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

EUR/USD sees cushion around 1.0580 on subdued DXY, Fed Powell in focus

EUR/USD is holding above 1.0570 ahead of ECB Lagarde’s speech. A significant rate hike by the ECB looks likely as the inflation rate has climbed above 8%. The speech from Fed Powell will fade some clouds of uncertainty over the extent of July’s rate hike. The EUR/USD pair is seeking some bids around 1.0580 and … Read more

USD/JPY struggles around 135.50 ahead of US Consumer Confidence

USD/JPY is failing to surpass 135.50 as the DXY is trading lackluster. The US Consumer Confidence will bring a significant action in the asset. A mixed performance is expected from Japan’s Retail Trade. The USD/JPY pair has slipped below 135.40 after struggling to overstep the critical hurdle of 135.50 multiple times on Monday. On a … Read more

XAU/USD bulls eye $1,840s for sessions ahead on US dollar weakness

Gold bears move in despite weakness in the US dollar. Bulls lurking in familiar support, eyes towards $1.840s. Gold is under pressure despite the weakness in the US dollar. At $1,823, the price is down by some 0.23% while the US dollar is also underwater, currently down by 0.18%. The greenback has struggled versus its … Read more

GBP/USD oscillates around 1.2300 ahead of US Durable Goods Orders

GBP/USD is struggling to overstep 1.2300 as investors await the US Durable Goods Orders. Investors should brace for a vulnerable performance from the US economic data. The BOE may dictate a jumbo rate hike in July considering its inflation rate is above 9%. The GBP/USD pair is juggling in a narrow range of 1.2259-1.2297 in … Read more

Recovery elongates on softer DXY, oil advances gradually

Asian indices have extended their recovery as the DXY weakens on lower estimates for US economic data. As per the market consensus, the US Durable Goods Orders are seen at 0.1% vs. 0.5% reported earlier. Oil prices have rebounded as investors have started underpinning the supply constraints. Markets in the Asian domain have extended their … Read more

XAU/USD advances to near $1,840 as G7 bans Russian gold imports

Gold price has given an upside break of $1821.25-1,831.87 as G7 bans Russian gold exports. Gold exports are the second largest revenue generation source for Russia. Lower expectations from the US economic data have weakened the DXY. Gold price (XAU/USD) has climbed above $1,836.00 after overstepping Friday’s high at $1,831.87. The announcement of a prohibition … Read more

USD/CAD stables below 1.2900 as investors await weak US Durable Goods Orders

USD/CAD is establishing below 1.2900 on an expectation of weak performance from the DXY. A downbeat US Durable Goods Orders after weak PMI figures will drag the greenback bulls. Oil prices are displaying a minor rebound, downside remains favored on soaring recession fears. The USD/CAD pair is auctioning below the round-level support of 1.2900 on … Read more

XAU/USD sees upside above $1830 ahead of downbeat US Durable Goods Orders

Gold price is expected to display an upside movement above $1,830.00. A downbeat performance looks likely from the US Durable Goods Orders. The gold prices are expected to display a lackluster performance on a symmetrical triangle formation. Gold price (XAU/USD) has displayed topsy-turvy moves in a range of $1,821.88-1,831.87 on Friday. The precious metal is … Read more