Diesel cracks have risen to their highest level since May 23, accelerating the recovery seen since the start of June. Better than expected US PPI data has added further support during the day.
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The 2024 presidential election race has swung towards former President Donald Trump amid new polling from the New York Times/Siena College which gave Trump a sizable lead over Biden in 5/6 key battleground states.
Figure 1: President Biden Approval Rating
Source: 538
Figure 2: 2024 Presidential Election Winner
Source: Smarkets
EURGBP traded higher again last week to undermine the recent bearish theme. This strengthens a developing short-term bullish condition. A continuation higher would open 0.8645, the Apr 23 high and a key short-term resistance. Clearance of this hurdle would highlight an important technical break. Initial support to watch is 0.8567, the 50-day EMA.