Forex day trading: The main highlight of today's session will be the latest reading of US CPI for Jun, where markets are anticipating the headline rate to decelerate -0.1% MoM to 1.2% YoY. Richmond Fed President Lacker commented yesterday that he would not like to see inflation much lower than this and added that inflation expectations pointed to actual inflation heading higher in the coming months. Elsewhere the market is largely being driven by position covering as more and more participants drift off for summer holidays; the major beneficiaries are predictably EURUSD and GBPUSD (both of which have gained around 2.5% over the course of the week), and given these moves have broken a number of significant resistance levels along the way, we feel the follow-through could take us back above 1.3000 in EURUSD and 1.5500 in GBPUSD.
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