Eurozone Inflation Information Impacts Foreign money Pairs and Central Financial institution Actions – Market Information – 2 July 2024

Eurozone inflation knowledge got here in as anticipated, with the Eurozone Preliminary HICP inflation falling to 2.5% YoY in June. This information has led to some volatility within the EUR/USD pair, with UOB Group forecasting a possible fall to 1.0680 if the pair breaks beneath 1.0710.

Then again, the GBP/USD pair is at the moment buying and selling inside a good vary between 1.2615 and 1.2680, with UOB Group indicating {that a} breakout from this zone is critical for a clearer buying and selling course.

By way of central financial institution actions, ECB officers have hinted at the opportunity of charge cuts earlier than year-end, with ECB’s Centeno emphasizing that each assembly is open for a call. This information has additionally impacted the EUR/USD pair, which has seen a slight decline in response.

In the meantime, WTI crude oil costs have surged above $83.00 on the again of anticipated summer time demand, whereas gold stays range-bound however with bullish long-term prospects.

General, merchants ought to monitor the upcoming occasions, reminiscent of Powell’s speech and additional Eurozone inflation knowledge, as they may present extra insights into the market course for the EUR/USD and different associated foreign money pairs.

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