All eyes on tomorrow’s UK CPI figures.

GBP (British Pound): The British pound (GBP) demonstrated strength in today’s trading session, as it made gains against both the euro (EUR) and the US dollar (USD). The currency benefited from improved market sentiment and positive economic data releases. Traders closely monitored key events and data releases, which provided further support to the pound.

Key Data Releases for GBP:

• UK Public Sector Net Borrowing: The Office for National Statistics released the public sector net borrowing figures for May. The data revealed a smaller deficit than expected, indicating improved fiscal conditions. This positive outcome contributed to the pound’s strength.

EUR (Euro): The euro (EUR) experienced mixed performance against major counterparts today. While it struggled against the pound, it made modest gains against the US dollar. Market sentiment around the euro was influenced by a variety of factors, including economic indicators and global market dynamics.

Key Data Releases for EUR:

• Eurozone Consumer Confidence: The European Commission published the consumer confidence index for June. The data showed a slight improvement in consumer sentiment compared to the previous month. This positive development may have provided some support to the euro.

USD (US Dollar): The US dollar (USD) faced some pressure in today’s trading session. The currency experienced selling pressure against the pound and the euro, primarily due to improved market sentiment and positive economic data from other regions. Traders monitored key events and data releases for further insights.

Key Data Releases for USD:

• US Existing Home Sales: The National Association of Realtors released the existing home sales data for May. The figures indicated a decline in home sales, falling below market expectations. This outcome may have contributed to the slight weakness observed in the US dollar.
• US Manufacturing PMI: The Institute for Supply Management (ISM) released the manufacturing Purchasing Managers’ Index (PMI) for June. The data showed a moderate expansion in manufacturing activity, which was positive for the US dollar. However, the reading fell short of market expectations, limiting the currency’s gains.

Overall, the GBP displayed strength against the EUR and the USD, supported by positive economic data and improved market sentiment. The EUR experienced mixed performance, while the USD faced selling pressure due to weaker-than-expected home sales data. Traders continued to monitor key data releases and global market dynamics for further insights into the performance of these currencies.

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