USD primed for summer rally; EUR/USD, GBP/USD face pressure
The US dollar is positioning for a potential summer rally as steady Treasury yields and upcoming Fed minutes support bullish momentum. EUR/USD has retreated 0.4% to 1.0820 while GBP/USD dropped 0.3% to 1.2650, reflecting broad dollar strength across major pairs. The dollar index futures have climbed to 105.20, approaching key resistance at 105.50. Traders anticipate hawkish signals from Wednesday's Fed minutes, particularly regarding the pace of potential rate cuts in 2024. EUR/GBP remains relatively stable at 0.8560, suggesting euro and sterling weakness is primarily dollar-driven. Technical analysis shows EUR/USD testing support at its 200-day moving average (1.0815), while GBP/USD faces immediate support at 1.2630. A break below these levels could accelerate dollar gains, with EUR/USD targeting 1.0780 and GBP/USD eyeing 1.2580 in the near term.
Related Symbols:
EURUSD
GBPUSD
EURGBP
DXY
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