Markets are generally cautious ahead of Q2 GDP data from US today. EUR/USD lost some momentum after hitting 1.3105/3123 cluster resistance and turned sideway while other major dollar pairs are generally staying in tight range, except USD/JPY.

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Daily Report: Yen Climbs on Poor Data, Market Cautious ahead of US GDP

Better than forecast Euro-zone sentiment data and further dollar weakness contributed to EUR’s rally to near 3-month highs, though the journey higher took its time to take out resistance at 1.3050 along the way. Month-end fixing demand was also a factor and this was also evident in the AUD which

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Month-End Flows Pull EUR And AUD Higher

The Euro (EUR) was strong in Europe pushing to month highs above 1.3100. The German Unemployment Rate fell to 7.6% in July with a drop of 20k unemployed. The market stalled above 1.3100 and when stocks turned negative in the US session the pair fell back to 1.3050 supports.

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EU Morning Report – USD Under Pressure, Euro Tests 1.3100