What you need to know on Tuesday, August 10:

The dollar surged against European and safe-haven rivals but edged marginally lower against commodity-linked currencies, which were underpinned by the solid performance of Wall Street.

The US Senate passed President Joe Biden’s  $1.2 trillion infrastructure bill in a 69-30 vote, which has now passed to the House. The bill could provide the nation with the biggest investment in decades in roads, bridges, airports and waterways. US indexes soared with the news, with indexes flirting with record highs.

The EUR/USD pair neared 1.1700, ending the day at 1.1720, while GBP/USD settled around 1.3840. The AUD/USD pair added some 20 pips while USD/CAD retreated towards the 1.2520 price zone. The USD/JPY pair extended its advance and trades at its highest in almost a month around 110.60.

Gold remained depressed, ending the day at $1,278.30 a troy ounce. Crude oil prices recovered some ground, with WTI ending the day at $68.40 a barrel.

The focus shifts to US inflation, to be out on Wednesday, and how could it affect future Fed’s decisions on monetary policy.

Three reasons why SafeMoon price will decline to $0.00000110

 


Like this article? Help us with some feedback by answering this survey:

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD edges lower toward 1.0850 ahead of mid-tier data

EUR/USD edges lower toward 1.0850 ahead of mid-tier data

EUR/USD edges slightly lower toward the 1.0850 area in the early European session on Monday as the cautious market mood helps the US Dollar hold its ground. Markets await business and consumer sentiment data from the Euro area and German growth figures.

EUR/USD News

GBP/USD stays on the back foot below 1.2400

GBP/USD stays on the back foot below 1.2400

GBP/USD came under modest bearish pressure and dropped below 1.2400 at the beginning of the week. The negative shift witnessed in risk mood helps the US Dollar find demand as a safe haven and makes it difficult for the pair to gain traction.

GBP/USD News

Gold shows resilience below 200-hour SMA, bulls have the upper hand

Gold shows resilience below 200-hour SMA, bulls have the upper hand

Gold price kicks off the new week on a subdued note and oscillates in a narrow trading band through the Asian session. The XAU/USD remains well within the striking distance of a nine-month peak touched last Thursday.

Gold News

Why Ethereum bears need to be cautious about shorting ETH before $2,000

Why Ethereum bears need to be cautious about shorting ETH before $2,000

Ethereum price has been consolidating after the January rally subsided after three weeks. This tightening continues even after BTC shot up 3% over the weekend. Therefore, a short-term spike in buying pressure should is likely. 

Read more

Big risk this week Fed hikes 50 points

Big risk this week Fed hikes 50 points

While the entire global investment community is apparently very excited about the US Fed slowing its rate increases to 25 bps, there are strong reasons for arguing why another 50 bps rate hike, or two, are still on the menu.

Read more

Forex MAJORS

Cryptocurrencies

Signatures