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Euro holds gains against the Pound awaiting Eurozone and UK Services PMIs
The Euro (EUR) remains practically flat against the British Pound (GBP) on Wednesday, trading at 0.8573 at the time of writing and holding gains from the last two days after bouncing from the 0.8540 area on Friday.
Japanese Yen: Joint action fails to secure lasting gains – Commerzbank
Commerzbank’s Thu Lan Nguyen argues that the recent historic intervention in USD/JPY, powered by US Treasury participation, may not secure a lasting Japanese Yen (JPY) recovery.
France Industrial Output (MoM) registered at 0.1%, below expectations (0.3%) in June
France Industrial Output (MoM) registered at 0.1%, below expectations (0.3%) in June
Forex Today: US Dollar struggles as risk flows dominate markets
Here is what you need to know on Wednesday, August 5:
Equities: Rally extends on reduced downside fears – Danske Bank
Danske Research Team describes a strong global equities session driven by reduced downside risks rather than upgraded growth expectations. Easing concerns over the Iran conflict and the AI bubble compressed risk premia, lifting global equities close to a 15% year‑to‑date return.
Oil: Market looks through Hormuz risks – MUFG
Michael Wan at MUFG notes Brent has dropped below US$80 as hopes rise for a deal to reopen the Strait of Hormuz.
British Pound grinds higher above 1.3450 ahead of US ADP Employment release
The GBP/USD pair posts modest gains near 1.3455 during the early European session on Wednesday, bolstered by softer US economic data and cooling US-Iran tensions. Traders brace for the US ADP Employment and ISM Services Purchasing Manager Index (PMI)Â reports, which are due on Wednesday.
US Dollar Index Price Forecast: Bears eye two-month lows around 99.40
The US Dollar Index (DXY) edges lower for the second consecutive day on Wednesday, after failing to consolidate above the 100.00 level on Monday.
Euro: Mild upside toward 1.1565 cap against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann highlights that EUR/USD firmed to 1.1529, with short‑term momentum turning slightly higher. They see scope for the Euro to edge up but doubt an intraday break of 1.1565, with 1.1545 as nearer resistance and 1.1515/1.1500 as supports.
AUD/USD Price Forecast: Steadies around 0.7050 as bullish bias prevails
AUD/USD moves little after registering over 0.5% gains in the previous day, trading around 0.7050 during the Asian hours on Wednesday. The technical analysis of the daily chart shows that the pair is remaining within the ascending channel pattern, suggesting a prevailing bullish bias.
Russia S&P Global Services PMI increased to 49 in July from previous 48.2
Russia S&P Global Services PMI increased to 49 in July from previous 48.2
EUR/USD Price Forecast: Hawkish ECB bets back fresh upside
The Euro (EUR) trades marginally higher at around 1.1536 against the US Dollar (USD) during the European trading session on Wednesday.
New Zealand Dollar weakens below 0.5900 as Unemployment Rate jumps to highest since 2015
The NZD/USD pair weakens to near 0.5870 during the early European trading hours on Wednesday. The New Zealand Dollar attracts some sellers against the US Dollar (USD) after New Zealand’s unemployment rate climbs to the highest in 11 years.