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Gold clings to gains driven by soft NFP and US Dollar weakness
Gold clings to gains driven by soft NFP and US Dollar weakness
Gold (XAU/USD) kicks off the week on a cautious note, trading flat to slightly higher on Monday, as the US Dollar (USD) stabilizes but remains under pressure in the aftermath of Friday’s disappointing Nonfarm Payrolls (NFP) report.
Gold
SEO
Fed
InterestRate
Technical Analysis
The US dollars little changed after the Friday fireworks from nonfarm payroll/Trump
The US dollars little changed after the Friday fireworks from nonfarm payroll/Trump
The technicals that are driving the EURUSD, USDJPY and GBPUSD to kickstart the North American session
USD/CNH: Any decline might not be able to reach 7.1750 – UOB Group
USD/CNH: Any decline might not be able to reach 7.1750 – UOB Group
US Dollar (USD) could edge lower against Chinese Yen (CNH), but any decline might not be able to reach 7.1750. In the longer run, USD appears to have moved into a 7.1600/7.2240 range trading phase, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Banks
Technical Analysis
USDCNH
USD/JPY: Sharp drop in USD has scope to extend – UOB Group
USD/JPY: Sharp drop in USD has scope to extend – UOB Group
Further US Dollar (USD) weakness seems likely against Japanese Yen (JPY); it remains to be seen whether it can reach 146.60. In the longer run, sharp drop in USD has scope to extend, but any decline may not break below 145.80, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USDJPY
Technical Analysis
Banks
NZD/USD: Any advance is likely part of a higher range of 0.5885/0.5935 – UOB Group
NZD/USD: Any advance is likely part of a higher range of 0.5885/0.5935 – UOB Group
Scope for New Zealand Dollar (NZD) to rise further, but any advance is likely part of a higher range of 0.5885/0.5935. In the longer run, slowdown in momentum indicates that the odds of NZD reaching 0.5845 are low, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
NZDUSD
Technical Analysis
Banks
AUD/USD: Likely to trade in a sideways range of 0.6430/0.6495 – UOB Group
AUD/USD: Likely to trade in a sideways range of 0.6430/0.6495 – UOB Group
Australian Dollar (AUD) is likely to trade in a sideways range of 0.6430/0.6495. In the longer run, downward momentum is slowing; a breach of 0.6520 would indicate that AUD is not breaking below 0.6405.
AUDUSD
Banks
Technical Analysis
USD: Fed back in focus this week – ING
USD: Fed back in focus this week – ING
Friday's soft jobs report knocked the stuffing out of the dollar's rally. Investors now attach an 80% probability to a 25bp rate cut from the Federal Reserve in September, ING's FX analyst Chris Turner notes.
DollarIndex
Banks
Technical Analysis
Fed
GBP/USD: Expected to trade in a range between 1.3220 and 1.3320 – UOB Group
GBP/USD: Expected to trade in a range between 1.3220 and 1.3320 – UOB Group
Pound Sterling (GBP) is expected to trade in a range between 1.3220 and 1.3320. In the longer run, the likelihood of GBP breaking clearly below 1.3140 has diminished considerably, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
GBPUSD
Technical Analysis
Banks
GBP: More consolidation likely – ING
GBP: More consolidation likely – ING
The Bank of England's MPC meeting this Thursday might not prompt a major reassessment of the pace of the easing cycle, ING's FX analyst Chris Turner notes.
Banks
Technical Analysis
EURGBP
EUR/USD: Chance for EUR to test 1.1625 – UOB Group
EUR/USD: Chance for EUR to test 1.1625 – UOB Group
Sharp rally appears excessive, but there is a chance for Euro (EUR) to test 1.1625 against US Dollar (USD). In the longer run, for the time being, EUR is likely to trade in a range between 1.1435 and 1.1660, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
EURUSD
Technical Analysis
Banks
USD/JPY: Sell rally intact – OCBC
USD/JPY: Sell rally intact – OCBC
USD/JPY turned sharply lower as US payrolls underwhelmed while Finance Minister also commented on FX moves after the pair rose above 150-levels. Pair was last at 147.70, OCBC's FX analysts Frances Cheung and Christopher Wong note.
USDJPY
Technical Analysis
Banks
EUR/CHF corrects higher as Switzerland faces US tariff pressure – ING
EUR/CHF corrects higher as Switzerland faces US tariff pressure – ING
There is much soul-searching in Switzerland after the country was slapped with 39% US tariffs last week, ING's FX analyst Chris Turner notes.
