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FOREX MARKETS REMAIN VOLATILE

FOREX MARKETS REMAIN VOLATILE

Day: 10 | Time: 14:14:36 Forex news from the European morning session of July 10, 2024. During the European morning session, the US dollar remained under pressure against most major currencies. This was mainly due to the ongoing concerns over the spread of the Delta variant of the coronavirus and its potential impact on the global economic recovery. The euro continued to gain ground against the dollar, reaching a three-month high. This was supported by the positive economic data from the Eurozone, including better-than-expected industrial production and retail sales figures. The British pound also strengthened against the greenback, as market participants remained optimistic about the UK's economic reopening and the progress in the Brexit negotiations. In Japan, the yen weakened against the dollar, as risk appetite improved in the market. Investors were encouraged by the positive earnings reports from major companies and the progress in vaccination efforts. Meanwhile, the Australian dollar and New Zealand dollar both advanced against the US dollar, as commodity prices, particularly iron ore and copper, rose. This was also supported by the positive sentiment in the equity markets. Looking ahead, market participants will keep a close eye on the upcoming US inflation data, which is expected to provide further insights into the strength of the economic recovery and the potential for policy tightening by the Federal Reserve. That's all for now. Stay tuned for the latest forex updates. https://www.forexlive.com/news/forexlive-european-fx-news-wrap-markets-begin-cpi-countdown-kiwi-holds-lower-post-rbnz-20240710/