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Forex Markets Steady as Traders Shrug US PCE Data
Posted 26 July 2024
Trading in the forex markets remains subdued today as investors take a breather from a week of high volatility. Most major currency pairs and crosses are trading within yesterday’s ranges, with little reaction to US PCE inflation data. Annual Core PCE rate was surprisingly unchanged in June, but the slight monthly increase still indicates that […]
The post Forex Markets Steady as Traders Shrug US PCE Data appeared first on Action Forex.
Calmer Markets Shift Focus to US PCE Inflation Data
Posted 26 July 2024
The forex markets have calmed down considerably in Asian session after a week of significant wild ride. Despite the pause, the risk-averse sentiment persists. Yen, which has led the charge this week, is starting to take a breather. It remains the runaway leader, followed by Swiss Franc and then Dollar. Meanwhile, New Zealand Dollar has […]
The post Calmer Markets Shift Focus to US PCE Inflation Data appeared first on Action Forex.
US Inflation Data Little Changed in June, USD and Gold Listless Post-release
Posted 26 July 2024US Core PCE, the Fed’s preferred measure of inflation, was unchanged in June at 2.60% y/y, while monthly personal income fell by more than forecast.
Retail Trader Sentiment Update: GBP/USD, AUD/USD, USD/JPY Latest
Posted 26 July 2024Forex sentiment analysis: Dive into the latest data on GBP/USD, AUD/USD, and USD/JPY. How are retail traders positioned in these major pairs?
USD stalling as inflation drops
Posted 26 July 2024USD - United States dollar
The US Dollar Index (DXY) stalled its rise from earlier this week as inflation reported for June dropped from the previous month. The Personal Consumption Expenditure (PCE) index for June, which measures changes in consumer spending on goods and services, showed prices were up 2.5% from the previous year. This was down from the 2.6% the previous month. This has driven the case for a rate cut in September up to a new high of 88%. As a result, equities that had been down over the last couple of sessions headed up, taking strength out of USD treasuries.
Key Movers
The euro and GBP both made gains against the USD to end the week as US inflation increased the chance of a Federal Reserve rate cut in September and Consumer Confidence in Europe increased. A release this morning showed that confidence in France is up from 90 to 91 on the index. With France being the second biggest economy in the EU, this points to positive economic movement across the board.
The Canadian dollar was up slightly as equities increased and took the wind out of the USD. The Loonie has no major data releases today, so it is likely to move in line with broader market forces. Oil traded down so far today after making gains yesterday with the West Texas Intermediate (WTI) oil price dropping back near the $78 a barrel range.
Expected Ranges
EUR/USD: 1.0835 - 1.0949 ▲GBP/USD: 1.2850 - 1.2947 ▲
AUD/USD: 0.6535 - 0.6628 ▲
USD/CAD: 1.3800 - 1.3875 ▼