- EUR/USD looks for direction near 1.0600 after steep sell-off to 1-year low
- GBP/USD tumbles to 3-month low; near oversold levels
- Gold reverses October’s rally; set for some consolidation
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EUR/USD closes in on 1.1700 as US CPI data takes center stage
EUR/USD extends gains to near 1.1700 in the European session on Tuesday. The pair draws support from a broad US Dollar retreat as traders refrain from placing fresh bets on the Greenback ahead of the US CPI inflation data. Upbeat German ZEW Survey and Eurozone industrial data also aid the pair's uptick.
GBP/USD recovers to 1.3450, awaits US CPI for fresh impetus
GBP/USD is on a gradual recovery from three-week lows, testing 1.3450 in Tuesday's European trading. A cautiously optimistic market mood combined with a broadly weaker US Dollar underpins the pair ahead of the critical US CPI data and BoE Governor Bailey's speech.
Gold price retains intraday positive bias; remains close to multi-week top ahead of US CPI
Gold price sticks to modest intraday gains around the $3,360 region heading into the European session and remains close to a three-week high touched the previous day. The US Dollar eases from a multi-week top amid some repositioning trade ahead of the crucial US consumer inflation figures, which is seen as a key factor acting as a tailwind for the commodity.
US CPI data set to show rising inflation as businesses settle into higher tariff environment
The United States Bureau of Labor Statistics (BLS) will publish the all-important Consumer Price Index (CPI) data for June on Tuesday at 12:30 GMT. The CPI inflation in the US is expected to rise at an annual rate of 2.7% in June, having recorded a 2.4% increase in May.
Five fundamentals for the week: Investors eye tariff circus and US inflation data Premium
Which country will be the next to receive a letter from America? US President Donald Trump has been extending his tariff threats through the weekend. Has the US economy felt the consequences of levies already imposed? These are the topics for another hot summer month.
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