Banks
EURCHF
Technical Analysis
Switzerland
DXY: In consolidation following the sharp drop – OCBC
DXY: In consolidation following the sharp drop – OCBC
US Dollar (USD) turned sharply lower on release of payrolls report last Fri. Most USD/Asean FX was also trading lower this morning, catching up on the USD pullback. DXY was last at 98.80 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Banks
DollarIndex
Technical Analysis
EUR: Liquid alternative to the USD – ING
EUR: Liquid alternative to the USD – ING
EUR/USD enjoyed a strong rally on Friday thanks to the view that the Fed can now cut rates after all, ING's FX analyst Chris Turner notes.
EURUSD
Banks
Technical Analysis
NZD/USD recovery stalls below 0.5925 as the US Dollar picks up from lows
NZD/USD recovery stalls below 0.5925 as the US Dollar picks up from lows
The New Zealand Dollar treads water above 0.5900 on Monday’s early European session as the market sobers up to the weak US employment figures seen on Friday, and the US Dollar and US Treasury yields pick up from Friday’s lows.
NZDUSD
Currencies
Technical Analysis
Crude Oil Technical Analysis – The market ignores OPEC and focuses on growth
Crude Oil Technical Analysis – The market ignores OPEC and focuses on growth
The soft NFP report weighed on the crude oil market as growth expectations weakened. What’s next?
Gold Technical Analysis – Soft NFP triggers a dovish repricing
Gold Technical Analysis – Soft NFP triggers a dovish repricing
Gold rallied strongly on the back of a soft NFP report as the market repriced expectations on the more dovish side. What’s next?
GBP/USD Price Forecast: Resistance appears at 1.3300, near nine-day EMA
GBP/USD Price Forecast: Resistance appears at 1.3300, near nine-day EMA
The GBP/USD pair moves sideways after registering more than 0.5% gains in the previous day, trading around 1.3280 during the Asian hours on Monday. The bearish bias prevails as the daily chart’s technical analysis suggests that the pair moves downwards within the descending channel pattern.
Majors
GBPUSD
Technical Analysis
USD/CHF Price Forecast: Keep a bearish vibe, crucial support level emerges near 0.8000
USD/CHF Price Forecast: Keep a bearish vibe, crucial support level emerges near 0.8000
The USD/CHF pair attracts some buyers to around 0.8050 during the early European session on Monday, bolstered by a firmer US Dollar (USD).
USDCHF
Majors
Technical Analysis
FX option expiries for 4 August 10am New York cut
FX option expiries for 4 August 10am New York cut
A look at what is on the board for today
Options
Forex
Gold Outlook: Bullish Momentum Continues with OrderFlow Intel
Gold Outlook: Bullish Momentum Continues with OrderFlow Intel
Gold's bullish momentum persists amid rate cut bets and safe-haven demand. OrderFlow Intel signals continuation after a shift towards buyers, presenting potential opportunities for traders. Visit investingLive.com for more insights. Also see where you may want to find a dip for a possible Long.
Gold
Micro Gold Futures
Bullish
Silver Price Forecast: XAG/USD flat lines around $37.00; bearish potential seems intact
Silver Price Forecast: XAG/USD flat lines around $37.00; bearish potential seems intact
Silver (XAG/USD) struggles to capitalize on Friday's modest recovery gains and oscillates in a range at the start of a new week as softer US NFP-inspired US Dollar (USD) selling now seems to have abated.
Silver
Commodities
Technical Analysis
XAGUSD
USD/JPY Price Forecast: Slides over 2% on weak US data, tumbles below 147.50
USD/JPY Price Forecast: Slides over 2% on weak US data, tumbles below 147.50
The USD/JPY is set to end the week with losses of 0.18% after a worse-than-expected employment report in the United States (US) opened the gates for safe-haven demand, pushing the Japanese Yen higher.
Technical Analysis
USDJPY
Currencies
EUR/USD skyrockets as US jobs data triggers Fed rate cut bets
EUR/USD skyrockets as US jobs data triggers Fed rate cut bets
The EUR/USD surges more than 1% on Friday as the Greenback gets battered on a worse-than-expected jobs report in the United States (US), which triggered investors' reaction to price in two interest rate cuts by the Federal Reserve (Fed).
EURUSD
Majors
Technical Analysis
Fundamental Analysis
SEO
WTI retreats from $70 peak, tests key support as geopolitical tensions escalate
WTI retreats from $70 peak, tests key support as geopolitical tensions escalate
West Texas Intermediate (WTI) Crude Oil is under pressure heading into the weekend, with the price sliding over 3% on Friday to trade near $66.70, pulling back from its highest level near $70 since June 23, reached on Wednesday.
