Market Overview
Pound/dollar declined 0.3%; Bitcoin dipped slightly; Oil/dollar surged 1.1%; Trump’s campaign raised $3M in crypto, China eases lending, oil at $82 boosted by US data, but China concerns cap gains.
Economic Calendar (GMT+1)
Analysis of EURUSD
Fundamental Analysis
The euro hovered around its highest level in over two weeks against the pound on Friday although the latest data show more signs of the UK’s recovery outpacing that in the single market. Growth in euro zone business activity stalled this month as a tepid expansion in the services industry failed to offset a deeper downturn among manufacturers, a survey showed on Wednesday. HCOB’s preliminary composite PMI dropped to 50.1 from June’s 50.9, defying expectations for an uptick to 51.1. Price pressures on companies picked up at the fastest pace for three months.
Chart Analysis
Analysis of GBPUSD
Fundamental Analysis
GBP/USD pair is down to 1.2892 on Thursday. Selling intensified on the 18th of July. Since then, GBP has remained under pressure, although it is making attempts to stabilize. Statistics released earlier showed that UK private sector activity improved in July. PMI data indicated that activity in the services sector expanded slightly, while in the industrial segment, it was the highest since February 2022.
Chart Analysis
Analysis of GBPJPY
Fundamental Analysis
The yen reached a 2.5-month high on Thursday, with the dollar, euro, and sterling falling over 1% ahead of next week’s BOJ meeting.
Chart Analysis
Analysis of XAUUSD
Chart Analysis
Analysis of WTI
Fundamental Analysis
Oil prices rallied on Wednesday following a tumble of about 2% to a six-week low on rising expectations of a ceasefire in Gaza and growing concerns about demand in China. Efforts to reach a ceasefire deal between Israel and militant group Hamas under a plan outlined by US President Joe Biden in May and mediated by Egypt and Qatar, have gained momentum over the past month. But the UN warned of a real danger of a devastating regional escalation after the first Israeli air strikes on Yemen in retaliation for Houthi drone and missile attacks on Israel. Elsewhere wildfires in Alberta province are threatening almost 10% of the region’s oil production and forcing the evacuation of one of the country’s largest national parks during the peak summer tourist season. Canada’s oil production has remained largely stable, but the risk that wildfires pose to the industry is growing as the worst of the wildfire season is likely yet to come, Goldman Sachs said.
Chart Analysis
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