26/07/2024
Written by: Ian Morley
Summary:
The primary mover today was the USD, which weakened across the board following a lower-than-expected ISM manufacturing number in the afternoon. This once again highlighted a slowdown in the US economy. Both GBP/USD and EUR/USD briefly reached new three-month highs.
Speeches:
Market Insight:
Today’s market focus is on the JOLTS job openings, with a consensus predicting fewer openings in April compared to March. USD weakness is likely to persist if US data continues to indicate economic softening. The USD index’s decline yesterday breached the rising trendline established since December. Continued declines below this level could signify the end of the December uptrend. USD buyers should remain vigilant and consider setting Limit Orders at, or near, the 2024 highs, especially in anticipation of Friday’s job numbers.