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- US economy grew at solid 6.5% rate in Q2 and returns to pre-pandemic level
- Strong German data and Fed inflated Euro but gains are unlikely to last longer
- Dovish Fed further soured dollar’s near-term sentiment
- Fresh risk aversion pushes the Aussie dollar lower
- Expectations for tight supply supports oil prices but rise in new virus cases clouds the outlook
- Upticks to remain below 1.19 and provide better selling opportunities
- Bulls are taking a breather ahead of this week’s key events – Fed, US GDP, earnings
- Recovery lost steam but bias remains with bulls above broken 200DMA
- UK retail sales bounce back in July but persisting risk of Covid and high inflation darkens the outlook
- German economic recovery increased speed in July – PMI