The break above EUR/USD1.17 today is further evidence of both USD weakness and the attractiveness of the European renaissance story, Rabobank's FX analyst Jane Foley reports.
Soft underlying tone suggests US Dollar (USD) could dip below 7.1600 against Chinese Yuan (CNH); the major support at 7.1450 is likely out of reach for now, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Rapid buildup in momentum suggests further US Dollar (USD) declines that could potentially reach 144.25 against Japanese Yen (JPY). In the longer run, USD appears to have moved into a range trading phase between 143.50 and 146.50, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD/MXN remains under pressure after confirming a breakdown from a multi-month consolidation. With a rounding top in place and resistance capped at 19.44, the pair appears poised to resume its downtrend toward key support levels, Société Générale's FX analysts note.
The US Presidential election race in 2016 brought President Trump to power on 8 November. EUR/USD opened at 1.09 that day and fell to a low of 1.03 amid the chaos of January 2017.
Pressure on the dollar has persisted as the combined effect of abating geopolitical risk and a dovish tilt by some Fed members keeps favouring short positions.
There is a chance for Australian Dollar (AUD) to test 0.6555 against US Dollar (USD); current momentum suggests a decisive break above this level is unlikely.
USD/JPY saw a short squeeze yesterday before heading lower, tracking the broad decline in USD. Pair was last at 143.92 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Momentum is increasing, and Pound Sterling (GBP) could strengthen toward 1.3720 against US Dollar (USD). In the longer run, outlook for GBP is positive; it may rise to 1.3720, potentially 1.3750, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
US Dollar (USD) continued to come under pressure on softer US housing data overnight and in reaction to report that Trump may consider nominating the next Fed Chair earlier around September or October. DXY was last seen at 97.20, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Euro (EUR) may break above 1.1700, but it remains to be seen if it can maintain a foothold above this level. In the longer run, EUR could advance; the level to monitor is 1.1730, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Euro (EUR) extended its run higher overnight, OCBC's FX analysts Frances Cheung and Christopher Wong note. Pair was last at 1.1732 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
EUR/USD finally broke above the 1.163 area, and faces equally harsh resistance around 1.170, a crowded strike level for long-euro options, but now, EUR is above this level, ING's FX analyst Francesco Pesole notes.
Silver price (XAG/USD) edges lower after registering nearly 1% in the previous day, trading around $36.40 per troy ounce during the early European hours on Thursday.
The GBP/JPY cross attracts some sellers to near 197.85 during the early European session on Thursday. The Pound Sterling (GBP) softens against the Japanese Yen (JPY) amid the dovish remarks from the Bank of England (BoE).
The USD/CNH pair attracts fresh sellers following the previous day's modest uptick and touches a fresh year-to-date low, around the 7.1525 area during the Asian session on Thursday. Moreover, a bearish technical setup backs the case for further near-term depreciation for spot prices.
Bullish above 22,487 and bearish below 22,448. More importantly, see where to take partial profits and help your trading with the tradeCompass methodology principles.
Silver price advances by nearly 1% on Wednesday, as the US Dollar depreciates due to month-end flows, along with expectations of falling US Treasury yields. At the time of writing, XAG/USD trades at $36.25, after bouncing off daily lows of $35.68.
EUR/USD rallied to its highest level since October 2021, above the 1.1650 level on Wednesday, driven by a risk-on mood sparked by the de-escalation of the Iran-Israel conflict and broad weakness in the US Dollar.
The British Pound (GBP) strengthens against the Japanese Yen (JPY) on Wednesday, extending its bullish momentum and briefly touching a fresh year-to-date high earlier in the session before paring back slightly.
Gold prices remain steady during the North American session on Wednesday, rising over 0.30% as risk appetite improves due to the de-escalation and truce of the Israel-Iran conflict. Worse-than-expected housing data in the United States (US) could lead to actions by the Federal Reserve (Fed).
GBPUSD breaks above key resistance levels, bullish momentum back on track as it targets 2025 highs. Support zones hold firm, with focus now on surpassing 1.36477 to extend rally further.
Silver (XAG/USD) is showing muted price action on Wednesday, slipping modestly lower but staying within Tuesday’s range. At the time of writing, the metal is trading around $35.75 during the American session, down roughly 0.46% on the day.
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