Double top in play but sellers failure at 0.9520, could spark a test of 0.9600

USD/CHF bounces off near-daily lows and stays above the 50% Fibonacci retracement in the H1 chart. Disappointing US economic data sparks a counter-cyclical move with the US dollar rising instead of falling. The USD/CHF daily chart formed a double top that is in play, but USD/CHF sellers’ failures to breach 0.9520, might open the door … Read more

Fed’s Daly: Inflation bridles the economy

Reuters has reported that San Francisco Federal Reserve Bank President Mary Daly on Tuesday said she believes the US economy will slow to below 2% annual growth as the Fed raises interest rates, but there’s enough momentum that it won’t stop growing. “I do expect the unemployment rate to rise slightly, but nothing (like)…. what … Read more

US Dollar has upside through the end of this year and into the early parts of 2023 – Wells Fargo

The US dollar should remain strong against more currencies; However, the peak may be approaching earlier than initially expected, according to analysts at Wells Fargo. They believe medium-term dollar strength will be most pronounced against emerging market currencies. Key Quotes: “Our short to medium term view on the US dollar is unchanged, and we continue … Read more

Will prohibit Russia gold imports under latest sanctions

The United States will prohibit Russian gold imports in the latest round of sanctions, the Treasury Department announced on its website on Tuesday, as reported by Reuters. Additional takeaways “US imposes Russia-related sanctions on dozens of entities and individuals.” “Latest sanctions target Russia’s state-owned defense conglomerate Rostec and affiliated entities.” “Latest sanctions target multiple banks … Read more

EURJPY: ECB and BOJ Policy Divergence

ECB President Christine Lagarde’s speech at the ECB Forum was today largely a rehash of what she communicated at the ECB press conference earlier this month. She said that the ECB intends to raise interest rates by 25 bps in July and there is an option to raise even more in September and move faster … Read more

GBP/USD slides to three-day low, around 1.2230 area amid modest USD uptick

GBP/USD witness some intraday selling on Tuesday and dropped to a three-day low. Brexit woes, less hawkish BoE expected continued acting as a headwind for sterling. Rising US bond yields revived the USD demand and contributed to the intraday selling. The GBP/USD pair retreated nearly 60 pips from the daily swing high touched during the … Read more