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24 May economic news

The current status of EUR/USD suggests a significant breakdown due to the strong recovery of the US dollar. The broad-based strength of the US dollar has caused EUR/USD to fall and test its trendline support. This trend has been reinforced by recent increases in US Treasury yields.

The New Zealand Dollar experienced a decline subsequent to the Reserve Bank of New Zealand’s (RBNZ) 25 basis point rate hike, which was in line with expectations. The RBNZ has indicated that it may have reached the peak of its monetary policy tightening.

The US Dollar has maintained a stable position despite the risks associated with the debt ceiling. This is due to the rise in Treasury yields, which may contribute to the strengthening of the USD amidst an environment of uncertainty. Although volatility is currently moderate, there is a potential for event risk that could negatively impact the DXY.

The recently released UK CPI data has had a positive impact on the value of the pound, leading to a rise in the GBP/USD exchange rate above 1.24. The core inflation rate in the UK has reached its highest level in three decades, prompting market participants to seek guidance from the Governor of the Bank of England, Andrew Bailey. Following this announcement, GBP/USD was bid higher.

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