Japan Industrial Output Improves 2.0% On Month In June

Industrial production in Japan expanded 2.0 percent on month in June, the Ministry of Economy, Trade and Industry said on Monday.

That was shy of expectations for a gain of 2.4 percent following the 2.2 percent decline in May.

On a yearly basis, industrial production slipped 0.4 percent after jumping 4.2 percent in May.

Upon the release of the data, the METI revised its assessment of industrial production, saying that it is showing signs of increase at a moderate pace.

Industries that contributed to the increased included motor vehicles, electronic parts and devices and business-oriented machinery. These were offset by weakness among petroleum and coal products, pulp, paper and paper products, and transport equipment.

Shipments were up 1.5 percent on month and 0.6 percent on year, while inventories slipped 0.1 percent on month and gained 5.6 percent on year. The inventory ratio sank 1.2 percent on month and jumped 9.8 percent on year.

Industries that mainly contributed to the increase in shipments included motor vehicles, transport equipment and electronic parts and devices. These were offset by declines among communication electronics equipment, production machinery, and petroleum and coal products.

Industries that mainly contributed to the decrease in inventories included motor vehicles, iron, steel and non-ferrous metals, and fabricated metals. These were offset by gains among communication electronics equipment, electronic parts and devices, and petroleum and coal products.

According to the WTI's forecast for industrial production, output is expected to slip 0.2 percent on month in July and rise 1.1 percent in August.

Industries that mainly contributed to the decrease in July include communication electronics equipment, business-oriented machinery and fabricated metals, in that order.

Industries that mainly contributed to the increase in August include communication electronics equipment, chemicals, and business-oriented machinery.

Also on Monday, the METI said that the value of retail sales in Japan was down 0.4 percent on month in June, coming in at 13.225 trillion yen.

That missed expectations for an increase of 0.2 percent following the upwardly revised 1.4 percent gain in May (originally 1.3 percent).

On a yearly basis, retail sales climbed 5.9 percent matching forecasts and up from 5.8 percent in the previous month.

Commercial sales were down 0.3 percent on month and up 0.2 percent on year at 49.001 trillion yen, while wholesale sales slipped 0.6 percent on month and 1.8 percent on year at 35.776 trillion yen.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215900/

*Japan Retail Sales +5.9% On Year In June

Japan Retail Sales +5.9% On Year In June

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215896/

*Japan Industrial Production +2.0% On Month In June

Japan Industrial Production +2.0% On Month In June

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215897/

All eyes on China with subdued PMI and more stimulus measures: US dollar, Hang Seng Tech Index, AUD/USD

China’s still-weak PMI read may justify recent efforts by authorities to lift China’s growth picture, as market participants look towards more measures to boost consumption later today. Via DailyFX - Market News https://www.dailyfx.com

Japan Data On Tap For Monday

Japan is scheduled to release a raft of data on Monday, highlighting a busy day for Asia-Pacific economic activity. On tap are June figures for industrial production, retail sales, construction orders, housing starts and household confidence.

Industrial production is expected to rise 2.4 percent on month after slipping 2.2 percent in May. Retail sales are expected to rise 5.9 percent on year, up from 5.8 percent in the previous month.

Construction orders are expected to climb 7.6 percent on year after rising 4.2 percent a month earlier. Housing starts are tipped to ease an annual 0.2 percent after gaining 3.5 percent in May. The household confidence index is seen at 36.0, down from 36.2 a month prior.

Australia will provide June figures for private sector credit; in May, credit was up 0.4 percent on month.

New Zealand will see July results for the business confidence index from ANZ; in June, the score was -18.0.

China will release July results for its manufacturing, non-manufacturing and composite PMIs from the National Bureau of Statistics; in June, their scores were 49.0, 53.2 and 52.5, respectively.

Hong Kong will provide preliminary Q2 figures for gross domestic product, with forecasts suggesting an increase of 0.9 percent on quarter and a fall of 4.4 percent on year. That follows gains of 5.3 percent on quarter and 2.7 percent on year in the three months prior.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215895/

Australian Dollar Blipped Up on China Data. Will AUD/USD Continue to Recover?

The Australian Dollar skipped higher immediately after China’s primary manager’s index (PMI) data outperformed estimates before retreating. The RBA lies ahead. Will they hike or not? Via DailyFX - Market News https://www.dailyfx.com

Markets Week Ahead: US Dollar, Euro, Japanese Yen, Australian Dollar, RBA, NFPs

The US Dollar mostly outperformed this past week as the Euro and Japanese Yen fell. Ahead, eyes are on the RBA for the Australian Dollar and US non-farm payrolls data for the Dow Jones. Via DailyFX - Market News https://www.dailyfx.com

Crude Oil Forecast: Attention Shifts to OPEC Production Cuts

Brent crude oil prices look to next week with forward momentum as markets await further information from OPEC their production projections for September. Via DailyFX - Market News https://www.dailyfx.com

Dollar Loses Ground After PCE Data

The U.S. dollar shed ground against most of its major counterparts on Friday after data on personal consumption expenditure indicated a slowdown in U.S. inflation.

The data has helped ease concerns about the outlook for interest rates, and raised hopes the Fed will end its tightening cycle soon.

Data released by the Commerce Department showed personal income rose by 0.3% in June after climbing by an upwardly revised 0.5% in May. Economists had expected personal income to increase by 0.5% compared to the 0.4% advance originally reported for the previous month.

Meanwhile, personal spending climbed by 0.5% in June after inching up by an upwardly revised 0.2% in May. Economists had expected personal spending to rise by 0.4% compared to the 0.1% uptick originally reported for the previous month.

Core PCE prices, which exclude food and energy, went up by 0.2% month-over-month in June 2023, easing from a 0.3% increase in May. The annual rate, the Federal Reserve's preferred gauge to measure inflation, rose by 4.1%, the lowest since September 2021.

Traders also noted the Bank of Japan's unexpected move to tweak its monetary policy framework to allow long-term yields to move 0.5% in both directions.

