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FOREX MARKET REMAINS CAUTIOUSLY OPTIMISTIC

FOREX MARKET REMAINS CAUTIOUSLY OPTIMISTIC

Day: 09 | Time: 14:44:36 Forex News from the European morning session of July 9, 2024. The euro started the day on a positive note, gaining ground against most major currencies. This was mainly due to the positive economic data released from the Eurozone. The German industrial production figures came in better than expected, showing a significant increase in May. This boosted optimism about the eurozone's economic recovery and contributed to the euro's strength. Meanwhile, the British pound also saw some strength against the US dollar. This came after the Bank of England's monetary policy meeting, where they decided to keep interest rates unchanged. However, the central bank hinted at a potential rate hike later in the year, which supported the pound. The US dollar, on the other hand, remained under pressure during the European session. This was mainly due to the ongoing concerns about the spread of the Delta variant of COVID-19 and its potential impact on the US economic recovery. Investors were cautious ahead of the release of the US non-farm payrolls data later in the day, which could provide further insights into the health of the US labor market. In other news, the Japanese yen saw some weakness against the US dollar. This was partly due to the risk-on sentiment in the market, with investors favoring higher-yielding currencies. Additionally, the Bank of Japan's decision to maintain its ultra-loose monetary policy also weighed on the yen. Overall, the forex market was relatively quiet during the European session, with most currency pairs trading within narrow ranges. Traders are likely waiting for more significant market-moving events later in the day, such as the US non-farm payrolls data and any updates regarding the COVID-19 situation. https://www.forexlive.com/news/forexlive-european-fx-news-wrap-9-july-an-uneventful-session-20240709/