WTI
Oil
Technical Analysis
USD/JPY drops below 150 after soft US jobs data – Rabobank
USD/JPY drops below 150 after soft US jobs data – Rabobank
For a number of hours leading to the softer than expected US July labour report, USD/JPY was back to trading above the 150.00 level for the first time since early April, Rabobank's FX analyst Jane Foley reports.
USDJPY
Banks
Technical Analysis
Japan
BOJ
Silver rebounds after weak US jobs report fuels Fed rate cut speculation
Silver rebounds after weak US jobs report fuels Fed rate cut speculation
Silver (XAG/USD) reverses early losses on Friday and climbs back above the $36.50 mark, buoyed by a broad-based sell-off in the US Dollar (USD) after the latest Nonfarm Payrolls (NFP) report surprised to the downside.
Silver
XAGUSD
Technical Analysis
Fed
NFP
USDCAD dips on disappointing US jobs data, tariff concerns linger
USDCAD dips on disappointing US jobs data, tariff concerns linger
USDCAD moves lower as weak US jobs data triggers sharp decline, falling below key levels. Tariff uncertainties may help to keep the downside limited.
Silver Price Forecast: XAG/USD breaks below ascending channel support, NFP in focus
Silver Price Forecast: XAG/USD breaks below ascending channel support, NFP in focus
Silver (XAG/USD) continues to struggle under the weight of a stronger US Dollar, extending its decline from the 14-year high of $39.53 reached on July 23.
Silver
XAGUSD
Technical Analysis
NFP
The USD is mixed ahead of the US jobs report. NFP estimated to rise 110K/Unemployment 4.2%
The USD is mixed ahead of the US jobs report. NFP estimated to rise 110K/Unemployment 4.2%
Kickstart the trading day with a technical look at the EURUSD, USDJPY and GBPUSD
USD/CNH to rise further to 7.2250  – UOB Group
USD/CNH to rise further to 7.2250 – UOB Group
Sharp rally appears excessive, but there is a chance for US Dollar (USD) to rise further to 7.2250 against Chinese Yuan (CNH), UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Banks
Technical Analysis
USDCNH
Gold steadies near $3,350 as weak US NFP data boosts Fed rate cut bets
Gold steadies near $3,350 as weak US NFP data boosts Fed rate cut bets
Gold (XAU/USD) surges to $3,350 on Friday after a weaker-than-expected US Nonfarm Payrolls (NFP) report triggered a broad US Dollar sell-off and revived expectations of a September interest rate cut by the Federal Reserve (Fed).
Gold
XAUUSD
SEO
Technical Analysis
NFP
NZD/USD: The next major support at 0.5845 is unlikely to come into view – UOB Group
NZD/USD: The next major support at 0.5845 is unlikely to come into view – UOB Group
New Zealand Dollar (NZD) is expected to decline further to 0.5845, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
NZDUSD
Technical Analysis
Banks
AUD/USD may not reach 0.6405 – UOB Group
AUD/USD may not reach 0.6405 – UOB Group
Strong momentum is likely to lead to further weakness; oversold conditions suggest Australian Dollar (AUD) may not reach 0.6405 against US Dollar (USD), UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
AUDUSD
Technical Analysis
Banks
GBP/USD: The next level to monitor is May’s low of 1.3140 – UOB Group
GBP/USD: The next level to monitor is May’s low of 1.3140 – UOB Group
There is room for Pound Sterling (GBP) to weaken further against US Dollar (USD); any decline is likely part of a lower range of 1.3210/1.3310.
GBPUSD
Technical Analysis
Banks
USD/JPY breaks triangle, eyes further gains – Société Générale
USD/JPY breaks triangle, eyes further gains – Société Générale
USD/JPY has confirmed a bullish breakout, reclaiming the 200-day moving average and signaling renewed upward momentum. With key support at 147.50 holding firm, the pair now sets its sights on the March high at 151.20 and further upside toward 153.10, Société Générale's FX analysts note.
USDJPY
Technical Analysis
Banks
CAD: Further to fall after tariff hit – ING
CAD: Further to fall after tariff hit – ING
New 'reciprocal' tariffs are having little market impact. Canada deserves special attention in our view, though, especially after Mexico secured another pause extension yesterday, ING's FX analyst Francesco Pesole notes.
USDCAD
Banks
Technical Analysis
Canada
BOC
EUR/USD may test the 1.1380 support – UOB Group
EUR/USD may test the 1.1380 support – UOB Group
Euro (EUR) could test the 1.1380 level against US Dollar (USD); a sustained drop below this level seems unlikely. In the longer run, EUR view remains negative; the next level to watch is 1.1350, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Technical Analysis
EURUSD
Banks
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