The US dollar hovers below the 98 mark, waiting for US data

Earlier on Thursday, the pound remained resilient against its qxkkl.cnpetitors, supported by optimistic data releases. In the second half of the day, July producer inflation data and weekly initial jobless claims will appear in the U.S. economic calendar.

The Office for National Statistics (ONS) reported on Thursday that the GDP grew by 1.2% in the second quarter. This figure qxkkl.cnes after a 1.3% increase in the first quarter, better than the market expects 1%. Other data from the UK show that industrial production and manufacturing production rose by 0.7% and 0.5% month-on-month in June, respectively. GBP/USD rose slightly in early trading Thursday, trading at its highest in a month, just below 1.3600.

Basic foreign exchange market trends:

Data from Australia during the Asian period showed that the unemployment rate in July fell slightly from 4.3% to 4.2%, in line with market expectations. During this period, full-time employment increased by 60.5K, while part-time employment decreased by 35.9K. The Australian dollar/USD stabilized at around 0.6550 in the early trading session of the European session.

The US dollar (USD) index fell slightly on Wednesday as the market remained risk-positive in the second half of the day. Earlier Thursday, the U.S. dollar index struggled to gain traction and fluctuated below 98.00. Following the 2.3% increase reported in June, the Producer Price Index (PPI) is expected to rise 2.5% year-on-year in July.

Euro/USD closed up for the second consecutive day on Wednesday. The pair is still in the consolidation phase around 1.1700 during the European period.

The USD/JPY still faces strong bearish pressure early Thursday, trading below 146.50. Friday Asian sessionJapan's second-quarter GDP and June industrial production data will be closely watched by market participants.

Bulle market fundamentals:

Gold has difficulty taking advantage of its small gains to a three-day high during the Asian period and has attracted some intraday sellers around the $3,375 area

Analysis of major currency trends:

Euro: The intraday tendency of the euro/dollar remains upward, retesting the 11,829 high. Firm breakthrough will resume a larger upward trend and reach the 1.1916 forecast level. However, the downside is that breaking through the 1.1589 support will delay the bullish situation and extend the correction pattern from 1.1829 with another decline.

Pound: The intraday tendency of the euro/dollar is still upward, retesting the 11829 high. Firm breakthrough will resume a larger upward trend and reach the 1.1916 forecast level. However, the downside is that breaking through the 1.1589 support will delay the bullish situation and extend the correction pattern from 1.1829 with another decline.

JPY: USD/JPY resumed decline from 150.90, breaking through the 146.61 support level, and the front and appropriate top patterns have been in place (LS: 149.17, h: 150.90, RS: 148.15). The intraday tends to decline again, followed by the 145.84 support level. A decisive breakthrough will indicate that the overall rebound from 139.87 has been qxkkl.cnpleted, i.e. 150.90, and turn the outlook into bearish. The next target is a 100% forecast from 148.51 to 144.22 to 150.90 to 146.41. On the downside, breaking through 148.51 will retest 150.90.

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