Euro Poised to Advance Higher

30/07/2021

The greenback slumped further down after the country published preliminary estimate of Q2 GDP.

On Thursday, EUR/USD traded as high as 1.1892 despite closing a bit lower. With Q2 GDP signalling that the economy could grow only at a pace of 6.5% against the projected 8.6%, the greenback lost any chance of reversing the direction of its movement and now stands poised for further decline.
 
Maintaining its positive tone, GBP/USD price rallied to 1.3970, indicating that the bulls are eyeing a higher high at somewhere around 1.4010. If the cable pair could resist selling interest at this level, then 1.4020 will well be on the radar.
 
Gold printed its heaviest gain in the last 11 weeks, reaching as high as $1,832.70 before closing near $1,828.50 by the end of the day. Escalating fears about Covid’s Delta variant helped the precious metal consolidate gains and thus better its position. The rise seen in Relative Strength Index (RSI) is a clear sign of continued bullish activity for the yellow metal.
 
AUD/USD printed mild losses for the first time in three days in light of souring market sentiments due to increasing Covid cases and risk-off mood of stock futures and US Treasury yields.
 
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