Gold: Correction Downwards
#market_pulse #currencies
🌐 Dollar Steady as Global Inflation Data Looms
▫️ Dollar: The dollar started the week steady as investors focused on upcoming inflation data from the U.S., Europe, and Japan to guide global interest rate outlooks. Trading was light due to holidays in the UK and the U.S.
▫️ Euro: The euro held at $1.0846, in the middle of its year-long range, after gaining 0.9% last week. Key eurozone inflation data on Wednesday and Friday could confirm expectations of a rate cut.
▫️ Pound Sterling: Sterling tested the top of its yearly range at $1.2735. Persistent inflation and a surprise July election announcement have supported the pound.
▫️ Australian Dollar: The Aussie eased to $0.6637, retreating from recent highs as markets adjusted expectations for U.S. interest rate cuts.
▫️ New Zealand Dollar: The kiwi slipped to $0.6122, also pulling back as U.S. rate cut expectations were dialed back.
▫️ Japanese Yen: The yen held steady at 156.87 per dollar. Despite higher Japanese bond yields, the yen remains weak amid suspected intervention and rising U.S. yields. Tokyo CPI data due Friday will be closely watched.
▫️ Swiss Franc and Chinese Yuan: The Swiss franc touched its lowest since April 2023 at 0.9928 per euro. The yuan ended the week weaker than 7.24 per dollar, its lowest since early May.
▫️ Cryptocurrencies: Ether closed its largest weekly rise in nearly three years after the approval of some U.S. ETF applications, rising 25% against the dollar last week and another 5% to $3,938 on Monday.
👀 Key Developments to Watch:
German inflation data on Wednesday
Eurozone inflation data on Friday
U.S. core PCE price index on Friday
Tokyo CPI on Friday
Japan's finance ministry data on intervention size
💵💵💵
🌐 Dollar Steady as Global Inflation Data Looms
▫️ Dollar: The dollar started the week steady as investors focused on upcoming inflation data from the U.S., Europe, and Japan to guide global interest rate outlooks. Trading was light due to holidays in the UK and the U.S.
▫️ Euro: The euro held at $1.0846, in the middle of its year-long range, after gaining 0.9% last week. Key eurozone inflation data on Wednesday and Friday could confirm expectations of a rate cut.
▫️ Pound Sterling: Sterling tested the top of its yearly range at $1.2735. Persistent inflation and a surprise July election announcement have supported the pound.
▫️ Australian Dollar: The Aussie eased to $0.6637, retreating from recent highs as markets adjusted expectations for U.S. interest rate cuts.
▫️ New Zealand Dollar: The kiwi slipped to $0.6122, also pulling back as U.S. rate cut expectations were dialed back.
▫️ Japanese Yen: The yen held steady at 156.87 per dollar. Despite higher Japanese bond yields, the yen remains weak amid suspected intervention and rising U.S. yields. Tokyo CPI data due Friday will be closely watched.
▫️ Swiss Franc and Chinese Yuan: The Swiss franc touched its lowest since April 2023 at 0.9928 per euro. The yuan ended the week weaker than 7.24 per dollar, its lowest since early May.
▫️ Cryptocurrencies: Ether closed its largest weekly rise in nearly three years after the approval of some U.S. ETF applications, rising 25% against the dollar last week and another 5% to $3,938 on Monday.
👀 Key Developments to Watch:
German inflation data on Wednesday
Eurozone inflation data on Friday
U.S. core PCE price index on Friday
Tokyo CPI on Friday
Japan's finance ministry data on intervention size
💵💵💵
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