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Macro Update: EURGBP Analysis – 5 July 2024
EURGBP remains range bound between 0.8400 and 0.8500 following Eurozone CPI and the UK election
Macro update – UK Election Impact on GBPUSD
The UK election is done, and a new Labour government with a very strong majority is in power.
This election gives the UK political stability, something that is in short supply in some other major economies, which could impact the GBPUSD pair.
Strong breakdown on USDMXN; More to Come After Rally
USDMXN is in a strong breakdown for the last few months if not years, with recent extensions down to 16.30 after a nice breakdown through the trendline support.
Silver Pulls Back, Support at $24
Silver has been trading sideways since 2021, indicating a corrective move due to its choppy and overlapping price action.
US Yields: Possible For Move Down 3% Rather Than Back To 5%
In the years following the economic reopening after COVID-19, U.S. Treasury yields surged as inflation spiked significantly.
Australian Dollar Breaking Out of a Downward Channel; Bullish for 2024
Commodity currencies have been demonstrating robust strength, notably outperforming the Euro (EUR) and British Pound (GBP) since November.
