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EUR/USD holds above 1.0800 after upbeat German PMI data
EUR/USD holds above 1.0800 in the European session on Thursday. The data from Germany showed that the business activity in private sector expanded at an accelerating pace in May, helping the Euro find demand. Eurozone and US PMI will be published later.
GBP/USD holds the fort above 1.2700, focus on UK/ US PMIs
GBP/USD is clinging to recovery gains above 1.2700 in European trading on Thursday. The US Dollar struggles to extend its upside, lending support to the pair amid an improving market mood. Traders look forward to the UK and US preliminary PMI data for fresh trading impulse.
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Editors’ Picks
Gold: Will XAU/USD avert a rising wedge breakdown?
Gold price is licking its wound near a five-day high below $2,370 in the Asian session on Thursday. Gold price is on a three-day downtrend, undermined by the hawkish Minutes of the US Federal Reserve (Fed) May policy meeting.
As Ethereum spot ETF approval nears, these altcoins could explode
It is not surprising that altcoins related to Bitcoin saw a major rally post-Bitcoin spot ETF approval. Likewise, tokens closely related to Ether could ride the ETF approval wave. Ethereum Classic, Pepe, Floki and other DeFi tokens could gain momentum as the ETH ETF approval deadline nears.
May PMIs are today's main event
In the Euro area, focus turns to the May PMIs. The economy has started the year on a strong footing with composite PMI above 50 in the past two months. It's expected that the service PMIs will remain around the 53 level while the manufacturing sector should rebound slightly to 46.