The Gold Index is displaying back and forth moves in a narrow range of $1,713.92-1,721.97 as investors are awaiting the announcement of the fourth consecutive interest rate decision by the Fed. The precious metal has displayed a complete volatility contraction, which indicates that now the monetary policy announcement is the …
Read More »ECB’s de Cos: Eurozone inflation outlook intensified
The European Central Bank’s Pablo Hernández de Cos said that there are risks to the Eurozone inflation outlook that remain on the upside and have intensified, ‘particularly in short term’.de Cos has stated that the risks include lasting deterioration of the economy in the Eurozone, and persistently high energy and …
Read More »Wells Fargo: US Recent loss of momentum doesn’t bode well for consumption
Conference Board’s consumer confidence indicators dropped in July for the third consecutive month. According to analysts at Wells Fargo, point out high inflation, rising interest rates and volatile financial markets weighed on consumer confidence. Key Quotes: “Most data in the July confidence report moved in the wrong direction. While lower …
Read More »EUR/USD looks weak, drops to multi-day lows near 1.0100
Sellers returned to the Euro and dragged EUR/USD to multi-session lows in the vicinity of 1.0100 on Tuesday. The EUR/USD rapidly abandoned the area around 1.0250 to retreated nearly 15 cents after EU countries decided to reduce the gas consumption in the next winter, all following the decision by Russian …
Read More »US New Home Sales Fall Below Expectations
Home purchases, in the United States, dropped 8.1% in June to an annualized 590,000 rate. The number of homes sold awaiting start is at the highest level since January 2022.Sales of new US homes fell for the fifth time this year in June to a more than two-year low. There …
Read More »Market Drivers – US Session – Monday, July 25
This week’s trading started amid lower risk appetite although the better performance of US equities has weighed on the US dollar since the European session. The lack of news was perfectly good news for high-yielding currencies. The GBP/USD pair trades at around 1.2050, while AUD/USD nears July high at 0.6977. …
Read More »EUR/USD consolidates ahead of Fed’s decision
The EUR/USD pair holds within the familiar ranges ahead of the most awaited event this week, namely the FOMC meeting whereas the IFO German business sentiment is at its lowest level in more than two years.At 1.0223, the EUR/USD pair is alternating with the beginning of the week ahead of …
Read More »WTI advances towards $96.50 ahead of API-report, Fed meeting
WTI crude oil snaps three successive days of losses and rises despite US data showing the US economy is slowing down.A US recession-linked concerns and subsequent China’s Covid-19 lockdowns do sharply weigh on WTI price direction. WTI crude rose 1.40% on Monday as US equities gain, portraying an upbeat market …
Read More »AUD/USD climbs on soft US data
The AUD/USD advances towards solid resistance around the 0.6970-90 area. Weak US economic activity and manufacturing data reported on Monday increase the chances of a US recession.The AUD/USD climbs during the North American session but faces solid resistance around the 50-day EMA around 0.6971, amidst an upbeat market mood, with …
Read More »Dallas Fed Manufacturing Index plunges below expectations
Dallas Fed Manufacturing Index sharply fell again in July. The US Dollar Index received the news by trimming daily losses, and rises to 106.50. The headline General Business Activity Index of the Federal Reserve Bank of Dallas’s Manufacturing Survey plunged to -22.6 in July from -17.7 in June. This reading …
Read More »