US data confirms the strong economic outlook
In the US, macroeconomic data has endorsed the picture of a strong economy with a tight labour market. Jobless claims remain steady at relatively low levels while a manufacturing activity gauge has reached its best reading in two years.
Beyond that, the New York Fed President, John Williams has reiterated that there is not an urgency to lower interest rates, which has sent US yields and the US Dollar up from intra-day lows.
The near-term bias remains neutral, with the pair unable to put a significant distance from five-month lows. 1.0700 is the immediate resistance, followed by 1.0730 and 1.0755. Support levels are 1.0605 and 1.0553
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