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Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.
GBP/USD holds just in positive territory around 1.3350 on Friday as the Greenback keeps a vacillating price action. With Fed rate hike expectations easing and US markets closed for the Independence Day holiday, Cable remains on track to post solid weekly gains.
EUR/USD holds on to its recent gains and consolidates around 1.1440 at the end of the week as the US Dollar lacks clear direction. In the meantime, trading conditions remain subdued, with volatility constrained by the closure of US markets for the Independence Day holiday.
Gold struggles to capitalize on its strength beyond $4,200 and retreats slightly from a two-week high touched during the Asian session on Monday. The US Dollar edges lower amid persistent geopolitical uncertainties stemming from tensions in the Strait of Hormuz, acting as a headwind for the bullion. However, receding Fed-hike bets might hold back USD bulls from placing aggressive bets and help limit the downside for the non-yielding yellow metal.
Dollar drops on NFP, but rate hike still expected by year-end. ISM services PMI and Fed minutes are the greenback’s next catalysts. RBNZ expected to raise rates, focus will be on forward guidance. ECB minutes, China CPI and Canada’s jobs report also on the agenda.
Financial markets came to Sintra looking for clues about the Federal Reserve's (Fed) next move. They largely left with confirmation that Fed Chair Kevin Warsh intends to make those clues much harder to find.
