Dale J Pinkert
Independent Analyst
In this edition of TradeGateHub Live Trading, Peter presents his case for a potential move above 7,000 in the SPX, outlining his wave count that supports a Wave 5 advance in stocks. He also shares his perspective on the U.S. Dollar, explaining the factors behind his outlook. Additionally, Peter discusses why he expects the correction in gold to continue and offers insights into the direction of interest rates.
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USD/JPY holds gains near 145.00 ahead of BoJ policy decision
USD/JPY consolidates gains near the 145.00 mark early Tuesday as traders keenly await the latest BoJ monetary policy announcements for a fresh direction. In the meantime, no US-Japan trade deal reached at the G7 Summit undermines the Japanese Yen, lending support to the pair amid a US Dollar upswing.
AUD/USD retreats toward 0.6500 amid cautious mood
AUD/USD sustains the overnight late pullback from a fresh YTD peak as rising geopolitical tensions keep investors on the edge and offer some support to the US Dollar. Trade-related uncertainties also undermine the Aussie. However, Fed rate cut bets could cap any meaningful USD appreciation and limit losses for the pair.
Gold price draws support from the global flight to safety
Gold price attracts some dip-buyers in the Asian session, reversing a part of the previous day's downfall as rising geopolitical tensions revive safe-haven demand. Bets that the Fed will resume its rate-cutting cycle in September benefit the non-yielding yellow metal, though a modest US Dollar uptick could act as a headwind.
Bank of Japan set to hold rates steady as officials mull halving the pace of tapering JGB purchases
The Bank of Japan is set to keep interest rates steady at 0.50% on Tuesday. The focus will be on the BoJ’s JGB purchases tapering plan as well as any hints on the timing of the next rate hike. The BoJ policy announcements are expected to significantly impact the Japanese Yen.
Chinese data suggests economy on track to hit 2025 growth target
China's May data was mixed with strong retail sales, but soft readings on fixed-asset investment and property price. Overall, though, data suggests that China remains on track to achieve its growth target in the first half of 2025.
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