07/11/2024
Summary:
The start of this week saw minimal price action due to the lack of significant data or events. However, the USD remained strong across the board. Fed Chair Powell’s evening comments did not bring any new information, hence had little impact.
Speeches:
Market Insight:
Today’s focus will be on the USD and the retail sales numbers at 1.30pm. It’s important to note that both GBPUSD and EURUSD are currently trading at key resistance levels, limiting gains for these pairs. The USD has been on a losing streak since Fed Powell’s comments about disinflation, and a weak sales report today could lead to these resistance levels being breached, promoting further gains for currencies against the USD. This would be favourable for buyers but unwelcome for sellers.