UK CPI does not drop as expected.

GBP (British Pound): The British pound (GBP) experienced mixed performance in today’s trading session against major counterparts. The currency showed resilience against the euro (EUR) but faced some pressure against the US dollar (USD). Market sentiment around the pound was influenced by a combination of factors, including economic indicators and global market dynamics.

Key Data Releases for GBP:

• UK CPI (Consumer Price Index): The Office for National Statistics released the CPI data for May today. The figures indicated a moderate increase in inflation, in line with market expectations. This data may influence the Bank of England’s monetary policy decisions and impact the pound’s future direction.

EUR (Euro): The euro (EUR) displayed strength against the British pound (GBP) but struggled against the US dollar (USD) in today’s trading session. Market sentiment around the common currency was influenced by various factors, including economic data releases and global market dynamics.

Key Data Releases for EUR:

• Eurozone Manufacturing PMI: IHS Markit released the manufacturing Purchasing Managers’ Index (PMI) for June today. The data showed a slight expansion in manufacturing activity, indicating positive growth prospects. However, the reading fell slightly short of market expectations, which may have limited the euro’s gains.

USD (US Dollar): The US dollar (USD) exhibited strength against the euro (EUR) but faced some pressure from the British pound (GBP) in today’s trading session. The currency’s performance was influenced by a combination of economic indicators, geopolitical developments, and market sentiment.

Key Data Releases for USD:

• US Housing Price Index: The Federal Housing Finance Agency released the housing price index for April today. The data revealed a significant increase in housing prices, surpassing market expectations. This positive outcome may provide support to the US dollar.
• US Consumer Confidence: The Conference Board published the consumer confidence index for June today. The data showed a notable improvement in consumer sentiment compared to the previous month, indicating increased optimism. Positive consumer confidence figures may have a favorable impact on the US dollar.

Market participants closely monitored the aforementioned key data releases, along with geopolitical developments and global market sentiment, to assess the performance of the GBP, EUR, and USD.

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