Forex Market Review: Dollar Firms, German Ifo Rises
United States of America. The US dollar is strengthening against the pound and the yen, while showing mixed performance against the euro.
Markets
26
August
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By Sagar Dua - 726
The USD/JPY pair is moving within an upward trend near 147.74. The yen shows unstable performance as U.S. events drive high volatility in the dollar.
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By Andrew Bennett - 427
The price of Bitcoin fell below $110,000 for the first time in seven weeks.
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By Sagar Dua
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Shares of banking and insurance company Wells Fargo & Co. continue to correct near the 79.00 mark.
25
August
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By Sagar Dua
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United States. The US dollar is strengthening against the euro, pound, and yen.
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By Sagar Dua
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Last week the EUR/USD rate dropped to 1.1597 (Murray level [6/8]) but then rebounded to 1.1719 (Murray level [8/8]) following comments by Fed Chair Jerome Powell at the Jackson Hole economic symposium.
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By Sagar Dua
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The NZD/USD rate turned from 0.5798 (Murray level [–1/8]) and is now testing 0.5859 (Murray level [0/8]).
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By Sagar Dua
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On Friday, USD/JPY dropped 0.95% to 147.31 following the release of July’s nationwide CPI, which rose 3.1% year-on-year, above the 3.0% forecast and the Bank of Japan’s 2.0% target. On a monthly basis, the index remained at 0.1%. Energy prices fell 0.3% for the first time since March last year, while food prices excluding fresh items accelerated to 8.3%. The data highlight growing pressure on household finances and increase expectations for a policy shift at the Bank of Japan’s September 19 meeting, supporting the yen. Markets will now focus on Japan’s July labor data and Tokyo’s August CPI, expected to show unemployment stable at 2.5% and inflation accelerating from 2.7% to 2.9%. July industrial production, due at 01:50 (GMT+2), may rise from –1.0% to 2.1% m/m.
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By Sagar Dua
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During the Asian session, GBP/USD is correcting at 1.3509, supported by dollar weakness and Bank of England rhetoric.
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By Sagar Dua
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The AUD/USD pair is correcting within an upward trend at 0.6490, supported by weakness in the US dollar.
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By Sagar Dua
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XAU/USD quotes remain slightly above the 3350.0 support level, moving away from the prospect of updating the yearly high at 3500.0 after U.S. President Donald Trump announced that the recently introduced 39.0% tariffs on imports of gold bars over 100.0 ounces, scheduled to take effect on August 25 and targeting Switzerland’s largest export sector, would not be applied. Analysts had predicted that such measures could drive global gold prices higher and redirect trade flows to Asia. Bloomberg reported that tariffs above the expected 15.0% could have pushed gold prices into the 3,300–3,600 range per ounce within three months.
22
August
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By Sagar Dua
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Tesla Inc. shares, the leading electric vehicle manufacturer, are trading at 320.00.
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By Sagar Dua
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Last week, NZD/USD steadily corrected downward and is now testing 0.5798 (Murray level [–1/8]) after the Reserve Bank of New Zealand (RBNZ) cut its interest rate by another 25 basis points to 3.00%, marking a three-year low. Officials also hinted at further monetary easing due to slowing business activity and consumer caution driven by higher U.S. trade tariffs.
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