The dollar index, which was up at 102.04 in the Asian session, dropped to 101.36 after the release of the PCE data, and despite recovering to 101.65, remains below the flat line.

Against the Euro, the dollar has weakened to 1.1021 from 1.0980, and trading at 1.2853 against Pound Sterling, losing nearly 0.5%.

The dollar is stronger against the Japanese currency, fetching 141.16 yen a unit, compared to 139.49 yen Thursday evening.

Against the Aussie, the dollar is up at 0.6648. The Swiss franc is weak at CHF 0.8701 against the dollar, while the loonie is down against the dollar at C$1.3239.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215894/

Oil Futures Settle Higher, Post 5th Straight Weekly Gain

Oil prices climbed higher on Friday, and the most active gold futures contract posted gains for the fifth straight week, amid easing U.S. recession fears, and on optimism over increased demand for oil in the U.S. and China.

Warnings of tight supply due to production cuts by OPEC and its allies contributed as well to the uptick in oil prices.

West Texas Intermediate Crude oil futures for September ended higher by $0.49 or about 0.6% at $80.58 a barrel.

WTI crude futures gained about 4.6% in the week. Overall, in five weeks, WTI has gained 16%.

Brent crude futures settled at $84.99 a barrel today, gaining $0.75 or about 0.9%. Brent crude has gained 14.6% in five weeks.

Demand worries have eased after a slew of U.S. economic data released on Thursday pointed to a resilient economy.

Data showing the U.S. economy grew more than expected in the second quarter, has helped quell fears of an imminent recession.

Also, weekly jobless claims continued to fall and new orders for key manufactured capital goods unexpectedly rose in June, helping ease fears of slowing demand.

Meanwhile, China stimulus hopes spurred expectations of oil demand regeneration from the world's largest importer of crude oil.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215893/

Gold Futures Settle Higher As Dollar Turns Weak

Gold futures settled higher on Friday as the dollar turned weak after data on personal consumption expenditure indicated a slowdown in U.S. inflation.

The data has helped ease concerns about the outlook for interest rates, and raised hopes the Fed will end its tightening cycle soon.

The dollar index dropped to 101.36, and despite regaining some lost ground, remains weak at 101.60, trailing previous close by about 0.17%.

Gold futures for August ended higher by $14.70 or about 0.8% at $1,960.40 an ounce. Gold futures shed about 0.3% in the week.

Silver futures for September closed higher by $0.128 or about 0.5% at $24.495 an ounce, while Copper futures for September settled at $3.9265 per pound, gaining $0.510 or about 1.3%.

Data released by the Commerce Department showed personal income rose by 0.3% in June after climbing by an upwardly revised 0.5% in May. Economists had expected personal income to increase by 0.5% compared to the 0.4% advance originally reported for the previous month.

Meanwhile, personal spending climbed by 0.5% in June after inching up by an upwardly revised 0.2% in May. Economists had expected personal spending to rise by 0.4% compared to the 0.1% uptick originally reported for the previous month.

Core PCE prices, which exclude food and energy, went up by 0.2% month-over-month in June 2023, easing from a 0.3% increase in May. The annual rate, the Federal Reserve's preferred gauge to measure inflation, rose by 4.1%, the lowest since September 2021.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215892/

*South Korea Industrial Production -1.0% On Month, -5.6% On Year In June

South Korea Industrial Production -1.0% On Month, -5.6% On Year In June

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215795/

Japan Interest Rate Decision Due On Friday

The Bank of Japan will wrap up its monetary policy meeting on Friday and then announce its decision on interest rates, highlighting a busy day for Asia-Pacific economic activity. The BoJ is widely expected to keep its benchmark lending rate unchanged at -0.10 percent.

Japan also will see July numbers for Tokyo-area inflation; in June, overall Tokyo inflation was up 3.1 percent on year and core CPI rose an annual 3.2 percent.

Australia will provide June figures for retail sales and Q2 data for producer prices. Sales are expected to be flat on month after adding 0.7 percent in May. Producer prices are tipped to add 0.9 percent on quarter and 3.9 percent on year, easing from 1.0 percent on quarter and 5.2 percent on year in the three months prior.

South Korea will release June figures for industrial production and retail sales. Output is expected to slump 2.3 percent on month and 7.6 percent on year after adding 3.2 percent on month and falling 7.3 percent on year in May. Sales are called flat on month after adding 0.4 percent in May.

Singapore will see Q2 numbers for unemployment; in the three months prior, the jobless rate was 1.8 percent.

Taiwan will release preliminary Q2 results for gross domestic product in the previous three months, GDP was down 2.87 percent on year.

Finally, the markets in Thailand are closed on Friday for King Maha's birthday; they will re-open on Monday.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215794/

Cautious Risk Tone, with Chatters of a Policy Adjustment from the BoJ: USD/JPY, Nikkei 225, EUR/JPY

A jump in Treasury yields kept the pressure on risk sentiments, driven by stronger-than-expected US economic data and chatters of a policy adjustment from the Bank of Japan (BoJ). Via DailyFX - Market News https://www.dailyfx.com

Dollar Rises Against Major Counterparts On Strong Economic Data

The U.S. dollar firmed against its major counterparts on Thursday, buoyed by upbeat economic data, and the European Central Bank hinting a pause in interest rate hike as soon as September.

Data released by the Commerce Department showed an unexpected acceleration in the pave of economic growth in the second quarter.

The report said, real gross domestic product surged by 2.4% in the second quarter after jumping by 2% in the first quarter. Economists had expected the pace of GDP growth to slow to 1.8%.

The upbeat data has raised some concerns about the outlook for interest rates following Wednesday's monetary policy by the Federal Reserve.

The Labor Department also released a report unexpectedly showing a modest decrease in first-time claims for U.S. unemployment benefits in the week ended July 22nd.

The report said initial jobless claims slipped to 221,000, a decrease of 7,000 from the previous week's unrevised level of 228,000. Economists had expected jobless claims to inch up to 235,000.

