Despite a quiet session in Asia today, Sterling held onto the broad-based gains seen yesterday supported by a further decline in new covid cases having closed at a 4-month high v Euro (1.1740), $1.3900 offers key resistance going into the Fed Reserve decision this evening.

Mixed economic data had little influence on Dollar price action (with exception to GBP). US new home sales fell for the straight third month and US durable goods orders rose 0.8% in June, much below the market expectations of 3.2% growth. Traders await this months Federal Reserve policy decision, statement, and press conference from 7pm onwards today.

European Central Bank council member Hernandez de Cos said they would consider keeping some of the flexibility of its emergency bond-buying program when it transitions after the Covid crisis. Despite this, the Euro held above $1.1800 having failed to break the $1.1750 level this and last week.