Anticipation builds for upcoming PCE report

Revised UK GDP Figures Spark Optimism

• Quarterly GDP (Q1):
  • Actual: 0.7%
  • Forecast: 0.6%
  • Previous: -0.3%
• Yearly GDP (Q1):
  • Actual: 0.3%
  • Forecast: 0.2%
  • Previous: -0.2%

Currency Market

• GBP/USD: The British Pound is bouncing back against the US Dollar following the upbeat GDP report.
• USD/JPY: The Yen continues its slide, edging closer to 161 JPY per USD. Japan's unemployment rate holds steady at 2.6% for May, matching expectations.
• Tokyo Inflation: Consumer prices in Tokyo climbed slightly more than anticipated in June, hitting 2.3% compared to May's 2.2%. Core CPI also rose to 2.1%, surpassing the forecast of 2.0% and May's 1.9%.

Gold Market

• Gold prices took a dip early Friday after encountering resistance at $2,330. Traders are now eyeing the upcoming US Personal Consumption Expenditure (PCE) inflation data to gauge the next move.

Anticipated PCE Inflation Data

• The core PCE Price Index, which excludes volatile food and energy prices, is crucial for Federal Reserve policy.
  • Monthly Increase (May): Predicted to rise by 0.1%, down from April's 0.2%.
  • Annual Growth: Projected at 2.6% for both core and headline PCE.

Oil Market

West Texas Intermediate crude prices are climbing, approaching $82.00. This surge is driven by supply concerns amid rising tensions in the Middle East, marking the third straight session and week of gains.