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Hello everyone, today XM Forex will bring you "[XM Forex]: The US dollar continues to be weak before the inflation data is released." Hope it will be helpful to you! Original content is as follows:
The US dollar (USD) had difficulty finding demand earlier on Friday, with the U.S. dollar index remaining in the negative area below 97.50 after four consecutive days of declines. In the second half of the day, the U.S. Bureau of Economic Analysis (BEA) will release personal consumption expenditure (PCE) price index data for May, which is the Fed's preferred inflation indicator.
The positive risk market atmosphere and mixed macroeconomic data released by the United States caused the dollar to continue to weaken against other currencies on Thursday. The BEA report said that the U.S. gross domestic product (GDP) annualized by 0.5% in the first quarter, while market expectations and previous estimates of -0.2%. On the positive side, durable goods orders grew stronger than expected in May, while the number of people asking for jobless claims fell to 236,000 from 245,000 in the previous week. The main Wall Street index, which reflects optimism, rose about 1% on Thursday. During the European session on Friday, U.S. stock index futures rose slightly.
Data from Japan show that the Tokyo Consumer Price Index in the Asian period rose 3.1% on an annualized basis in June, down from 3.4% in May. The dollar/yen fluctuated narrowly around 144.50 on Friday after falling more than 0.5%.
The USD/Canada remains in a consolidation phase just below 1.3650 after falling more than 0.6% on Thursday. Statistics Canada will release its monthly GDP data for April later that day.
Euro/USD held its position in the early trading of Friday and traded above 1.1700. The European edoyoko.commission will release business and economic prosperity data for June.
GBP/USD on ThursdayAfter setting a high single-day closing price in more than three years, it consolidated in a narrow range below 1.3750.
Gold continued its steady intraday decline in the first half of the European session on Friday and fell to the $3,283-3,282 region, or a new monthly low in the past hour.
Euro: The intraday bias of the euro/dollar remains upward, and the current upward target should be 1.0176 to 1.1572 from 1.1064 to 1.1927. On the downside, a secondary support level below 1.1589 will turn intraday bias into neutral and lead to consolidation. But the downside space should be controlled above the 1.1452 support level to bring another rebound.
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