCAD eyeing Jackson Hole for its next move. Retracement incoming or consolidation ahead?