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Data Miss Keeps USD Pressured
The US dollar weakened again over the European morning on Friday. Expectations of a forthcoming rate cut from the Fed have ratcheted higher in the wake of recent data weakness which saw CPI lower than expected over May. USD index trades 96.56 last with price having turned lower from the 97.10 level once again. Looking ahead today traders are waiting on the release of the U. of Michigan confidence reading.
ECB Easing Expectations Keep EUR Weighed
EURUSD has been weaker today also, despite the lower US dollar, marking its fourth losing day this week. Expectations of imminent ECB easing have capped the recent advance in the pair turning price back down toward the 1.1264 level following a strong rally last week.
GBP Still Weak
GBPUSD has also been weighed upon today as Brexit concerns continued to dominate the landscape in GBP trading, despite better earnings and employment data ...
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