Core PCE Price Index, Consumer Spending, UoM Consumer Sentiment

Following three consecutive days of losses, the euro posted a slight recovery against the dollar on Thursday, with the EUR/USD pair closing the session 0.12% higher. Recovery in the euro was pressured by US data showing gross domestic product grew 2.8% in the second quarter, versus forecasts of a 2% growth, and an improvement from the 1.4% growth seen in the first three months of the year.

However, indications of easing inflation might fuel expectations of multiple rate cuts by the Fed this year, beginning in September, thus adding pressure on the dollar.

Later today, investors focus could turn to the Core PCE price index where a second consecutive 0.1% rise is expected, marking the lowest three-month annualized core inflation of the year.

Gold prices experienced a sharp decline of 1.45% on Thursday, as seen on the iFOREX platform, pressured by growth data from the US that supported the dollar.

The yellow metal may see some safe haven demand deriving from uncertainty over the U.S. presidential race, as recent polls indicate a close race between Republican nominee Donald Trump and Democratic frontrunner Kamala Harris.

Markets are eagerly anticipating the release of the personal consumption expenditures data for June on Friday, in hopes of gaining valuable clues regarding the Federal Reserve's interest rate cut trajectory.

Oil prices closed higher on Thursday, for a second consecutive session with the two main benchmarks WTI and Brent up by 1.03% and 1.13%. According to reports, the move stemmed from data showing the U.S. economy had grown at a faster-than-expected rate during the second quarter, indicating growing demand in the near future.

Nevertheless, price levels continue to be impacted by the ongoing ceasefire negotiations between Israel and Hamas, coupled with fears of a Chinese economic slowdown, which could curb global oil consumption

The US 500 and US Tech 100 continue to lose ground, hitting multi week lows, as disappointing results from Alphabet and Tesla continue to weigh on investor confidence.

Alphabet shares took a significant hit, plunging over 3% on Thursday, making the tech sector's efforts to rebound more difficult. Investor concerns intensified over the looming threat from OpenAI's AI-powered search engine. The startup's declaration of a direct challenge to Google's search dominance sent shockwaves through the market.

Aside from key inflation data due later today, the focus on technology earnings will persist next week with reports scheduled from Microsoft on Tuesday and Apple on Thursday. Additionally, Advanced Micro Devices Inc., Qualcomm Incorporated, and Amazon.com Inc. are all slated to release their earnings results during the coming week.