09/09/2024
Written by: Ian Morley
Summary:
In the second quarter of this year, the US GDP saw an upward revision from 2.8% to 3%, and jobless claims were slightly lower than anticipated, totalling 231,000. This led to gains for the USD throughout the day.
The EUR remained under pressure as German CPI figures were weaker than expected, driving GBPEUR to reach a new one-month high.
Outlook:
Today’s primary focus is on inflation data from both Europe and the US. Yesterday, Spanish and German CPI figures fell short of expectations, suggesting that EU-wide inflation numbers might also be lower than anticipated. This could exacerbate the EUR’s struggles this week.
Earlier in the week, we noted the increasing demand for the USD following a month of relative weakness. Should the core PCE figures released today indicate stable inflation, we anticipate further USD gains ahead of next week’s employment data release.