A separate report released by the Commerce Department showed new orders for U.S. manufactured durable goods soared by much more than expected in the month of June.

The dollar index, which was down at 100.55 in the Asian session, moved higher after the release of U.S. economic data, and climbed to a high of 101.84 later on in the session. The index was last seen at 101.77, up nearly 0.9% from the previous close.

Against the Euro, the dollar strengthened to 1.0966, gaining more than 1%. The dollar has firmed to 1.2794 against Pound Sterling, gaining from 1.2942.

Against the Japanese currency, the dollar is weak at 139.53 yen, giving up more than 0.5%.

The dollar is firm at 0.6706 against the Aussie, gaining from 0.6759. Against Swiss franc, the dollar is strong, fetching CHF0.8693 a unit, and against the Loonie, it is up at C$1.3225.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215793/

Euro Falls As ECB Lagarde Signals Pause In September

The euro weakened against its most major counterparts in the New York session on Thursday, after European Central Bank President Christine Lagarde said that the central bank may pause rate hike in September.

During the news conference, Lagarde said that the economic outlook for the euro area has deteriorated and would remain weak in the short run.

The ECB chief refrained from committing to future rate increases, saying that a hike or a pause is possible in September.

"We have an open mind as to what the decisions will be in September and in subsequent meetings," Lagarde added.

The ECB increased the main refinancing rate, or refi, by 25 basis points to 4.25 percent.

The deposit facility rate was hiked to 3.75 percent and the lending rate to 4.50 percent.

The future decisions will ensure that the key interest rates will be set at sufficiently restrictive levels for as long as necessary to achieve a timely return of inflation to the 2 percent medium-term target, the ECB said.

The ECB reiterated that it would continue to follow a data-dependent approach in determining the appropriate level and duration of the restriction.

The euro declined to more than a 2-week low of 1.0983 against the greenback, from a 1-week high of 1.1149 seen at 6:15 am ET. The pair was worth 1.1085 when it closed deals on Wednesday. The euro is seen finding support around the 1.07 mark.

The euro dropped to near a 2-week low of 0.8544 against the pound, after rising to a 2-day high of 0.8599 at 6:30 am ET. The euro-pound pair had ended yesterday's trading session at 0.8566. Next key support for the euro is likely seen around the 0.84 level.

The euro weakened to near a 2-week low of 154.79 against the yen, down from a 2-day high of 156.23 set at 7 am ET. The pair had closed Wednesday's deals at 155.39. The euro is likely to face support around the 149.00 region, if it falls again.

The euro touched a 10-day low of 1.7686 against the kiwi, following a 2-day high of 1.7860 it logged at 6:05 am ET. At yesterday's trading close, the pair was quoted at 1.7843. The euro is poised to challenge support around the 1.74 mark.

The euro depreciated to a 3-week low of 1.4489 against the loonie, reversing from a 3-day high of 1.4701 hit at 6:15 am ET. The euro was trading at 1.4640 against the loonie at yesterday's close. Should the euro falls further, it is likely to test support around the 1.43 region.

The euro pulled back to 1.6284 against the aussie from yesterday's close of 1.6400. Further downtrend may take the euro to a support around the 1.57 area.

In contrast, the euro rebounded to 0.9556 against the franc, from near a 1-year low of 0.9522 it touched at 9:15 am ET. Next near term resistance for the currency is likely seen around the 1.00 level.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215790/

Seven-Year Note Auction Attracts Average Demand

The Treasury Department finished off this week's series of announcement of the results of its long-term securities auctions on Thursday, revealing this month's sale of $35 billion worth of seven-year notes attracted average demand.

The seven-year note auction drew a high yield of 4.087 percent and a bid-to-cover ratio of 2.48.

Last month, the Treasury also sold $35 billion worth of seven-year notes, drawing a high yield of 3.839 percent and a bid-to-cover ratio of 2.65.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous seven-year note auctions had an average bid-to-cover ratio of 2.49.

Earlier this week, the Treasury revealed this month's auction of $42 billion worth of two-year notes and $43 billion worth of five-year notes both attracted above average demand.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215788/

Australia Import, Export Price Data Due On Thursday

Australia will on Thursday release Q2 figures for import and export prices, highlighting a modest day for Asia-Pacific economic activity. Import prices are expected to fall 7.3 percent on quarter after dropping 4.2 percent in the previous three months. Export prices are tipped to rise 7.8 percent on quarter after adding 1.6 percent in Q1.

Singapore will report unemployment figures for the second quarter; in the previous three months, the jobless rate was 1.8 percent.

China provide June numbers for industrial profits; in May, profits were down 18.8 percent year to date.

The Hong Kong Monetary Authority will wrap up its monetary policy meeting and announce its decision on interest rates; the HKMA is expected to hold its benchmark lending rate steady at 5.50 percent.

Thailand will see June figures for industrial production, with forecasts suggesting a decline of 2.4 percent on year following the 3.14 percent drop in May.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215703/

Asia Day Ahead: Lukewarm Reaction to Fed Meeting

The Fed has hiked its policy interest rate by 25 bp and left the door open for another hike, but additional tightening moves are perceived to lack commitment at current point in time. Via DailyFX - Market News https://www.dailyfx.com

Dollar Loses Against Major Counterparts After Fed Policy Announcement

The U.S. dollar fell on Wednesday after the Federal Reserve announced a 25-basis point hike in interest rate and the Fed Chair Jerome Powell said in his post-meeting press conference that the central bank could raise rates again in September or hold steady, and noted the central bank plans to take a meeting by meeting approach.

The Fed noted inflation remains elevated, while U.S. economic activity has been expanding at a moderate pace and job gains have been robust in recent months.

"So we haven't made any decisions about any future meetings, including the pace at which we consider hiking, but we're going to be assessing the need for further tightening that may be appropriate."

At the same time, the Fed Chief said the central bank can "afford to be a little patient" as they assess incoming economic data.

The dollar index fell to a low of 100.86 before edging up to 100.99, but still down by about 0.36% from the previous close.

