Comments from US Treasury Secretary Mnuchin crossing the wires via Reuters that tax bill could be in congressional committees later this month
Author
Omkar Godbole
FXStreet Contributor
Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.
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 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. 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.
