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Pound holds above 1.3350 as EU growth outlook lifts EUR/USD
EUR/USD rose back toward 1.1460 as the US dollar weakened after June CPI came in below estimates, according to FXStreet’s market notes.
The British pound was steady above 1.3350, trimming earlier losses and moving back toward the 1.3375 area as it looked to retest resistance near the 200-day simple moving average, FXStreet’s market notes said. FXStreet also reported that EUR/USD regained momentum, climbing further to revisit the 1.1460 region on Tuesday. The move was linked to broad dollar softness, especially after US CPI data for June came in below expectations, reducing support for the greenback across major currency pairs. The same market wrap said gold reversed recent weakness to reclaim above $4,000 per troy ounce and pushed toward the $4,100 area after lower-than-expected US inflation. It also noted bitcoin trading around $62,500, with major altcoins such as Ethereum and Ripple holding above key support levels.
FXStreet’s notes added that prepared remarks from Fed Chairman Kevin Warsh ahead of testimony on the Semiannual Monetary Policy Report would emphasize that the Fed has no tolerance for persistently elevated inflation, while markets opened in July with a December rate hike as the base case.
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