26/07/2024
Written by: Ian Morley
Summary:
The weakness of the USD persisted yesterday, as initial estimates of US growth for Q1 fell below expectations at 1.6%. Despite a brief attempt by the USD to rally following higher core PCE figures for Q1, market sentiment remained subdued, possibly awaiting today’s release of March data. GBPUSD and EURUSD have both retraced 50% of their losses from April 10th to April 22nd, now approaching significant resistance levels.
Speeches:
Market Insight:
The recent recovery of GBPUSD and EURUSD since April 22nd, as noted above, marks a notable resurgence with both pairs regaining 50% of their losses since April 10th. It’s important to observe that they are now reaching crucial resistance levels, particularly if today’s core PCE figures for March indicate inflationary pressures in the US. In such a scenario, a strong USD by week’s end could be anticipated.