Against the Euro, the dollar weakened to 1.1087 from the previous close of 1.1056. The dollar is weak against Pound Sterling at 1.2945, and against the Japanese currency, is down, fetching 140.36 yen a unit.

Against the Aussie, the dollar is stronger by about 0.5% at 0.6758. The Swiss franc has strengthened to CHF0.8606 a dollar, gaining from CHF0.8639. Against the Loonie, the dollar has firmed to C$1.3206 as oil prices fell.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215702/

*Fed Chair Powell Begins Post-Meeting Press Conference

Fed Chair Powell Begins Post-Meeting Press Conference

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215699/

US Dollar Scenarios Ahead of Fed Rate Decision: EUR/USD, GBP/USD, USD/JPY Price Setups

The US dollar has rebounded slightly against its peers ahead of the key US Federal Reserve interest rate decision later Wednesday. What are the potential scenarios for EUR/USD, GBP/USD, and USD/JPY? Via DailyFX - Market News https://www.dailyfx.com

Australia Inflation Data On Tap For Wednesday

Australia will on Wednesday release Q2 numbers for consumer prices, highlighting a modest day for Asia-Pacific economic activity.

Inflation is expected to rise 1.0 percent on quarter and 5.4 percent on year, moderating from 1.6 percent on quarter and 5.6 percent on year in the three months prior.

The trimmed mean is expected to rise 1.1 percent on quarter and 5.9 percent on year, down from 1.2 percent on quarter and 6.6 percent on year in the previous three months. The weighted median is called higher by 1.1 percent on quarter and 5.4 percent on year, down from 1.2 percent on quarter and 5.8 percent on year in the first quarter.

Japan will provide June figures for producer prices, with forecasts suggesting an increase of 1.4 percent on year - slowing from 1.6 percent in May.

Singapore will see June numbers for industrial production, with expectations for an increase of 3.8 percent on month and a fall of 6.8 percent on year. That follows declines of 3.9 percent on month and 10.8 percent on year in May.

Thailand will release June data for imports, exports and trade balance. In May, imports were down 3.4 percent on year and exports fell 4.6 percent for a trade deficit of $1.80 billion.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215653/

Mixed Showing in Big Tech Results, With all Eyes on FOMC Meeting Next: Microsoft, AUD/NZD, US Dollar

Asian stocks look set for a subdued open, following a mixed showing in Microsoft and Alphabet’s result releases after-market. Via DailyFX - Market News https://www.dailyfx.com

Australian Dollar Sinks on Benign CPI Data. Where to for AUD/USD?

The Australian Dollar ran lower immediately after headline CPI printed at 6.0% year-on-year to the end of June, taking the heat out of potential hikes by the RBA. Will AUD/USD rally? Via DailyFX - Market News https://www.dailyfx.com

Dollar Turns In Mixed Performance Ahead Of Fed Policy

The U.S. dollar turned in a mixed performance against its major counterparts on Tuesday, struggling to find support at higher levels as traders awaited the Federal Reserve's monetary policy announcement on Wednesday.

The European Central Bank and the Bank of Japan are scheduled to make their monetary policy announcements on Thursday and Friday, respectively.

The Fed is widely expected to raise interest rates by another 25 basis points, but traders are hopeful the rate hike will be the last following recent encouraging inflation data.

"Investors are clearly signaling that they expect this week's announcement to mark the end of the rate-hiking cycle, followed by a series of aggressive rate cuts next year," said John Lynch, Chief Investment Officer for Comerica Wealth Management.

In U.S. economic news, the Conference Board released a report showing U.S. consumer confidence improved by much more than expected in the month of July.

The report said the consumer confidence index jumped to 117.0 in July from an upwardly revised 110.1 in June. Economists had expected the index to climb to 111.8 from the 109.7 originally reported for the previous month.

With the much bigger than expected surge, the consumer confidence index reached its highest level since July 2021.

The dollar index, which was down at 101.19 in the Asian session, climbed to 101.65 around mid morning, but retreated and dropped to 101.28 later on in the day, netting a marginal loss.

Against the Euro, the dollar is up at 1.1054 despite easing from 1.1022, and has weakened to 1.2899 against Pound Sterling.

Against the Japanese currency, the dollar is down at 140.97 yen, after having settled at 141.49 yen on Monday. The dollar is weak against the Aussie with the AUD/USD pair trading at 0.6793.

The Swiss franc is gaining against the dollar at CHF 0.8643, firming from CHF 0.8695. Against the Loonie, the dollar is up marginally at C$1.3174.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215652/

Oil Futures Settle Higher Ahead Of Inventory Data

Crude oil futures settled notably higher on Tuesday, ahead of weekly crude inventory data.

Optimism about increased demand China after policymakers pledged support to shore up growth in the world's second largest economy pushed up oil prices.

A somewhat subdued dollar contributed a bit to the jump in oil prices.

West Texas Intermediate Crude oil futures for September ended higher by $0.89 or about 1.1% at $79.63 a barrel, the highest settlement since mid April.

Brent crude futures were up $0.75 or 0.9% at $83.23 a barrel a little while ago.

The Federal Reserve, scheduled to announce its monetary policy on Wednesday, is widely expected to raise interest rate by 25 basis points.

The European Central Bank and the Bank of Japan are scheduled to announce their rat decisions on Thursday and Friday, respectively.

The American Petroleum Institute (API) will release its weekly oil report later today, while the Energy Information Administration (EIA)'s report is due Thursday morning.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215650/

Is Gold’s Rebound Over Ahead of FOMC? XAU/USD Price Setups

Gold’s rally appears to be losing steam ahead of the US Fed, the ECB, and the BOJ policy meetings. What is the outlook on XAU/USD and what are the key levels to watch? Via DailyFX - Market News https://www.dailyfx.com

*South Korea GDP +0.6% On Quarter In Q2

South Korea GDP +0.6% On Quarter In Q2

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215593/

South Korea GDP Data Due On Tuesday

South Korea will on Tuesday release preliminary Q2 numbers for gross domestic product, highlighting a modest day for Asia-Pacific economic activity.

