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Abstract：EUR/USD is mixed to bearish, influenced by resistance levels and upcoming data. GBP/USD is bullish with the pound at four-month highs on positive UK data and hawkish BoE comments. EUR/GBP remains volatile, reflecting diverging economic conditions in the Eurozone and the UK.
EUR/USD 4H Chart
GBP/USD Day Chart
EUR/GBP 4H Chart
Europe Analysis: EUR/USD, GBP/USD, EUR/GBP
Key Support Levels:
EUR/USD:1.08799
GBP/USD:1.28306
EUR/GBP:0.83911
Key Resistance Levels:
EUR/USD:1.09483
GBP/USD:1.30914
EUR/GBP:0.84158
EUR/USD Trends and Developments:
The EUR/USD pair has been experiencing mixed movements recently. Technical analysis shows the pair in a weakened state following a test of significant resistance levels. The overall sentiment has been neutral to slightly bearish as it approaches key support levels. Some analysts expect a potential rebound based on upcoming economic data, while others foresee continued downward pressure due to ongoing market uncertainties.
GBP/USD Movements:
GBP/USD has shown resilience with the pound hitting four-month highs due to positive GDP data and hawkish comments from the Bank of England's chief economist. The pair's upward momentum is supported by a relatively strong economic outlook for the UK compared to the US. However, any shift in market sentiment regarding the US dollar could affect this pair's stability.
EUR/GBP Dynamics:
EUR/GBP remains volatile, influenced by diverging economic data and central bank policies from the Eurozone and the UK. The euro has been under pressure due to economic concerns within the Eurozone, while the pound has benefited from better-than-expected UK economic performance. Traders are closely watching for any changes in policy stance from the ECB and the BoE, which could impact the pair significantly.
EUR/USD: Mixed to bearish sentiment with potential rebounds depending on economic indicators.
GBP/USD: Bullish due to positive UK economic data and hawkish BoE outlook.
EUR/GBP: Volatile with a slight bearish bias on the euro and bullish on the pound.
EUR/USD
20:15 EUR - ECB Interest Rate Decision
Description: The European Central Bank's decision on the benchmark interest rate.
Impact: A rate hike strengthens EUR, making EUR/USD bullish. A rate cut weakens EUR, making EUR/USD bearish. High volatility expected.
20:45 EUR - ECB Press Conference
Description: ECB President's address on the latest interest rate decision and policy measures.
Impact: Insights into future monetary policy can cause high volatility in EUR/USD.
GBP/USD
20:30 USD - Initial Jobless Claims
Description: Measures the number of first-time unemployment insurance claims.
Impact: Higher claims are bearish for USD, potentially strengthening GBP/USD. Lower claims are bullish for USD, potentially weakening GBP/USD.
20:30 USD - Philadelphia Fed Manufacturing Index (Jul)
Description: Measures business conditions in the Philadelphia region.
Impact: Higher readings indicate strong economic conditions, bearish for GBP/USD. Lower readings indicate weak conditions, bullish for GBP/USD.
EUR/GBP
20:15 EUR - ECB Interest Rate Decision
Description: The European Central Bank's decision on the benchmark interest rate.
Impact: A rate hike strengthens EUR, making EUR/GBP bullish. A rate cut weakens EUR, making EUR/GBP bearish. High volatility expected.
20:45 EUR - ECB Press Conference
Description: ECB President's address on the latest interest rate decision and policy measures.
Impact: Insights into future monetary policy can cause high volatility in EUR/GBP.
EUR/USD
20:30 CAD - Core Retail Sales (MoM) (May)
Description: Change in retail sales value, excluding automobiles.
Impact: Strong Canadian retail sales can indirectly affect USD, impacting EUR/USD movements.
20:30 CAD - CPI (YoY) (Jun)
Description: Annual change in consumer prices.
Impact: Higher Canadian inflation can influence market sentiment, affecting EUR/USD.
22:00 USD - US Leading Index (MoM) (Jun)
Description: Change in a composite index of economic indicators.
Impact: Higher readings are bullish for USD, bearish for EUR/USD. Lower readings are bearish for USD, bullish for EUR/USD.
GBP/USD
20:30 CAD - Core Retail Sales (MoM) (May)
Description: Change in retail sales value, excluding automobiles.
Impact: Strong Canadian retail sales can indirectly affect USD, impacting GBP/USD movements.
20:30 CAD - CPI (YoY) (Jun)
Description: Annual change in consumer prices.
Impact: Higher Canadian inflation can influence market sentiment, affecting GBP/USD.
22:00 USD - US Leading Index (MoM) (Jun)
Description: Change in a composite index of economic indicators.
Impact: Higher readings are bullish for USD, bearish for GBP/USD. Lower readings are bearish for USD, bullish for GBP/USD.
EUR/GBP
20:30 CAD - Core Retail Sales (MoM) (May)
Description: Change in retail sales value, excluding automobiles.
Impact: Indirect effects on EUR and GBP due to broader market sentiment.
20:30 CAD - CPI (YoY) (Jun)
Description: Annual change in consumer prices.
Impact: Indirect effects on EUR and GBP due to broader market sentiment.
22:00 USD - US Leading Index (MoM) (Jun)
Description: Change in a composite index of economic indicators.
Impact: Higher readings are bullish for USD, which can influence EUR/GBP indirectly.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
JPY strengthened against the USD, pushing USD/JPY near 145.00, driven by strong inflation data and BoJ rate hike expectations. Japan's strong Q2 GDP growth added support. However, USD gains may be limited by expectations of a Fed rate cut in September.
Gold prices remain above $2,500, near record highs, as investors await the Federal Open Market Committee minutes for confirmation of a potential Fed rate cut in September. The Fed's dovish shift, prioritizing employment over inflation, has weakened the US Dollar, boosting gold. A recent revision showing the US created 818,000 fewer jobs than initially reported also strengthens the case for a rate cut.
USD/JPY holds near 145.50, recovering from 144.95 lows. The Yen strengthens on strong GDP, boosting rate hike expectations for the Bank of Japan. However, gains may be limited by potential US Fed rate cuts in September.
Gold prices remain near record highs, driven by expectations of a US interest rate cut and a weakening US Dollar. Investors are focusing on the upcoming Jackson Hole Symposium, where Fed Chair Jerome Powell's speech will be closely watched for clues on the Fed's stance. Additionally, the release of US manufacturing data (PMIs) is expected to influence gold's direction.
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