Skids below 79.00 as DXY turns sideways, oil slips, Fed Powell eyed

USD/INR has failed to sustain the all-time-high recorded above 79.00. The DXY is displaying back and forth moves ahead of Fed Powell. Oil prices have corrected a little, and the upside remains favored on prolonged supply constraints. The USD/INR pair has slipped below the psychological support of 79.00 at the open, however, the upside remains … Read more

AUD/USD rebound eyes 0.6945 hurdle on strong Australia Retail Sales, Fed’s Powell in focus

AUD/USD picks up bids to extend corrective pullback from intraday low. Australia Retail Sales rose past expectations to reprint 0.9% growth for May. Sluggish sentiment challenge recovery moves ahead of the key data/events. Powell needs to defend hawkish expectations from the Fed to keep USD bulls happy. AUD/USD bounces off intraday low to snap a … Read more

NZD/USD slips to fresh two week lows below 0.6250 on soft US economic data

The New Zealand dollar tumbles courtesy of a negative market mood and a bid US dollar. US June’s CB Consumer Confidence dipped to a 10-year low on US citizens’ concerns about high inflation and slower growth. The US Dollar Index is back above the 104,000 thresholds, courtesy of quarter and month-end flows. The NZD/USD ticks … 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

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

USD/CAD drops to over two-week low, weakens further below mid-1.2800s

USD/CAD continued losing ground for the third straight day and dropped to over a two-week low. Bullish crude oil prices underpinned the loonie and exerted pressure amid subdued USD demand. Reduced bets for aggressive Fed rate hikes, a positive risk tone weighed on the safe-haven buck. The USD/CAD pair follow-through selling for the third successive … Read more

NZD/USD struggles for a firm direction, stuck in a range around 0.6300 mark

NZD/USD struggled to gain any meaningful traction and oscillated in a familiar trading range. The cautious mood acted as a headwind for the risk-sensitive kiwi amid a modest USD uptick. Reduced bets for more aggressive Fed rate hikes might cap the USD and lend some support. The NZD/USD pair extended its sideways price moves for … Read more

Steel Price improves as global output declines during January-May period

Steel Price remains firmer for the third consecutive day, keeping the bounce off yearly low. Over 6.0% fall in the global steel output joins sluggish USD to underpin bullish bias. Fears of recession, headlines concerning China adds filter to the north. Steel Price extends the previous week’s recovery towards 4,300 Chinese yuan (CNH), around 4,280 … 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

AUD/USD drops towards 0.6900 amid offbeat mood ahead of US/Aussie data

AUD/USD extends the previous day’s pullback from weekly top, stays pressured around intraday low. Market sentiment dwindles amid fears of recession, lack of major catalysts challenge momentum traders. Australia’s business sentiment gauge dropped for the second month, China rejects expectations of heavy stimulus. RBA rate hike expectations ease ahead of Wednesday’s Aussie Retail Sales, US … Read more