26/07/2024
Written by: Ian Morley
Summary:
There was minimal price movement during the European trading session. GBP saw a slight increase, while JPY experienced the most significant gains following statements from officials at the Bank of Japan hinting at potential intervention to address the ongoing weakness of JPY.
Fed member Waller delivered a hawkish speech in the evening, leading to widespread gains for the USD. As a result, the USD index has reached its highest point in a month.
Speeches:
There are no speeches scheduled for today.
Market Insight:
The final Q4 figures from the US are expected today, but unless there is a significant deviation from previous estimates, market volatility is likely to remain subdued. This is especially true given the upcoming long weekend and the release of core PCE numbers tomorrow. The focus will also be on the weekly jobless claims data, providing insight into the state of the job market. The USD has strengthened at the beginning of the day following Waller’s comments.