Currency Sentiment Update: USD Neutral, JPY, GBP, EUR Bearish - Short-term Outlook

One Million Trade - 2024-02-23 00:35:00

Currency sentiment: USD - Neutral, JPY - Bearish, GBP - Bearish, EUR - Bearish

Reference time frame: Short-term

The recently released data on the USD Fed Waller speaking did not have a significant impact on the market sentiment towards the US dollar. The key macroeconomic data, such as the Nonfarm Payrolls, Unemployment Rate, and GDP growth, have shown a relatively stable and positive economic situation in the US. However, the ISM Manufacturing PMI and Retail Sales data have shown some weakness in the manufacturing and consumer sectors, which could potentially weigh on the USD in the short term.

On the other hand, the JPY, GBP, and EUR have shown bearish sentiment due to the negative GDP growth data in Japan, the UK, and Germany. The uncertainty surrounding Brexit and the global economic slowdown have also contributed to the bearish sentiment towards these currencies.

In conclusion, while the USD remains relatively stable, the bearish sentiment towards the JPY, GBP, and EUR could potentially impact the benchmark currencies in the short term. Traders and investors should closely monitor upcoming economic data releases and geopolitical developments to make informed decisions in the forex market.