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USD/CAD: commodity currencies rally against dollar
Information is not investment advice
Ichimoku Kinko Hyo
GBP/JPY: The pair is trading above the cloud. Further bullish pressure will lead the currency pair to retest the previous highs.
XAG/USD: Silver moves above 50 % retracement level. It seems that silver bulls have returned.
European Market View
European stock markets are seen opening lower Tuesday, as investors digest the collapse in talks over oil production levels between a group of major producers and the associated rise in prices. On a more positive note, U.K. Prime Minister Boris Johnson outlined plans on Monday to end all restrictions put in place to combat the Covid-19 virus in two weeks, even though the number of cases associated with the highly contagious delta variant is still increasing. Additionally, Germany announced plans to lift travel restrictions on fully vaccinated travelers from the U.K., and Portugal, from Wednesday, raising hopes of a summer vacation season. Orders for German-made goods posted their sharpest slump in May since the first lockdown in 2020, data showed on Tuesday, hurt by weaker demand from countries outside the euro zone and fewer contracts for machinery and intermediate goods. The data published by the Federal Statistics Office showed orders for industrial goods fell by 3.7% on the month in seasonally adjusted terms, marking the first drop in new business this year.
The dollar sold off in early European trade Tuesday, continuing its post nonfarm payrolls weakness, while both the Australian and New Zealand dollars strengthened amid signs that these economies are recovering strongly. The dollar has been dropping since Friday’s NFP, as although the release was upbeat, in that 850,000 jobs were added in June, it wasn’t sufficiently strong to push the Federal Reserve into tapering its asset buying anytime soon.
U.S. interest rate markets slightly softened their stance on early Fed tightening as a result of the jobs data, and that tone is likely to continue until Wednesday’s release of the minutes of the Fed’s June meeting. This was the meeting where officials brought forward their expectations of when interest rates will be raised to 2023.
EU Key Point
- European equities lower to kick start the day.
- Dollar slips as European trading gets underway.
- AUD/NZD gets RBA green light for continued push lower.
- RBA leaves cash rate unchanged at 0.10% in July monetary policy decision.
Futures for Canada's main stock index rose on Monday, following positive global markets and gains in crude oil prices. First Citizens BancShares Inc's announcement of purchasing the loans and deposits of failed Silicon Valley Bank also boosted investor confidence in the global financial system...
Investor confidence in the global financial system has been shaken by the collapse of Silicon Valley Bank and Credit Suisse. As a result, many are turning to bearer assets, such as gold and bitcoin, to store value outside of the system without...
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus