The US PPI data came in higher than expectations, but after a quick move higher, the USD has moved back lower in the three major currency pairs – the EURUSD, USDJPY and GBPUSD.
In the kickstart video, I take a look at those three currency pairs from a technical perspective. What are the levels in play and the risks. It is Friday so there can be some squaring up before the weekend. Perusing other markets after the data, US yields are trading your lowest. US stocks are modestly higher after the shift out of the NASDAQ yesterday with the move into the small-cap Russell 2000 stocks.
Of note in the 3 major pairs, the GBPUSD is trading to the highest level since July 27, 2023 where the price peaked at 1.2995. That is the next key target. The USDJPY is moving lower after intervention yesterday forced the pair lower (also helped by the US CPI). .
This article was written by Greg Michalowski at www.forexlive.com. Source