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US Dollar enters a wait and see phase

US Dollar enters a wait and see phase

Information is not investment advice

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Fibonacci Levels

 XAU/USD: Gold continuous to stand above 50% retracement area. Gold has entered a consolidation phase.

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Ichimoku Kinko Hyo

EUR/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.

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EU Market View

U.S. stocks reversed course on Monday to finish slightly lower, echoing a decline in oil and Treasury prices, as economic worries related to the Delta variant of the coronavirus outweighed optimism about infrastructure spending and corporate earnings. Stocks initially cheered the announcement on Sunday by U.S. senators of around $1 trillion in proposed infrastructure stimulus. A rebound in corporate profits also bolstered the case for owning stocks, even as markets stand near records and economic growth is expected to slow. The dollar edged lower Tuesday in tight trading ranges, with traders reluctant to take strong positions ahead of the release of key U.S. employment data at the end of the week but all eyes will be on Friday’s official jobs report which will provide some indications of how sustained the U.S. recovery has been in July. Economists are looking for an increase of 900,000 jobs, which would be the biggest increase for 11 months.

Bank's outlook cited a surprise decline in British and European COVID-19 cases and positive second quarter economic data from the United States and Europe: "Constructive news last week on Delta and growth trims downside risks."

The risks were not lost on other markets, including in energy. Oil prices tumbled about 3% on Monday as weak economic data from China and the U.S., the world's top oil consumers, and higher crude output from OPEC producers stoked fears of weakness in oil demand and oversupply. U.S. manufacturing continued to grow in July, though the pace slowed for the second straight month as spending rotates back to services from goods and shortages of raw materials persist.

Factories around the world are suffering from supply bottlenecks, which sent prices skyrocketing in July, while a new wave of coronavirus infections in Asia demonstrated the fragile nature of the global recovery. Gold was down on Tuesday morning in Asia, with investors awaiting the latest U.S. jobs report to predict the U.S. Federal Reserve’s next policy move.

 

EU Key Point

  • European equities a little mixed at the open.
  • Japan Medical Association chief warns that medical system is coming under strain from COVID-19 infections.
  • RBA leaves cash rate unchanged at 0.10% in August monetary policy decision.
  • China says it is to test all Wuhan residents for COVID-19 amid delta variant outbreaks.
  • AUD/NZD lower ahead of the RBA policy announcement later today.

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