Economists at ING had pointed to the third quarter as the period where the Dollar would decisively turn lower. Now in July, they see a prolonged pause in the Dollar decline.The Dollar downtrend remains on hold.We have to acknowledge that it may still be too early for the Dollar to take a decisive and sustainable turn lower this summer.
Our rates team believes a drop in short-term USD rates now looks more likely to be a fourth-quarter and early-2024 story, which means EUR/USD could mostly bounce around the 1.08-1.10 range this summer, without a very clear sense of direction, before taking a decisive turn higher to 1.15 by year-end.
EUR/USD remains defensive below 1.0900 on US NFP day
EUR/USD is trading under pressure below 1.0900, stalling its bounce in the European session. The pair struggles for upside traction even though the US Dollar stays on the back foot amid a pullback in the US Treasury bond yields. Investors await the US NFP data and Lagarde’s speech.
EUR/USD News
GBP/USD holds steady near 1.2750 ahead of US NFP
GBP/USD holds steady near 1.2750 ahead of US NFP
GBP/USD is holding steady near 1.2750 in the European trading hours, looking for a clear directional impetus from the US NFP data release. The US Dollar is licking its wound following a sharp decline led by the mixed US economic data.
GBP/USD News
Gold crawls above $1,910 as US NFP comes under spotlight
Gold crawls above $1,910 as US NFP comes under spotlight
Gold price is demonstrating a dull performance after a wild spike-triggered post the release of the US ADP Employment report. The precious metal has walked briskly to near $1,915.00 and is expected to remain sideways ahead of the US Nonfarm Payrolls data.
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