Daily Market Report
07/24/2026
EUR/USD ranged in the high 1.13s to the low 1.14s overnight. EUR/USD is holding gains near 1.1400 in European trading on Friday. The Euro draws support from an unexpected increase in the German and Eurozone business PMI readings for July. However, further upside appears limited by escalating conflicts in the Middle East, despite the ECB’s hawkish hold decision. The US PMI data are next in focus.
Momentum indicators together suggest waning bullish momentum and reinforce the downside bias while the EUR/USD pair remains capped beneath the 200-period SMA. This, in turn, backs the case for an eventual break below the 1.1400 round figure and a further decline towards retesting the year-to-date low, around the 1.1325 region, touched on June 24.
Following Thursday’s sharp decline, GBP/USD clings to small gains above 1.3300 in the European session Friday, supported by the upbeat UK Retail Sales and July PMI data. Nevertheless, the pair’s upside remains capped as investors cling to a cautious stance amid a further escalation of tensions in the Middle East. The US economic calendar will feature preliminary July PMI data later in the day.
GBP/USD trades at 1.3378. The pair broke the downtrend resistance line from May highs but remains capped below the 200-day simple moving average (SMA) at 1.3397. Momentum indicators in the daily chart are neutral-to-bullish with the Relative Strength Index (RSI) hovering just above 50 and the Moving Average Convergence Divergence (MACD) in positive territory.
USD/JPY is consolidating the previous day’s strong move higher to a fresh 40-year high, awaiting a breakout through the 164.00 mark on Friday. The pair is drawing support from Japanese verbal intervention and a pickup in Japan’s headline National CPI inflation amid a retreat in the US Dollar and Oil prices. All eyes remain on looming Japanese FX intervention and Mideast headlines.
USD/JPY trades at 162.36, holding a modest bullish bias as it consolidates near the multi-decade high of 162.84. The pair trades close to the 20-period Exponential Moving Average (EMA) at 162.31, reflecting a sideways trend.
Source: FX Street