GDP is expected to add 0.5 percent on quarter and 0.8 percent on year after rising 0.3 percent on quarter and 0.9 percent on year in the previous three months.

The central bank in Indonesia will wrap up its monetary policy meeting and then announce its decision on interest rates. The bank is expected to keep its benchmark lending rate (5.75 percent), deposit facility rate (5.00 percent) and lending facility rate (6.50 percent) all unchanged.

Hong Kong will provide June numbers for imports, exports and trade balance. Imports are expected to sink 11.1 percent on year after dropping 16.7 percent in May. Exports are called lower by an annual 24.2 percent after slipping 15.6 percent in the previous month. The trade deficit is pegged at HKD42.4 billion following the HKD26.4 billion shortfall a month earlier.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215592/

Dollar Stays Firm Against Major Counterparts

The U.S. dollar climbed higher on Monday, extending recent gains, with traders awaiting the Federal Reserve's monetary policy announcement, due later in the week.

Data showing a rebound in U.S. manufacturing sector activity, and data showing slowdown in the services and manufacturing activity in the EU, Germany and the U.K. supported the greenback.

The Fed, scheduled to announce its policy on Wednesday, is widely expected to raise rate by 25 basis points. The bank's accompanying statement is eyed for hints on the central bank's future moves.

Recent encouraging inflation data has led to optimism this week's rate hike will be the last, and traders will be looking for confirmation from the Fed.

The European Central Bank and the Bank of Japan are slated to announce their monetary polices on Thursday and Friday, respectively.

The ECB is also expected to raise borrowing costs by 25 basis points and reiterate its commitment to continue the current hiking cycle.

The S&P Global US Composite PMI declined to 52.0 in July 2023, down from 53.2 the previous month, as shown in a preliminary estimate.

The S&P Global US Manufacturing PMI increased to 49 in July of 2023 from a six-month low of 46.3 in June. The S&P Global US Services PMI dropped to 52.4 in July 2023, down from 54.4 the previous month and below market expectations of 54.0, according to a preliminary estimate.

The dollar index climbed to 101.43, gaining about 0.35%.

Against the Euro, the dollar firmed to 1.1065, gaining from 1.1126.

The dollar strengthened to 1.2818 against Pound Sterling, up from the previous close of 1.2855.

Against the Japanese currency, the dollar is weak, fetching 141.50 yen a unit. The dollar is flat against the Aussie at 0.6738. The Swiss franc is weak against the dollar at CHF0.8699, down from CHF0.8646,

Against the Loonie, the dollar is weak at C$1.3172 as oil prices rose sharply on prospects of tighter supplies in the market.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215591/

Treasuries Move To The Downside After Seeing Early Strength

After failing to sustain an early move to the upside, treasuries came under pressure over the course of the trading session on Monday.

Bond prices pulled back well off their early highs and into negative territory as the day progressed. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 2.0 basis points to 3.857 percent after hitting a low of 3.798 percent.

The downturn by treasuries came as traders looked ahead to the Federal Reserve's monetary policy announcement later this week.

With the Fed widely expected to raise interest rates by another 25 basis point on Wednesday, traders are likely to pay close attention to the accompanying statement for clues about the outlook for rates.

Recent encouraging inflation data has led to optimism this week's rate hike will be the last, and traders will be looking for confirmation from the Fed.

A lack of major U.S. economic data may have kept some traders on the sidelines ahead of the release of several key reports in the coming days.

Looking ahead, trading on Tuesday may be impacted by reaction to reports on home prices in major metropolitan areas and consumer confidence.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215589/

Gold Futures Settle Lower As Dollar Rises Ahead Of Fed Meeting

Gold futures settled lower on Monday, as the dollar climbed up ahead of the Federal Reserve's monetary policy announcement, due on Wednesday.

The dollar index climbed to 101.41, and despite dropping to 101.00 subsequently, recovered to 101.41, gainng about 0.25%.

Gold futures for August ended lower by $4.40 or about 0.2% at $1,962.20 an ounce, the lowest close since July 17.

Silver futures for September ended down $0.274 at $24.581 an ounce, while Copper futures for September settled at $3.8555 per pound, gaining $0.0375.

Recent encouraging inflation data has led to optimism this week's rate hike will be the last, and traders will be looking for confirmation from the Fed.

The Fed, scheduled to announce its policy on Wednesday, is widely expected to raise rate by 25 basis points. The bank's accompanying statement is eyed for hints on the central bank's future moves.

The European Central Bank and the Bank of Japan are slated to announce their monetary polices on Thursday and Friday, respectively.

The ECB is also expected to raise borrowing costs by 25 bps and reiterate its commitment to continue the current hiking cycle.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215588/

New Zealand Dollar Ahead of Fed Rate Decision; NZD/USD, AUD/NZD, EUR/NZD Price Setups

The New Zealand dollar is holding its recently established ranges against some of its peers. What is the outlook for NZD/USD, AUD/NZD, and EUR/NZD? Via DailyFX - Market News https://www.dailyfx.com

*New Zealand Has NZ$9 Million Trade Surplus In June

New Zealand Has NZ$9 Million Trade Surplus In June

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215533/

Asia Day Ahead: Sentiment in Check Ahead of US Fed Meeting

The start of the new trading week could potentially bring about some indecision, before volatility picked up on the onslaught of big tech earnings and the FOMC meeting towards the latter half. Via DailyFX - Market News https://www.dailyfx.com

New Zealand Trade Data Due On Monday

New Zealand will on Monday release June figures for imports, exports, trade balance and credit card spending, highlighting a busy day for Asia-Pacific economic activity.

In May, exports were worth NZ$6.99 billion and imports were at NZ$6.95 billion for a trade surplus of NZ$46 million. Card spending is expected to jump 9.9 percent on year, accelerating from 3.3 percent in May.

Australia will see preliminary July results for the services and manufacturing PMIs from Judo Bank; in June, their scores were 50.3 and 48.2, respectively.

