XE Market Analysis: Europe – Feb 08, 2019

The Dollar majors have mostly held narrow ranges amid a backdrop of coursing in global markets. One exception has been AUD-USD, which dove to a five-week low at 0.7060 after the RBA shaved growth forecasts in its quarterly Statement on Monetary Policy. This follows yesterday’s trimming of GDP forecasts by both the European Commission and BoE, for the Eurozone and UK economies, respectively, which have collectively added fuel to the global slowdown narrative. U.S. President Trump also said that he did not plan to meet with Xi before the March 1 deadline set by the U.S.