The US Dollar appreciated after a stronger than expected US GDP number and hawkish talk from several FOMC members. EUR/USD fell below support at 1.07 and is likely to extend losses to 1.06 in the near-term. Meanwhile, USD/JPY rallied above 112 in Asia and reached 112.15 after the strong Chinese economic numbers were released. Offers are noted around 112.20. However, above that level, there is very little resistance until 112.80-85.
GBP/USD bounced yesterday, despite the broad Dollar strength. The pair briefly rallied above 1.25, and could test 1.26 resistance soon. Worries about Brexit are still present, but those are rather medium- to long-term. In the short-term, traders are more concerned with the UK economic numbers and what the Bank of England will do.
Flows in the commodity currencies remain very light. AUD/USD and NZD/USD have barely moved this week. Even USD/CAD is consolidating in a rather tight range, despite the increased volatility in Oil prices.
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