Key market movers this week include the PCE inflation data and comments from Fed officials.continued its three-week climb, reaching a two-month high against six major currencies. This strength comes amid a resilient U.S. economy, fueled by hawkish statements from the Federal Reserve and a dovish stance from other central banks.
However, if the DXY loses support at 105.3, it could signal a break below the rising channel that's been in place since the year's beginning. This scenario could trigger a pullback towards the 104 region, potentially fueled by dovish Fed rhetoric or weaker-than-expected PCE data.The euro staged a comeback this week after a rough June.
For EUR/USD to continue its upward climb this week, the first hurdle to overcome is 1.072 . However, for a sustained breakout above the downtrend and a stronger euro against the dollar, weekly closes need to be established in the 1.08 region. This would confirm EUR/USD trading above the 2024 downtrend line and short-term exponential moving averages .
While the Fed has hinted at a potential rate cut in 2024, the market continues to push for two cuts to maintain pressure on the central bank. A lower PCE figure could be interpreted positively by investors, potentially boosting gold demand.
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