The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending its losses for the fifth consecutive session and trading around 97.60 during the European hours on Monday.
The GBP/USD pair edges higher to near 1.3520 during the early European session on Monday. The growing prospect that the Federal Reserve (Fed) will lower borrowing costs at least twice by the end of this year undermines the US Dollar (USD) against the Pound Sterling (GBP).
Combined with weakness in NVIDIA, Dell, Bitcoin, and Asian equities, the message is clear: markets are entering September in a risk-off mood. The order flow data within the Nasdaq futures market today is supportive of the bearish tone.
Silver (XAG/USD) gains strong follow-through positive traction for the third successive day and rallies to the $40.50-$40.55 area, or its highest level since September 2011, during the Asian session on Monday.
The EUR/CHF is trading higher on Friday, although momentum is cooling after touching the day’s peak, with the cross still on track for a second straight day of recovery following a three-day decline earlier in the week.
US Dollar (USD) could edge lower; based on the current momentum, it may not reach the major support at 146.40. In the longer run, outlook is mixed; USD could trade in a range between 146.40 and 148.40, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
New Zealand Dollar (NZD) is expected to move higher, but the major resistance at 0.5920 is unlikely to come under threat. In the longer run, the likelihood of NZD breaking above the top of the 0.5820/0.5920 range is increasing, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Australian Dollar (AUD) could rise above 0.6540; it is unlikely to reach the next resistance at 0.6555. In the longer run, AUD is slightly positive, and it is likely to edge higher to 0.6555, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
There is a chance for Pound Sterling (GBP) to test 1.3545; the major resistance at 1.3575 is unlikely to come into view. In the longer run, GBP is likely to trade in a range between 1.3395 and 1.3575, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Gold (XAU/USD) reverses course on Friday, erasing intraday losses and climbing back to fresh highs. The precious metal is now trading near $3,447, its strongest level since June 16, after the US Personal Consumption Expenditures (PCE) inflation report came broadly in line with expectations.
EUR/CHF failed to break above 0.9445 and slipped back below its 200-DMA, with the pullback now eyeing 0.9280/0.9260. A deeper decline towards last year’s trough at 0.9210 cannot be ruled out, Société Générale's FX analysts note.
US Dollar (USD) extended its slippage overnight while most other currencies, including Asian FX advanced more than G7 counterparts. DXY last at 98.01 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
The dollar has weakened a bit further, in line with the direction set by lower front-end US Dollar (USD) rates, ING's FX analyst Francesco Pesole notes.
USD/JPY was a touch softer, likely weighed by moves in USD/CNY. Pair was last at 147.13 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
With the exception of the New Zealand dollar (which was hit by a dovish cut from the Reserve Bank), the Canadian Dollar (CAD) has been the worst-performing G10 currency in August, ING's FX analyst Francesco Pesole notes.
USD/CNH has extended its decline, breaking below 7.12 this morning to trade its weakest level since Nov-2024. Pair was at 7.1312 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
The GBP/USD pair halts its three-day winning streak, trading around 1.3500 during the Asian hours on Friday. The bullish bias prevails as the daily chart’s technical analysis suggests that the pair remains within the ascending channel pattern.
USD/CHF consolidates during the North American session yet ends Thursday’s session modestly with losses of over 0.09% even though the latest round of economic data in the United States (US) showed that the economy remains solid. At the time of writing, the pair trades at 0.8013.
EUR/USD edges up late in the North American session on Thursday, as the US Dollar (USD) fails to gain traction on upbeat US data, amid the ongoing conflict between US President Donald Trump and Federal Reserve (Fed) Governor Lisa Cook. At the time of writing, the pair trades at 1.1688, up 0.43%.
Gold price rises to a five-week high of $3,413 as traders shrug off solid economic data from the United States (US), which justifies the current stance by the Federal Reserve (Fed) to hold rates unchanged.
Silver (XAG/USD) is consolidating gains near one-month highs on Thursday, following a successful retest of former triangle resistance around $38.00. Wednesday’s rebound confirmed the breakout structure and helped reinforce bullish momentum, supported by a softer US Dollar (USD).
GBP/USD rises during the North American session after economic data released in the United States (US) showed that the economy remains solid, suggesting it may not warrant an interest rate cut. At the time of writing, the pair trades at 1.3524, up 0.19%.
In the video, I take a technical look at the EURUSD, USDJPY and GBPUSD from a technical perspective. What are the technicals telling traders as the USD continues the fall started yesterday in the US session?
Gold (XAU/USD) extends its advance for a third straight session on Thursday, trading near a more than five-week high, buoyed by a softer US Dollar (USD) and subdued Treasury yields.
The Euro (EUR) is entering Thursday’s NA session with marginal gains as it extends Wednesday’s impressive recovery from a sub-1.16 intraday low, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
The Canadian Dollar (CAD) is nosing ahead this morning, extending yesterday’s gains through the upper 1.37s and staking a claim on being one of the better-performing G10 currencies on the week so far, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
Bias is tilted to the downside; it is unclear whether US Dollar (USD) can break below 7.1435. In the longer run, rapidly increasing downward momentum indicates USD could drop below 7.1435; it is unclear now if 7.1290 is within reach, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Growth figures for the second quarter will be published in Switzerland this morning. The Bloomberg consensus expects weak growth of 0.1% quarter-on-quarter, which would align with the growth adjusted for sporting events reported two weeks ago, Commerzbank's FX analyst Michael Pfister notes.
Further range-trading seems likely, but the softer underlying tone suggests a lower range of 146.75/147.80. In the longer run, outlook is mixed; USD could trade in a range between 146.40 and 148.40, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
The dispute over Lisa Cook, the Fed governor dismissed by Trump, continued yesterday. The US Vice President emphasised that Trump should have the right to dismiss governors.
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