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

Monetary policy’s transmission channel may change in a rapidly changing world

“Monetary policy’s transmission channel may change in a rapidly changing world with uncertainties,” said Bank of Japan (BOJ) Governor Haruhiko Kuroda per video released by BIS of panel held in basel June 26. More comments Japan core CPI excluding fresh food reached 2.1% in April and may, almost wholly due to international energy price increases. … Read more

Clear US response on China tariffs is coming soon – Bloomberg

“A clear US response on China tariffs is coming soon,” said US Deputy Commerce Secretary Don Graves in a Bloomberg TV interview. The diplomat also mentioned that the US will take a balanced approach on China tariffs, per the news. Additional comments Expect Congress to pass competition bill in next weeks. Export restrictions are having … Read more

USD/CNH slumps to one-week low below 6.6700 as China eases covid restrictions for travelers

USD/CNH plummets almost 200 pips on upbeat headlines from China. China reduces quarantine time for international travelers, vows timely policy measures to cope with economic risks. Sellers remain as G7 updates challenge riskon mood. US CB Consumer Confidence, Fedspeak eyed for fresh impulse. USD/CNH takes offers to renew intraday low around 6.6685 as sellers cheer … 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

USD/TRY dribbles around 16.50 as Turkish President Erdogan teases wage increase

USD/TRY struggles for clear directions after bouncing off three-week low. Turkish Erdogan signals to review minimum wage to battle inflation. US dollar weakenss, risk-on mood could entertain traders ahead of key data/events. USD/TRY seesaws around 16.50 as traders seek more clues to extend the latest recovery of the Turkish lira (TRY). In doing so, the … 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 retreats from fortnight high near 1.0600 on recession/inflation fears, ECBSpeak eyed

EUR/USD bulls take a breather around two-week high, pauses two-day uptrend. US dollar recovers on fresh fears of inflation/recession emanating from the US data. Headlines Russia surrounding, anxiety ahead of ECB Forum adds strength to the risk-off mood. US CB Consumer Confidence, comments from ECB policymakers eyed for intraday directions. EUR/USD holds onto the pullback … Read more

AUD/USD remains on the defensive, holds comfortably above 0.6900 amid modest USD weakness

AUD/USD kicked off the new week on a weaker note, though lacked follow-through selling. The recent slide in commodities, Chinese economic woes acted as a headwind for the aussie. The risk-on impulse generald the safe-haven USD and helped limit losses for the major. The AUD/USD pair struggled to capitalize on Friday’s goodish rebound from sub-0.6900 … Read more