Here is what you need to know on Thursday, July 11: The action in foreign exchange markets remain subdued in the second half of the week following Federal Reserve Chairman Jerome Powell's two-day Congressional testimony.
Here is what you need to know on Thursday, July 11: The action in foreign exchange markets remain subdued in the second half of the week following Federal Reserve Chairman Jerome Powell's two-day Congressional testimony. Thursday's economic calendar will feature the US Consumer Price Index data for June, which have the potential to ramp up the volatility. Weekly Initial Jobless Claims from the US will also be watched closely by participants.
The data published by the UK's Office for National Statistics showed in the European Morning that the Gross Domestic Product expanded by 0.4% on a monthly basis in May. This reading came in better than the market expectation for an expansion of 0.2%. After closing in positive territory on Wednesday, GBP/USD continues to push higher and was last seen trading at its strongest level since early March above 1.2850.
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