Japan will see preliminary July results for the services and manufacturing PMIs from Jibun Bank; in June, their scores were 54.0 and 49.8, respectively.

Malaysia will release June figures for consumer prices; in May, inflation was up 0.2 percent on month and 2.8 percent on year.

Singapore will provide June numbers for consumer prices; in May, inflation added 0.3 percent on month and 5.1 percent on year, while core CPI rose an annual 4.7 percent.

Taiwan will see June data for industrial production and unemployment. In May, output tumbled 15.73 percent on year, while the jobless rate was 3.5 percent.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215532/

Japanese Yen Slides as Speculation Mounts Ahead of BoJ Meeting. Where to for USD/JPY?

The Japanese Yen steadied to start the week after sinking going into last weekend with the US Dollar gaining traction across the board. The Fed and BoJ meet this week. Higher USD/JPY? Via DailyFX - Market News https://www.dailyfx.com

Markets Week Ahead: Gold, Euro, USD, Yen Await Fed, ECB & BoJ; Big Tech Earnings Eyed

Interest rate decisions by the Federal Reserve, the European Central Bank and the Bank of Japan, as well as the results of technology companies, will steal the spotlight in the coming week. Via DailyFX - Market News https://www.dailyfx.com

Crude Oil Forecast: Prices Supported by Oil Fundamentals as FOMC Looms

Crude oil prices looks to US economic data for direction this week after 4th consecutive positive close for WTI. Via DailyFX - Market News https://www.dailyfx.com

Dollar Stays Firm Against Major Counterparts

The U.S. dollar gained against most of its major counterparts on Friday with traders betting on the Federal Reserve keeping interest rates higher for longer in order to keep inflation under control.

With the Fed widely expected to raise interest rates by another 25 basis point, traders are likely to pay close attention to the accompanying statement for clues about the outlook for rates.

The dollar index, which rose to 100.19 around mid morning, pared some gains subsequently and was last seen at 101.06, up 0.18% from the previous close.

Against the Euro, the dollar was up slightly at 1.1127. Against Pound Sterling, it gained slightly at 1.2861.

The dollar strengthened against the Japanese currency, fetching 141.73 yen a unit, up sharply from 140.07 yen on Thursday.

Against the Aussie, the dollar firmed to 0.6730 from 0.6778, and against Swiss franc edged down slightly to CHF 0.8661, while against the Loonie, it has climbed to C$1.3216 after Canada's retail sales in the month of May fell short of expectations.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215531/

Oil Futures Settle Higher, Post 4th Straight Weekly Gain

Oil futures settled higher on Friday, lifted by data showing a drop in U.S. crude inventories last week, and recent announcements by Saudi Arabia and Russia to reduce crude output.

A stronger dollar and worries about outlook for energy demand from China due to the slow pace of economic recovery limited oil's uptick.

West Texas Intermediate Crude oil futures for September ended higher by $1.42 or about 1.9% at 77.07 a barrel. WTI Crude futures gained about 2.3% in the week.

WTI crude futures had gained a total of close to 9% in the previous three weeks.

Brent crude futures were up $1.33 or 1.67% at $80.97 a barrel a little while ago.

A report from Baker Hughes said the total rig counter fell to 669 this week. The number of oil rigs declined by 7 this week to 530, down 91 so far this year.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215530/

Treasuries Regain Ground Ahead Of Next Week's Fed Meeting

Treasuries moved modestly higher during trading on Friday, regaining ground following the sharp pullback seen in the previous session.

Bond prices gave back ground after an early advance but remained in positive territory. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, dipped 1.7 basis points to 3.837 percent.

The modest rebound by treasuries came as traders looked ahead to the Federal Reserve's highly anticipated monetary policy meeting next week.

With the Fed widely expected to raise interest rates by another 25 basis point, traders are likely to pay close attention to the accompanying statement for clues about the outlook for rates.

Recent encouraging inflation data has led to optimism next week's rate hike will be the last, and traders will be looking for confirmation from the Fed.

Trading activity remained relatively subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines following the release of several key reports earlier in the week.

While the Fed decision is likely to be in the spotlight next week, reports on consumer confidence, new home sales, durable goods, second quarter GDP and personal income and spending are also likely to attract attention.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215529/

Gold Futures Settle Lower As Dollar Extends Gains

Gold prices drifted lower on Friday as the dollar climbed up, but the most active gold futures contract still posted a small weekly gain.

The dollar index rose to 101.19, gaining nearly 0.3%, before easing a bit. The index was last seen at 101.07, up 0.18% from the previous close.

Gold futures for August ended lower by $4.30 or about 0.2% at $1,966.60 an ounce.

Silver futures for September ended down $0.107 at $24.855 an ounce, while Copper futures for September settled at $3.8180 per pound, losing 0.0165.

The dollar gained amid speculation that the Federal Reserve may keep interest rates higher for longer to bring inflaction under control.

Besides the Fed, policy meetings of the European Central Bank and the Bank of Japan are also due next week.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215528/

*South Korea Producer Prices -0.2% On Month, -0.2% On Year In June

South Korea Producer Prices -0.2% On Month, -0.2% On Year In June

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215494/

Profit-Taking in Big Tech Overnight, as US Earnings Remain Centre Stage: US Dollar, Nikkei 225, AUD/JPY

Wall Street ended mixed overall, with further catch-up gains in value sectors as the DJIA delivered its nineth day winning streak. Via DailyFX - Market News https://www.dailyfx.com

Dollar Gains Against Major Rivals After Jobless Claims Data

The U.S. dollar firmed against its major rivals on Thursday, buoyed by data showing an unexpected drop in jobless claims in the week ended July 15.

The report from the Labor Department showed initial jobless claims dropped to 228,000 last week, down 9,000 from the previous week's unrevised level of 237,000. Economists had expected jobless claims to inch up to 242,000.

The report also said the less volatile four-week moving average also edged down to 237,500, a decrease of 9,250 from the previous week's unrevised average of 246,750.

