Posted on July 23, 2024 Another day with little directionality and volatility in the market. The EURUSD traded in a narrow range in the 1.0880 area for much of the session with an orphaned economic calendar. It seems that the market remains complacent with the political uncertainty in the United States, after Biden's withdrawal from his candidacy for the race for the presidency of the White House. In addition, Israel's bombing of Yemen over the weekend has not had an impact on the price either. Investors are focused on data and events that may affect rate cuts, so the focus is on US macro data this week. Today's session is also expected to be quiet, especially with the publication of the preliminary PMIs for July in tomorrow's session and the first reading of the US second quarter GDP on Thursday. FED members have begun the blackout period before the meeting on Wednesday next week. On the rest of the panel, the pound traded sideways but close to the key support at 0.84 with contained movement. The Japanese yen is trading in the 170-171 range against the euro and 156.50 against the greenback. As for the Swiss franc against the euro, the pair appreciated again, aiming for the 0.97 zone.
Little movement in the currency market after Biden's resignation
