Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
The US dollar suffers its worst month in a decade
Information is not investment advice
Ichimoku Kinko Hyo
USD/JPY: USD/JPY has just surpassed the Kumo, indicating strong bullish momentum.
XAU/USD: Gold reached the support level at 38.2% in today’s session. Further drop of the market will push prices lower towards the 50% of the Fibonacci retracement level.
US Market View
- Coronavirus: US cases jump by 67.000, US agrees to pay Sanofi and GSK 2.1 billion dollars for 100 million doses of coronavirus vaccine.
- The US dollar suffers its worst month in a decade.
- US private consumption was recovering in May and June but remained 6.5% below the pre-corona peak level in Feb.
- Canadian GDP (M/M) May: 4.5% (est. 3.5%; prev -11.6%)
- Canadian GDP (Y/Y) May: -13.8% (est -14.6%; prev -17.1%)
US Key Point
- EURUSD touched briefly the 1.1900 handle but was unable to stay above that level.
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD.
The US dollar index has all chances of reaching the 2000s high of 120.00.
Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?