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USD Retreats Despite Positive CPI Surprise
The US dollar continues trades lower once again today as the sell-off from the FOMC minutes on Wednesday resumes. The details in the minutes have bolstered expectations of a Fed rate cut at the upcoming meeting in July. Yesterday, USD reversed losses in response to the June CPI which came in higher than expected at 2.1% on the core reading. USD index trades 96.57 last, still well below the 97.10 resistance level.
Euro Still Under Pressure
EURUSD has seen higher levels against USD again today, benefiting from the current weakness in the greenback. A lack of tier one domestic data has seen quiet trading for the single currency this week which has mainly been driven by USD flows. EURUSD trades 1.1264 last, capped against resistance at the level formed by prior swing highs in May.
GBP Rally Remains Intact
GBPUSD is continuing its recovery battle against USD today as b...
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