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Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.
GBP/USD keeps its range near the 1.3500 psychological mark in the European session on Thursday after the mixed macroeconomic data releases from the UK failed to trigger a noticeable market reaction. Meanwhile, the US Dollar stabilizes after the US CPI data-led sell-off, checking any upside attempts in the pair.
EUR/USD trades within its daily range above 1.1500 on Thursday. The risk-averse market atmosphere amid the persistent Middle East uncertainty helps the US Dollar (USD) hold its ground despite the softer-than-expected producer inflation data for July and makes it difficult for the pair to gain traction.
Gold holds its intraday retracement slide from the highest level since June 5 at the $4,450 area touched earlier this Thursday, and trades below the $4,400 mark in the European session. The initial market reaction to signs of moderating US inflation fades quickly as investors remain worried that higher energy prices will rekindle inflationary pressures, pausing the US Dollar's downside.
Top altcoins, including Ripple, Cardano, and Solana, are facing downside pressure, holding at crucial support levels. The technical outlook for XRP, ADA, and SOL indicates a mild bearish bias as downside pressure mounts.
Yesterday’s unexciting US CPI print left FX with little sense of direction into the end-August Jackson Hole Symposium. What can stop this relentless decline in volatility? Gulf news, Fedspeak and big surprises in tier-two data are all possible candidates. But there’s a good chance they won’t, and EUR/USD may stay in tight ranges for the next few weeks.
