Forex Market Review: Dollar Firms, German Ifo Rises
United States of America. The US dollar is strengthening against the pound and the yen, while showing mixed performance against the euro.
Markets
7
July
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By Sagar Dua - 600
Forex EUR/USD: The euro is trading with mixed momentum around 1.1781 against the U.S. dollar following the release of Germany’s May industrial production data: output rose 1.0% year-over-year after a –2.1% correction, and 1.2% month-over-month versus the prior –1.6%.
6
July
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By Sagar Dua
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The GBP/USD currency pair wrapped up the first week of July amid heightened volatility and sweeping market shifts. Sterling initially surged to nearly a four-year high against the U.S. dollar, peaking at 1.3789, only to retreat sharply to 1.3563 as new political and economic risks emerged. This rollercoaster reflects shifting market sentiment and a rapid change in dominant drivers during the week.
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By Sagar Dua
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During the first week of July, EUR/USD continued its upward trajectory, briefly testing the 1.1830 peak before a moderate pullback. Euro bulls managed to lock in gains above the 1.1780 zone, despite a mild correction. The FX market remains highly sensitive to both the evolving political narrative and a stream of U.S. macro data—especially as the dollar faces headwinds from fiscal and political uncertainty, even with upbeat employment numbers offering some support.
4
July
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By Sagar Dua
- 677
Brent crude oil prices are hovering near $68.10 in Asian trading as the market gears up for the crucial OPEC+ meeting scheduled for July 6. Key member Saudi Arabia is actively lobbying for the coalition to extend its output increases—potentially adding another 411,000 barrels per day in August and September—to reclaim lost market share. Bloomberg notes that Saudi Aramco has already cut July prices for its flagship Arab Light crude by $0.20 for Asian buyers, signaling a push for regional competitiveness. Eight OPEC+ nations, including Russia, Saudi Arabia, Algeria, Iraq, Kuwait, UAE, Kazakhstan, and Oman, are gradually phasing out voluntary production limits, raising total output by 386,000 barrels per day.
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By Sagar Dua
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United States: The US dollar weakened against the euro and yen, showing mixed performance against the pound as forex traders digested news of sweeping tax reform and the looming expiration of major trade moratoriums.
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By Sagar Dua
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Forex EUR/USD: The euro is showing moderate gains against the US dollar in the early hours of July 4, though remains under pressure from robust US labor market data that reignited the dollar's bullish momentum.
3
July
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By Sagar Dua
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Current Outlook: The probability of continued upside remains elevated for Amazon.com Inc. (AMZN), as the daily chart shows sustained progress in the higher-degree upward wave C. The structure currently unfolding features the completion of wave (1) of C, a corrective pullback in wave (2) of C, and active formation of the powerful third wave (3) of C.
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By Sagar Dua
- 513
The US dollar advanced sharply against its major counterparts—euro, yen, and pound sterling—during Thursday’s forex session, propelled by stronger-than-expected US labor market data.
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By Sagar Dua
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EUR/USD: Euro Trades Near Multi-Year Highs Ahead of US Labor Report
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