• The US dollar remains supported after comments from Powell and Bullard were perceived as less dovish than feared. The weak lead from Wall Street also weighed on Asian equity markets early on.
  • NZD is the strongest major after RBNZ held rates and provided only a slightly dovish statement. Still, it paves the way for an August cut with key employment and inflation data arriving just ahead of their next meeting.
  • Slight improvement to risk appetite saw gold fall -1.3%, currently its most bearish session in 3 months. USD/CNH nudged its way up to a 5-day high. JPY is the weakest major.
  • China has suspended Canadian meat imports from select companies with immediate effect.
  • A Senior administration official says Washington will not accept any conditions around the US use of tariffs in trade talks.
  • Bitcoin racks $12k to reach its highest level since January 2018.

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Editors’ Picks

EUR/USD mute just above 1.1200, waiting for a signal

The EUR/USD pair is stable and confined to a tight intraday range, unable to run, despite upbeat EU inflation and disappointing US housing figures. Dismal market’s mood backing the greenback without boosting it.

EUR/USD News

GBP/USD bounced from fresh yearly lows at 1.2381

Sterling remains depressed amid Brexit jitters pushing investors away from the currency. UK data did not help as inflation met the market’s expectations in June.

GBP/USD News

USD/JPY consolidates in a range, comfortably above 108.00 handle

Reviving safe-haven demand underpins JPY and exerts some pressure. Renewed weakness in the US bond yields further weighed on the USD. The downside remains limited amid tempered Fed rate cut expectations.

USD/JPY News

Forex Today: US dollar corrects, US-Japan eye a trade deal, and Bitcoin bounces

US dollar reverses a part of Tuesday’s US retail sales data-led rally. US-Japan are working towards a trade deal by September. Bitcoin recovers, but remains below the 10k mark.

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Gold: Yellow metal gets intraday boost above the 1,400.00 figure

Gold is currently consolidating gains in a triangle above its main daily simple moving averages (DSMAs). The market is trading above the 1,400.00 mark and the main SMAs suggesting bullish momentum in the medium term.

 

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