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US Dollar: Warsh tactics cloud Fed path – Commerzbank
Commerzbank’s Antje Praefcke discusses how new Fed Chair Warsh may be relying on markets to tighten financing conditions instead of raising rates, leaving the Dollar exposed to data-driven volatility.
Forex Today: Mideast uncertainty keeps USD supported ahead of next batch of US data
Here is what you need to know on Tuesday, August 4:
Australian Dollar edges higher above 0.7000 on US-Iran breakthrough hopes
The AUD/USD pair gains momentum around 0.7020 during the early European session on Tuesday. Easing tensions in the Middle East improves risk sentiment and provides some support to the Australian Dollar (AUD) against the US Dollar (USD).
Equities: Cyclical rotation extends as tech recovers – Danske Bank
Danske Research Team notes that global equities began August with fresh all-time highs in several MSCI indices. Gains were driven by sector rotation, with software rebounding 16% over the past week and lower Oil prices supporting sentiment.
France Budget Balance down to €-106.8B in June from previous €-93.3B
France Budget Balance down to €-106.8B in June from previous €-93.3B
Oil: Deal optimism drives sharp selloff – ING
ING strategists Warren Patterson and Ewa Manthey note that Oil prices, including ICE Brent, fell sharply on optimism over a potential US–Iran Middle East deal.
Australia RBA Commodity Index SDR (YoY) down to 15.4% in July from previous 16.9%
Australia RBA Commodity Index SDR (YoY) down to 15.4% in July from previous 16.9%
Silver Price Forecasts: XAG/USD reaches $59.00 amid cautious Iran peace hopes
Silver (XAG/USD) accelerates its recovery on Tuesday, reaching session highs above $59.00 at the time of writing, after bouncing from the $56.50 area on Monday.
Euro: Consolidation with upside trigger at 1.1565 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang highlights EUR/USD’s recent sharp rise and subsequent consolidation after a failed attempt to sustain gains above 1.1558. Intraday, the Euro is expected to trade between 1.1485 and 1.1540, while a close above 1.1565 could open the way toward 1.1600.
Saudi Aramco CEO Nasser: Middle East crisis continues to aggravate supply shock
Saudi Aramco CEO Amin H. Nasser said during the European trading session on Tuesday that the ongoing geopolitical crisis continues to aggravate the biggest supply shock in history.
Canadian Dollar declines ahead of US JOLTS Job Openings data
The USD/CAD pair gains ground to near 1.4050 during the early European session on Tuesday. Traders continue to weigh the developments surrounding US-Iran talks. The US JOLTS Job Openings data is due later on Tuesday. On Friday, the US and Canadian July employment reports will be the highlights.
GBP/USD Price Forecast: Downward-sloping trendline near 1.3470 remains key barrier
The British pound (GBP) faces selling pressure against its major currency peers, trading 0.1% lower at around 1.3420 against the US Dollar (USD) during the European trading session on Tuesday.
Swiss Franc weakens as July inflation cools to four-month lows
USD/CHF moves little after two days of gains, trading around 0.8100 during the Asian hours on Tuesday. The currency pair may appreciate further as the Swiss Franc (CHF) faces headwinds from easing domestic inflation.