GBP: The British Pound retraced part of its recent gains against the U.S. Dollar yesterday, falling back from 29-month highs touched on Tuesday despite no major market-moving news being released. Looking forward, UK economic data remains thin on the ground today, potentially leaving the pound without a strong directional bias.
EUR: The Euro lost a bit of ground yesterday as a lack of data pulled shifting interest rate cut speculations into view. In fact, as a growing number of ECB policymakers affirm that the conditions to reduce rates next month are being met, the bloc’s single currency struggles to attract investor support.
USD: The U.S. Dollar’s rebound stalled ahead of key economic readings that are likely to factor into the outlook for interest rate cuts. In fact, focus turns to a revised reading on GDP data for the second quarter, due later today, for more insight into the U.S. economy. Moreover, PCE price index data �” the Fed’s preferred inflation gauge �” is due tomorrow.
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