The recent comments from Fed's Goolsbee regarding improved monthly inflation readings potentially leading the path to 2% have sparked some optimism in the market. However, the Japanese Yen continues to hover near 38-year fresh lows, indicating a strong bearish sentiment towards the currency.
In the forex market, GBP/JPY is trading around 204.00 after pulling back from 16-year highs, showing some signs of consolidation. ECB's de Guindos has mentioned that they are not following a pre-determined path on interest rates, adding to the uncertainty in the market.
On the other hand, USD/CAD has gained traction above 1.3700 as the US Dollar rebounds ahead of Fed's Powell speech. ECB's Lane has noted that June inflation data seems in line with their assessment, providing some clarity on the central bank's stance.
Looking ahead, EU inflation data, speeches from Lagarde and Powell, along with the softer Index of Commodity Prices impacting the Australian Dollar, are expected to drive the markets. USD/INR is also gathering strength ahead of Fed's Powell speech, indicating potential volatility in the currency pair.
Overall, traders should continue to monitor central bank announcements and key economic data releases to navigate through the current market conditions.
Learn about my trading tools: https://www.mql5.com/en/users/philip.edits/seller
In the forex market, GBP/JPY is trading around 204.00 after pulling back from 16-year highs, showing some signs of consolidation. ECB's de Guindos has mentioned that they are not following a pre-determined path on interest rates, adding to the uncertainty in the market.
On the other hand, USD/CAD has gained traction above 1.3700 as the US Dollar rebounds ahead of Fed's Powell speech. ECB's Lane has noted that June inflation data seems in line with their assessment, providing some clarity on the central bank's stance.
Looking ahead, EU inflation data, speeches from Lagarde and Powell, along with the softer Index of Commodity Prices impacting the Australian Dollar, are expected to drive the markets. USD/INR is also gathering strength ahead of Fed's Powell speech, indicating potential volatility in the currency pair.
Overall, traders should continue to monitor central bank announcements and key economic data releases to navigate through the current market conditions.
Learn about my trading tools: https://www.mql5.com/en/users/philip.edits/seller
