AUD/USD Plummets Towards 0.6500 Amid China’s Economic Concerns
The AUD/USD pair continues its downward trajectory, now heading towards the 0.6500 support level. This decline marks the ninth consecutive trading session of losses for the Australian Dollar (AUD). The primary driver behind this weakness is the growing apprehension surrounding China’s economic outlook and its potential impact on Australia. Several factors have contributed to the […]
Canadian Dollar Dips After BoC Rate Cut, Growth Forecasts Lowered
The Canadian Dollar (CAD) briefly touched a 14-week low against the US Dollar (USD) after the Bank of Canada (BoC) cut interest rates by 25 basis points, as widely anticipated. However, the CAD was further weakened by significant downward revisions to the BoC’s Canadian GDP growth forecasts, leading to the USD/CAD pair potentially recording a […]
Mexican Peso Plummets as USD/MXN Surges Past 18.00 on Judiciary Reform Concerns
The Mexican Peso experienced a sharp decline during Tuesday’s North American session, falling over 1.00% against the US Dollar, which registered modest gains amid declining US Treasury bond yields. Market participants are keenly awaiting Mexico’s mid-month inflation figures, due on Wednesday, alongside US GDP and inflation data, as these could significantly impact the Mexican currency’s […]
Gold Price Extends Decline Amidst Rising US Yields and Political Developments
Gold prices have continued their downward trend for the fourth consecutive day, hovering around $2,400. This decline is primarily attributed to rising US Treasury bond yields and the strengthening US Dollar following news of President Biden’s withdrawal from the presidential race and endorsement of Vice President Kamala Harris. Market sentiment has been influenced by the […]
Pound Sterling Dips on Weak UK Retail Sales, But Uptrend Remains Intact
The Pound Sterling (GBP) experienced a decline against major currencies during Friday’s New York session, primarily due to weaker-than-expected UK retail sales data for June. The report revealed a 1.2% contraction in monthly retail sales, surpassing the forecasted 0.4% decline. This sharp drop in retail sales, a key indicator of consumer spending, suggests that UK […]
Aussie Dollar Dips Slightly After Labor Market Data Release
The Australian Dollar (AUD) saw a slight decline against the USD on Thursday, settling around 0.6730. This minor setback was attributed to investor reactions to both Australian and US labor market data, which offered insights into the future decisions of the Reserve Bank of Australia (RBA) and the Federal Reserve. Despite the underperformance of the […]
USD/JPY Technical Forecast: Bearish Momentum Builds as Trendline Breaks
USD/JPY has experienced a sharp decline since its July 3rd peak of 161.95, falling below key technical levels and establishing a bearish trend. The pair’s recent break below the 158.45 trendline and the July 15th low of 157.15 has further reinforced the negative outlook. Key Technical Levels and Downside Targets: The short and intermediate-term trends […]
Silver Price Retreats as US Retail Sales Beat Expectations, But Fed Rate Cut Hopes Remain
Silver (XAG/USD) prices pulled back from recent highs on Tuesday, as the US Dollar (USD) rebounded following stronger-than-expected US Retail Sales data for June. However, the white metal managed to hold above $30.50, supported by persistent expectations of Federal Reserve (Fed) rate cuts in September. Retail Sales Data Boosts USD, But Disinflationary Trend Persists While […]
NZD/USD Struggles Below 0.6100 as Traders Eye US Retail Sales and NZ Inflation
The NZD/USD pair is trading lower near 0.6075 during Tuesday’s Asian session, weighed down by weaker Chinese economic data and a modest US Dollar (USD) rebound. Investors are eagerly anticipating the release of US Retail Sales figures for June and New Zealand’s second-quarter Consumer Price Index (CPI) data on Wednesday. New Zealand CPI and Rate […]
Gold Retraces Gains as Hotter US PPI Tempers Rate Cut Optimism
Gold (XAU/USD) retreated on Friday, reversing some of its previous gains after hotter-than-expected US Producer Price Index (PPI) data for June tempered expectations for aggressive Federal Reserve (Fed) rate cuts. The precious metal, which had rallied following softer consumer inflation data on Thursday, traded lower in the $2,390s as the weekend approached. Inflation Data and […]
