|Day's range||96.96 - 96.91|
|52-week range||93.81 - 98.37|
At around 19:40 GMT, the US Dollar Index was -0.47% down as the Initial Jobless Claims computed since July 12 reported adverse statistics. The Swiss Franc pair showcased breakdown out of the 8-day old symmetrical triangle vicinity.
The delicate balance of forces at the Fed has been disturbed. The doves grew stronger recently, and with new governors coming, their strength may increase even further. Will gold warm up to them?
Based on the early price action, the direction of the September U.S. Dollar Index the rest of the session is likely to be determined by trader reaction to the pivot at 96.740.
It was a mixed bag on the data front in Asia as Japan sees exports tumble. Corporate earnings also disappointed as trade war angst returns…
Today, Prime Minister Theresa May broadcasted a piece of advice to her successor. The drowning Fiber finally found a stoppage near 1.1200 level on Wednesday.
Based on the current price at 96.855, the direction of the September U.S. Dollar Index into Wednesday’s close is likely to be determined by trader reaction to a downtrending Gann angle at 96.820. That 97.195 to 97.265 area is proving to be solid resistance. It probably corresponds with the Euro at 1.1193 and 1.1181. If the Euro breaks through these levels then look for the U.S. Dollar Index to accelerate to the upside.
Asian stocks continue to decline after the S&P; 500 ended five straight days of gains to ease off its record high, as US President Donald Trump reiterated his tariff threat over $325 billion worth of Chinese imports.
It’s a quiet day on the economic calendar, which will leave the Pound in the spotlight. Brexit woes continue to trouble the Pound, which is on the slide this morning…
The RBA Meeting minutes revealed that the Bank would keep the doors open for further ease in the monetary policy by a quarter-point soon. The Euro pair and Cable suffered some huge pullbacks today.
Based on the early price action and the current price at 96.960, the direction of the September U.S. Dollar Index the rest of the session is likely to be determined by trader reaction to a pair of downtrending Gann angles at 96.955 and 96.885.
Asian shares are tired and struggling for direction this morning due to a lack of fresh market-moving news, with investors on the side-lines ahead of earnings reports from major American companies.
The Dollar is entering the trading week looking quite shaky and vulnerable as expectations mount over the Federal Reserve cutting interest rates this month.
If momentum shifts to the upside then look for a drive into the downtrending Gann angle at 96.560. Sellers could return on a test of this angle. If the downside momentum continues then look for a potential drive into a short-term 50% level at 96.280, an uptrending Gann angle at 96.240 and a longer-term 50% level at 96.205. Watch for a technical bounce on the first test of this area.
It’s safe to say that 2019 has had its fair share of dramatic events that have affected the currency markets; Brexit, the alteration of the European Bank Leadership and accelerating Iranian nuclear proliferation.
If the downside momentum continues then look for a drive into the short-term 50% level at 96.280 and the main 50% level at 96.210. Trader reaction to this area should determine the direction of the September U.S. Dollar Index on Monday.
The June US YoY Producer Price Index (PPI) that excludes Food and Energy reported a 0.1% rise over estimates. The robust 108.65 resistance acted as the robust barrier, disallowing any further arouses in the Ninja.
President Donald Trump wants a weaker dollar, but there are questions as to how he could devalue the nation's currency and whether or not the Fed would be willing to help out.
Gold limped into the trading week bearing battle scars from last Friday’s NFP induced selloff. Prices are struggling to keep above the $1400 level as of writing and could sink further thanks to the Dollar.
Is Powell about to bring an end to the FED’s independence? There’s more than sustaining stock values in Wednesday’s testimony…
XAUUSD is now moving at 1,404, 0.35% positive on the day. Technical indicators suggest more room for the downside, but the chart pattern is showing robust middle-term support at 1,380.
Based on the early price action, the direction of the September U.S. Dollar Index on Monday is likely to be determined by trader reaction to the downtrending Gann angle at 96.830.
Forget the Taylor Rule, NAIRU or the Phillips Curve all that should matter for traders are forward guidance and inflation expectations.
We have been focused on the upside price move in Gold and Precious Metals, we’ve been engaged in multiple private conversations with members and friends about the potential for a renewed debt crisis between now and the end of 2020.
Today, on an overall basis, the USD bulls appeared overtaking the USD bears, making the Greenback conquer new levels. During today’s session, the Loonie had lost some significant pips as Canadian June Net Employment figures missed estimates.