ANZ analysts note that the Federal Reserve Chair Jerome Powell advised that the Fed is insulated from short-term political pressures and won’t be influenced by pressure from Trump who is pushing for rate cuts to counter the impacts of tariffs increases.

Key Quotes

“Powell stated the amount of tariffs currently in place are not large enough to [directly] have an economic impact, but the uncertainty they bring is impacting the confidence of financial and agricultural markets. In the opinions gathered in the latest round of the Beige Book, ‘trade concerns’ were mentioned twice as often as in the previous round.”

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EUR/USD trims Williams-related gains, nears 1.1200 figure

The shared currency retreated sharply vs. its American rival after testing the 1.1280 price zone, as Fed’s representative rushed to counter Williams’ dovish words. EUR/USD at daily lows ahead of Michigan Consumer Confidence Index.

EUR/USD News

GBP/USD trading marginally lower daily basis but above 1.2500

The Pound gave back some of its Thursday’s gain on dollar’s relief. The GBP/USD pair broke a daily descendant trend line coming from June’s high and holds above it, leaving little room for sellers to act.

GBP/USD News

USD/JPY: bears pausing, still in control

Japanese National Inflation steady at 0.7%YoY in June. US Michigan Consumer Sentiment Index expected at 98.5 in July. USD/JPY corrective advance falling short of signaling an interim bottom in place.

USD/JPY News

Gold consolidates around $ 1440, eyes US data for fresh direction

Gold (futures on Comex) extends its side-trend around the 1440 mark into the mid-European session, having stalled its retreat from 2019 highs of 1454 near 1437 region.

Gold News

Michigan Consumer Sentiment survey preview: The pool of happiness spreads

The University of Michigan will issue its preliminary Survey of Consumers for July on Friday July 18th at 12:30 pm GMT. Consumer sentiment expected to gain modestly in July. Optimism should be supported by strong June jobs report.

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