Forex Market Report - 15th July 2024

1. US Inflation Data Release 

The latest CPI data is scheduled for release, with expectations of a slight increase due to rising energy prices.Market participants are closely watching for indications of the Fed's next moves on interest rates.Any significant deviation from expectations could cause volatility in USD pairs.

2. European Central Bank (ECB) Meeting

The ECB is set to hold its policy meeting, with speculation on potential rate hikes to combat persistent inflation.Traders are looking for signals on the future of the ECB’s monetary policy and its impact on the euro.The meeting's outcome will influence EUR/USD and other euro pairs significantly.

3. Bank of Japan (BoJ) Policy Stance

Recent comments from BoJ officials suggest a possible shift away from ultra-loose monetary policy.Traders are anticipating further details on any policy adjustments that could strengthen the yen.The yen's reaction will be pivotal for JPY pairs, especially USD/JPY and EUR/JPY.

4. US Earnings Season

Key US companies are reporting earnings, providing insights into economic health and consumer spending.Strong earnings could bolster investor confidence and support risk assets, affecting USD and equity markets.Weak results might increase market uncertainty and drive safe-haven flows into USD and JPY.

5. UK GDP Figures

Upcoming GDP data release is expected to shed light on the UK's economic performance amid ongoing Brexit concerns.A better-than-expected figure could support the pound, while a poor outcome may lead to GBP depreciation.Market focus will be on GBP/USD and EUR/GBP pairs, influenced by the economic outlook.

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