EUR/USD drifts lower as bearish perspectives prevail. Economists at Scotiabank expect the pair to remain under pressure.Resistance aligns at 0.9970
“The only remarkable thing from my point of view is the prevalence of EUR bearishness across the screens and market commentary.
“The broader bear trend remains intact and enjoys the backing of strong, bearish momentum at present.”“Resistance is 0.9970 and 1.0000/10.”
EUR/USD retreats toward 0.9900 after US data
EUR/USD remains under bearish pressure on Wednesday and continues to push lower toward 0.9920. The data from the US showed that Durable Goods Orders Ex-Defense rose by 1.2% in July, helping the dollar preserve its strength ahead of Pending Home Sales data.
GBP/USD drops to fresh daily lows below 1.1800
GBP/USD has lost its traction and declined to a fresh daily low below 1.1760 in the early American session on Wednesday. The upbeat Durable Goods Orders data from the US seems to be supporting the greenback as investors await July housing data.
Gold retreats below $1,750 as US yields rebound
After having climbed above $1,750 earlier in the day, gold reversed its direction and dropped toward $1,740 in the second half of the day. The benchmark 10-year US Treasury bond yield is up more than 1% after US data, not allowing XAU/USD to regain its traction.