More data is pointing out that..

More data is pointing out that..

More data is pointing out that..

More data is pointing out that..

Euro remained below $1.02, not far from the key $1 parity mark as more data is pointing out that a recession is looming. Final PMI figures confirmed the Euro Area private sector activity contracted for the first time since February 2021 at the start of Q3 and retail sales declined sharply in June. On a technical basis the first resistance on a rise is 1.0345 and first support is 1.0135 Level.

The dollar index eased to around 106 on Wednesday after rallying nearly 1% in the previous session as Federal Reserve officials signaled resolve in their aggressive tightening path to bring inflation to reasonable levels. San Francisco Fed President Mary Daly, who is considered normally dovish, said Tuesday that the central bank still has a lot of work to do before it gets inflation under control as people continue to struggle with higher prices. In a separate statement, Chicago Fed President Charles Evans also opened up the possibility of another large rate hike in September but signaled policy caution. Moreover, St. Louis Fed President James Bullard expects the central bank to keep raising interest rates to combat inflation, and indicated confidence that the economy can achieve a soft landing.

European equities rose for a second day on Thursday, with the pan-European STOXX 600 and the DAX 30 adding roughly 0.5% each as tensions between the US and China eased, driving the focus back to the ongoing earnings season. Shares of Next advanced more than 2% after the British retailer increased its full-year sales and profit forecasts, indicating higher demand for new clothes amid warm weather. Credit Agricole joined its French peers BNP and Societe Generale in reporting higher-than-anticipated quarterly profits. Aside from a busy day for earnings, investors will keep an eye on the Bank of England's next monetary policy decision. The BoE is on track to hike interest rates by 50 basis points, its sharpest increase since 1995.

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