See our guide to the key FX dates in July 2024 to be aware of when making cross-border payments.
Very little price action in the absence of any major data or events to start this week, but we did see a firm USD across the board. Fed Powell's comments in the evening were a non-event, in respect that he did say anything new from what he has said before.
*Daily move - against G10 rates at 7:30am, 16.07.24
** Indicative rates - interbank rates at 7:30am, 16.07.24
Focus will be on USD today and the retail sales numbers at 1.30pm. Worth noting GBPUSD and EURUSD are both trading at key resistance levels, that are capping gains on the pairs. USD has been on a losing streak since Fed Powell's comments regarding disinflation, and a weak sales report today will likely see resistance levels breach, encouraging further gains for currencies versus USD – welcome news for buyers, but not what the sellers will want to see and hear.
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