The Federal Reserve, scheduled to announce its monetary policy next week, is widely expected to raise rates by 25 basis points. However, traders expect the hike will be the last.

The dollar index, which languished below the flat line till the start of the New York session, climbed to 100.97 a little past noon, and was last seen at 100.84, up 0.55% from the previous close.

Against the Euro, the dollar strengthened to 1.1130 from 1.1204, and firmed to 1.2866 against Pound Sterling from 1.2941.

The dollar advanced against the Japanese currency, fetching 140.07 yen a unit. Against the Aussie, it dropped a bit to 0.6779.

The Swiss franc fell to 0.8668 against the dollar, losing nearly 1%. The dollar gained marginally against the loonie to C$1.3173.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215493/

Gold Futures Settle Lower As Dollar Climbs After Jobless Claims Data

After posting gains in the previous two sessions, gold futures settled lower on Thursday, as the dollar climbed higher and bond yields rose as data from the Labor Department showed an unexpected drop in weekly jobless claims.

The dollar index advanced to 100.97 this afternoon, gaining about 0.7%. The Fed is expected to raise interest rate by 25 basis points next week. However, analysts are hopeful that the increase next week will be the last.

Gold futures for August ended lower by $9.90 or about 0.5% at $1,970.90 an ounce.

Silver futures for September ended down $0.425 at $24.962 an ounce, while Copper futures for September settled at $3.8345 per pound, gaining $0.0205.

Data from the Labor Department showed initial jobless claims slipped to 228,000 in the week ended July 15, a decrease of 9,000 from the previous week's unrevised level of 237,000. Economists had expected jobless claims to inch up to 242,000.

"Gold is weakening as Treasury yields surge after jobless claims reminded us how strong the labor market remains. Gold continues to come off a two-month high as Fed rate hike bets edge higher," says Edward Moya, Senior Market Analyst at OANDA. "Gold is looking a little heavy here as prices approach key support that has been in place for most of the month of July. A drop below the $1960 level could trigger some momentum selling towards $1940," he adds.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215490/

*Japan Imports -12.9% On Year In June; Exports +1.5%

Japan Imports -12.9% On Year In June; Exports +1.5%

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215413/

What’s Changed for British Pound After UK CPI? GBP/USD, EUR/GBP, GBP/AUD Price Setups

The British pound looks set to retreat slightly against its peers following evidence that price pressures in the UK are finally moderating from elevated levels. What’s next for GBP/USD, GBP/AUD, and EUR/GBP? Via DailyFX - Market News https://www.dailyfx.com

Australia Unemployment Data Due On Thursday

Australia will on Thursday release June figures for unemployment, highlighting a busy day for Asia-Pacific economic activity.

The jobless rate is expected to hold steady at 3.6 percent, while the Australian economy is expected to add 17,000 jobs following the addition of 75,900 jobs in the previous month. The participation rate is seen unchanged at 66.9 percent.

Japan will provide June numbers for imports, exports and trade balance. Imports are expected to sink 11.3 percent on year after falling 9.9 percent in May. Exports are tipped to rise an annual 2.2 percent after perking 0.6 percent in the previous month. The trade deficit is pegged at 46.7 billion yen following the 1,372.5 billion yen shortfall a month earlier.

The People's Bank of China will announce its latest loan prime rate; it's expected to hold steady at 3.55 percent.

Indonesia will see June data for retail sales; in May, sales were down 4.5 percent on year.

Malaysia will release June figures for imports, exports and trade balance. Imports are expected to fall 16.8 percent on year after shedding 3.3 percent in May. Exports are seen lower by an annual 12.7 percent after easing 0.7 percent in the previous month. The trade surplus is pegged at 21.30 billion ringgit, up from 15.40 billion ringgit a month earlier.

Taiwan will provide June numbers for export orders; in May, orders were down 17.6 percent on year.

Hong Kong will see June data for consumer prices; in May, overall inflation was down 0.3 percent on month and up 2.0 percent on year.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215411/

Australian Dollar Leaps on Hot Jobs Data Ahead of CPI. Where to for AUD/USD?

The Australian Dollar jumped higher after employment data today revealed a re-tightening of the labour market that might put pressure on the RBA at its August meeting. Via DailyFX - Market News https://www.dailyfx.com

Dollar Gains Against Major Counterparts

The U.S. dollar firmed against most of its major counterparts on Wednesday after data showing UK inflation fell to a 15-month low weighed on Pound Sterling, and dovish comments from Bank of Japan Governor hurt Yen.

Traders shrugged off data showing a sharp pullback in housing starts in the month of June. The Commerce Department report said housing starts plunged by 8% to an annual rate of 1.434 million in June after spiking by 15.7% to a revised rate of 1.559 million in May.

Economists had expected housing starts to plummet by 9.3% to a rate of 1.480 million from the 1.631 million originally reported for the previous month.

The report said building permits also tumbled by 3.7% to an annual rate of 1.440 million in June after surging by 5.6% to a revised rate of 1.496 million in May. Building permits were expected to edge down by 0.1% to a rate of 1.490 million from the 1.491 million originally reported for the previous month.

The dollar index, which climbed to 100.54, pared some gains subsequently and was last seen at 100.30, gaining about 0.36%.

Against the Euro, the dollar strengthened to 1.1203 from 1.1230. Against Pound Sterling, the dollar is up at 1.2939.

The dollar is up against the Japanese currency, fetching 139.60 yen a unit. Against the Aussie, the dollar is gaining at 0.6771, having firmed from 0.6812. The dollar is up marginally against Swiff franc at CHF 0.8585, and the loonie at C$1.3165.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215410/

Gold Futures Settle Flat After Moving In Tight Range

Gold futures ended flat on Wednesday as the dollar recovered from recent losses and firmed against most of its major counterparts.

The dollar index climbed to 100.54 in the New York session, gaining about 0.6%. However, its pared some gains subsequently and was last seen at 100.30, still notably up by about 0.36%.

The dollar strengthened in the backdrop of the U.S. retail sales reading for May being revised higher. The revision triggered speculation over whether the euphoria over a Fed pause or pivot was actually warranted.

