CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

EUR/USD weaker, as GBP/USD and USD/JPY hold steady

Some of the dollar strength of recent days has abated, stalling the rally in USD/JPY and resulting in a slowdown in EUR/USD’s pullback.

EUR/USD pullback slows

The pace of EUR/USD decline over the past few sessions has slowed, and while the sellers continue to press their advantage, a bigger move below $1.20 still eludes them.

As a result, the bearish view occasioned by the retreat from $1.215 is beginning to lose its strength. A recovery back above $1.205 would help to suggest that a new leg higher has begun.

GBP/USD still struggling below $1.40

GBP/USD remains in the sideways pattern of the past six weeks, although the recovery seen this week has helped to boost hopes of a breakout to the upside above $1.40.

Today’s Bank of England (BoE) meeting is unlikely to provide much in the way of volatility, with GBP/USD’s fate likely resting in the hands of the Federal Reserve (Fed) and further US data this week.

USD/JPY rally stalls

The USD/JPY bounce from the lows at the end of April has slowed, unable to push on above ¥109.40.

Sellers will be watching for a drop back below ¥108.80 that could spark a renewed fall, while buyers will want to see ¥109.50 recovered to open the path to the highs from the end of March above ¥110.50.


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CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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