Potential for the further drop on EUR/USD due to strong downside momentum.
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EUR/USD stays weak below 1.1100, awaits German inflation data
EUR/USD stays under bearish pressure in the European session on Thursday and trades below 1.1100 for the first time in over a week. Soft inflation readings from German states weigh on the Euro as market focus shifts to Germany's national inflation data and US GDP report.
GBP/USD struggles near 1.3200 on renewed USD strength
Following a short-lasting recovery attempt, GBP/USD loses its traction and trades near 1.3200 in the European session on Thursday. The cautious market mood lifts the US Dollar ahead of top-tier data releases and drags the pair lower.
Gold rises on revival of China demand
Gold trades about half a percent higher in the $2,510s on Thursday, gaining a lift from data showing demand from China increased in July – its first month of gains since March 2024.
Germany inflation expected to ease further as another ECB rate cut hangs in the balance
The ECB is scheduled to meet next month for its monetary policy review, making the upcoming Harmonized Index of Consumer Prices inflation data from Germany, set to be released on Thursday, particularly significant for its potential impact on the central bank’s policy decisions.
Three fundamentals for the week: Focus on the fragility of the US economy Premium
US Consumer confidence data will provide a gauge of how consumers are feeling. Jobless claims are in focus after Fed Chair Powell's dovish speech. Investors will look to the core PCE index to confirm that inflation is falling.
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