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British Pound holds steady around 213.00 as fiscal concerns and rate gap undermine Yen
The GBP/JPY cross struggles to extend its positive move witnessed over the past three days and consolidates around the 213.00 mark, or the top end of its weekly range, through the early European session on Friday.
Copper: Near record highs on tight supply – ING
ING’s Warren Patterson and Ewa Manthey report Copper trading comfortably above $14,000/t, close to record highs, supported by tariff-related stockpiling into the US and tight physical markets elsewhere. They flag low inventories, constrained mine supply and ongoing disruptions as key supports.
Forex Today: Markets turn attention from Middle East to Nonfarm Payrolls
Here is what you need to know on Friday, August 7:
British Pound: Upside fades below 1.3410 against US Dollar - UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann highlight that GBP/USD has been confined to tight ranges around 1.3455, with a slight increase in near-term downside momentum. They expect any intraday decline to stay within 1.3430–1.3475.
Euro: US payrolls could cap gains against the US Dollar - Commerzbank
Commerzbank’s Michael Pfister notes that reduced expectations for Federal Reserve (Fed) tightening have helped EUR/USD climb, but questions how justified this move is.
USD/CAD Price Forecast: Bullish Flag pattern underway
The Canadian Dollar (CAD) trades marginally lower against the US Dollar (USD) on Friday, with the USD/CAD pair edging up to near 1.4023 in the European trading session.
Euro steadies against the British Pound following another rejection at the 0.8580 area
The Euro (EUR) trades practically flat against the British Pound (GBP) on Friday, moving in a tight range above 0.8560 during the early European session, following another rejection at the 0.8680 area.
AUD/USD Price Forecast: Flat lines below mid-0.7000s/100-SMA as bulls await US NFP
The AUD/USD pair finds some support near the 38.2% Fibonacci retracement level of the May-June corrective slide and, for now, seems to have stalled its pullback from the highest level since June 17, around 0.7065, touched earlier this week.
EUR/JPY Price Forecast: Holds losses near 182.50 as bearish bias prevails
EUR/JPY halts its three-day winning streak, trading around 182.50 during the early European hours on Friday. The currency cross is retaining a bearish near-term bias as spot holds below both the nine-period and 50-period Exponential Moving Averages (EMAs).
Switzerland SECO Consumer Climate (3m) up to -35 in 3Q from previous -40
Switzerland SECO Consumer Climate (3m) up to -35 in 3Q from previous -40
Austria Trade Balance declined to €-635.5M in May from previous €-434.1M
Austria Trade Balance declined to €-635.5M in May from previous €-434.1M
Austria Trade Balance dipped from previous €-434.1M to €-635M in May
Austria Trade Balance dipped from previous €-434.1M to €-635M in May
Switzerland Foreign Currency Reserves increased to 768B in July from previous 759B
Switzerland Foreign Currency Reserves increased to 768B in July from previous 759B