Data stull nudging EUR/USD into resistance today, 1.15 next on any further mini squeeze
EUR/USD tests the highs and the key close resistance coming out of the US data. Headline GDP weaker than market at 1.5%, if in line with our expectations, while final sales was a little above market at 2.2%. Core PCE prices perhaps most importantly also below market in June at 0.1% vs mkt 0.2%, even if we already generally know that June was a weaker month for price data.
On top of the FOMC data and in contrast to today’s EZ data, it is still tending to lean into a little bit of a mini squeeze on the Fed driven long dollar positioning into this week. If we get a further blip, then 1.15 is the next level.