23/07/2026 Evening Reports
🔹 EUR/USD is attempting to stabilize after recent losses, but the pair remains within a broader bearish trend as it trades below its key long-term moving averages.
📉 Technically, the 5-day SMA remains below 10-day SMA. However, the 21-day SMA remains the first key resistance, while the RSI near 39 suggests bearish momentum is easing but still favors sellers.
Driven by surging energy prices and a distinctly hawkish shift in risk assessment, ECB President Christine Lagarde’s recent press conference strongly indicates that a September interest rate hike is almost a guaranteed deal.
🌍 Markets remain focused on upcoming Fed and ECB policy expectations, along with key inflation, employment, and PMI data. Stronger US economic data could reinforce USD strength, while softer US figures or improving Eurozone data may support a further recovery in EUR/USD.
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🔹 GBP/USD remains under pressure after falling toward 1.3310, with sellers maintaining control as the pair trades below all major short-term moving averages.
📉 Technically, all key SMAs are now above price, reinforcing the bearish outlook. The RSI near 45 continues to point to weakening momentum, suggesting there is still room for further downside before oversold conditions emerge.
🌍 Markets remain focused on BoE and Fed policy expectations, along with upcoming inflation, employment, and PMI data. Stronger US economic data or a more hawkish Fed could extend USD strength, while resilient UK data may help stabilize the pound.
🔹 USD/JPY remains in a strong uptrend, holding above 163.00 as the wide US-Japan interest rate differential continues to support the pair.
📈 Technically, the pair is trading above all key moving averages, while the RSI near 66 confirms strong bullish momentum, although it is approaching overbought territory. 163.20 is the first support, with 164.70–165.00 remaining the next upside targets.
🌍 Elevated US Treasury yields and the Fed’s hawkish stance continue to weigh on the yen, while the BoJ’s accommodative policy supports further upside. Today’s ECB decision and US PMI data could influence short-term USD direction, but the US-Japan yield gap remains the key driver.
