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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 struggles to hold above 1.3500 on Thursday as markes assess the mixed macroeconomic data releases from the UK and the July producer inflation data from the US. In the meantime, the souring risk mood amid the persistent uncertainty surrounding the Strait of Hormuz supports the USD and caps the pair's upside.
EUR/USD trades with decent gains above the 1.1500 yardstick on Thursday. Persistent uncertainty in the Middle East fuels risk aversion, limiting the US Dollar’s downside potential. Earlier in the day, both US Producer Prices and weekly Claims missed market consensus, adding to the buck’s soft tone.
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. 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.
The cryptocurrency market continues to trade sideways on Thursday, with Bitcoin struggling to reclaim the $64,000 level. Ethereum is attempting to build momentum near the key $1,900 resistance, while Ripple maintains support above $1.00, yet upward movement remains limited.
US dollar stabilizes as September Fed hike bets remain subdued. Market volatility stays low, but thin liquidity could amplify movements. Key UK data could challenge pound strength; euro craves bullish catalysts.
