The dollar is little changed after last night's release of the FOMC minutes for July. That FOMC meeting was held before the release of the July jobs data – meaning that all the references to a 'solid' jobs market in those minutes are now under scrutiny, ING's FX analyst Chris Turner notes.
At first glance, yesterday's British inflation figures for July were clear: service inflation was two-tenths, while core and headline inflation were each one-tenth higher than expected.
US Dollar (USD) eased slightly overnight, in line with sideways trading. DXY was last at 98.28, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Dow Jones futures fall by 0.11%, trading around 44,950, along with the S&P 500 futures and Nasdaq 100 futures steady around 6,400 and 23,300, respectively, during European hours on Thursday ahead of the opening of the North American session.
EUR/USD is becalmed. It's fair to say that the optimism over a potential ceasefire/peace deal in Ukraine is now fading, as evidenced by EUR/CHF dropping back down to 0.9370, ING's FX analyst Chris Turner notes.
EUR/JPY steadies after two days of losses, trading around 171.70 during the early European hours on Thursday. The currency cross moves little following the release of HCOB Purchasing Managers’ Index (PMI) data from Germany and the Eurozone.
The NZD/USD pair touches a fresh low since April 14, around the 0.5815 region, during the Asian session on Thursday and looks to extend the previous day's dovish Reserve Bank of New Zealand (RBNZ) inspired slump.
The USD/CAD pair trades with a positive bias for the third consecutive day on Thursday and hovers near the 1.3880 region, or its highest level since May 21, during the Asian session.
USD/JPY prints back-to-back bearish days during the week, down 0.17% on Wednesday as the Greenback sold off on fears that the Trump administration threatens the Federal Reserve’s independence. At the time of writing, the pair trades at 147.37 after hitting a daily high of 147.81.
EUR/USD advances steadily during the North American session as the Federal Reserve (Fed) unveils its latest Meeting Minutes. At the time of writing, the pair trades at around 1.1660 and clings to minimal gains of 0.13%.
Gold prices are rising on Wednesday after US President Donald Trump continued to exert pressure on the Federal Reserve (Fed) as he demands Fed Governor Lisa Cook resign due to an investigation of mortgage fraud.
GBP/USD tumbles during the North American session, with traders shrugging off high inflation in the United Kingdom (UK) as the White House pressures Federal Reserve (Fed) Governor Lisa Cook to step aside from the board. The pair trades at 1.3469, down 0.15%.
What technical levels are in play - and why - for the EURUSD, USDJPY and GBPUSD given the price action in the major currency pairs, with a bonus look at the NZDUSD after the dovish RBNZ cut?.
Gold (XAU/USD) is staging a sharp rebound on Wednesday, trading around $3,345 during the American session after briefly falling to a three-week low of $3,311 in early Asian trade.
US Dollar (USD) is likely to trade in a range between 7.1800 and 7.1950. In the longer run, USD is expected to trade in a range of 7.1730/7.2000, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
The Euro (EUR) is entering Wednesday’s NA session unchanged against the US Dollar (USD) as it extends its recent consolidation with ongoing congestion around 1.1650, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
The current price movements in Japanese Yen (JPY) are likely part of a range-trading phase between 147.35 and 148.20. In the longer run, USD has likely moved back into a range-trading phase between 146.50 and 148.80, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Gold (XAU/USD) is trimming some losses on Wednesday, drawing support from the sour market sentiment. The precious metal has bounced from two-week lows right above $3,300, but remains capped below previous support at the $3,330 area, which leaves the broader bearish trend intact.
Rapid increase in downward momentum is likely to lead to further losses, but Australian Dollar (AUD) may not reach 0.6420. In the longer run, risk for AUD is tilted to the downside toward 0.6420, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Hardly anyone will be interested in what the minutes of the last FOMC meeting at the end of July reveal this evening. The decisive factor for the market will be what Fed Chairman Jerome Powell says in his speech on Friday at the conference in Jackson Hole, which begins tomorrow.
Downward momentum continues to increase, and there is a chance for Pound Sterling (GBP) to drop to 1.3460. In the longer run, GBP is now neutral; it is likely to trade in a range between 1.3415 and 1.3585, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
The kiwi is under significant pressure this morning, losing around 1% against the US dollar following the Reserve Bank of New Zealand's (RBNZ) meeting.
Euro (EUR) could break below 1.1630, but it is unlikely to reach the next support at 1.1595. In the longer run, tentative increase in downward momentum could lead to EUR edging lower and testing 1.1595, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
US Dollar (USD) continued to inch higher against most currencies overnight in quiet trading as markets stay sidelined, waiting for Powell’s speech at Jackson Hole. DXY was last at 98.33 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
The dollar has quietly gone a little bid this week. We're not sure what's driving it, but we wouldn't read too much into it at this stage. Perhaps it's just that sitting short dollars is expensive with one-week dollar rates still well above 4.00%, ING's FX analyst Chris Turner notes.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending gains for the third successive session and trading around 98.30 during the European hours on Wednesday.
Pound Sterling (GBP) extended its decline amid broad USD bound. Pair was last at 1.3499 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
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