Gold futures for August settled at $1,990.30 and ounce, unchanged from the previous close, after moving between $1,984.10 and $1,993.00 an ounce.

Silver futures for September ended up $0.131 at $25.387 an ounce, while Copper futures ended lower by $3.8140 per pound, losing $0.0155.

Monetary policy decisions by the Federal Reserve, the European Central Bank and the Bank of England are due in the coming weeks, which added to the bearish sentiment for the yellow metal.

The CME FedWatch tool currently shows a 99.8% probability for a rate hike of 25 basis points in the review due on July 26. A 14% probability is however seen for another rate hike in September.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215407/

*New Zealand Consumer Prices +1.1% On Quarter, +6.0% On Year In Q2

New Zealand Consumer Prices +1.1% On Quarter, +6.0% On Year In Q2

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215348/

New Zealand Inflation Data Due On Wednesday

New Zealand will on Wednesday release Q2 numbers for consumer prices, highlighting a light day for Asia-Pacific economic activity.

Overall inflation is expected to rise 1.0 percent on quarter and 5.9 percent on year, moderating from the 1,2 percent quarterly increase and the 6.7 percent yearly gain in the previous three months.

Australia will see June results for the leading index from the Melbourne Institute; in May, the index was flat on a monthly basis.

Finally, the markets in Malaysia and Indonesia are closed on Wednesday for the Islamic New Year and will re-open on Thursday.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215347/

Gold Jumps After Tepid US Retail Sales; What’s Next for XAU/USD After Reverse H&S Target Met?

Gold jumped after US retail sales rose less than expected in June which weighed on US Treasury yields and the greenback. How much more for gold to rise? Via DailyFX - Market News https://www.dailyfx.com

Catch-up Gain in Value Sectors Overnight, Focus Remains on US Earnings: DJIA, NZD/USD,GBP/USD

Better-than-expected earnings results from major US banks provided the go-ahead for the Wall Street rally to continue, with some catch-up gains in the value sectors. Via DailyFX - Market News https://www.dailyfx.com

Dollar Mixed Against Major Counterparts

The U.S. dollar was somewhat subdued against its major counterparts on Tuesday with traders digesting the latest batch of economic data and assessing the likely move by the Federal Reserve, which is scheduled to announce its monetary policy next week.

In addition to soft consumer price and producer price inflation, reports showing a drop in retail sales and a slight dip in industrial production, have added to expectations about the Fed pausing on interest rate hikes sometime soon.

Data from the Commerce Department showed retail sales edged up by 0.2% in June after climbing by an upwardly revised 0.5% in May. Economists had expected retail sales to advance by 0.5% compared to the 0.3% growth originally reported for the previous month.

Meanwhile, the Fed said industrial production slid by 0.5% in June, matching the downwardly revised decrease in May. Economists had expected production to come in unchanged compared to the 0.2% dip originally reported for the previous month.

The dollar index, which dropped to 99.59 in the Asian session, rose to 100.11 past noon, but dropped to 99.94 later.

Against the Euro, the dollar was up slightly at 1.1233, edging up from 1.1240. Against Pound Sterling, the dollar firmed to 1.3040, gaining about 0.3%.

The dollar is up against the Japanese currency, fetching 138.82 yen a unit. Against the Aussie, the dollar is up marginally at 0.6813, and weak against Swiss franc at CHF 0.8578.

Against the Loonie, the dollar is weak at C$1.3172, dropping from C$1.3173 as oil prices rose sharply.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215346/

AUD/USD Price Forecast: RBA Minutes Unable to Prevent Thinning Aussie Dollar

AUD continues to bleed against the USD due to Chinese economic factors and a mixed reaction from the RBA Minutes. 0.68 next up for bears. Via DailyFX - Market News https://www.dailyfx.com

S&P 500 Outlook Over Next 1-2 Months: Broadening Participation Points to Further Gains

Improving market breadth points to further gains in the S&P 500 index in the coming weeks as the earnings season picks up steam. What is the one-month and two-month outlook for the S&P 500 index? Via DailyFX - Market News https://www.dailyfx.com

Euro Ekes Out Gains as the US Dollar Reins in the Bears for Now. Where to for EUR/USD?

The Euro printed a new high despite the US Dollar pausing in its descent going into Tuesday’s session with next week’s ECB and Fed meetings moving into view. Will EUR/USD reverse? Via DailyFX - Market News https://www.dailyfx.com

British Pound Ahead of UK CPI: GBP/USD, EUR/GBP, GBP/JPY Price Action

The British pound is holding on to its recent gains ahead of the key UK inflation data as speculative long GBP positioning is at its highest level since 2014. How do GBP/USD, GBP/AUD, and EUR/GBP look? Via DailyFX - Market News https://www.dailyfx.com

Sentiment Awaiting Cues from Key US Earnings Releases Ahead: Brent crude, AUD/JPY, Natural Gas

Wall Street started the new trading week on a positive footing, as risk appetite rose ahead of several key earnings releases this week. Via DailyFX - Market News https://www.dailyfx.com

Crude Oil Price Rolls Over on China Growth Woes and Libya Re-open. Lower WTI?

Crude oil prices are teetering lower after China’s GDP missed estimates and Libya reopened several oil fields. WTI has retreated back into the range, will this pattern persist? Via DailyFX - Market News https://www.dailyfx.com

WTI and Brent Start Week on the Back Foot as Chinese GDP Underwhelms

Oil prices finished last week on the back foot with underwhelming Chinese data this morning unlikely to help. Are we in for a retracement before bullish continuation? Via DailyFX - Market News https://www.dailyfx.com

US Dollar Finds Traction While China GDP Misses Estimates. Where to for USD?

The US Dollar consolidated to start the week while soft Chinese GDP numbers highlight growing concern for the economic recovery there. With the Fed in a blackout, where to for USD? Via DailyFX - Market News https://www.dailyfx.com

Gold Price Gives Up Some Gains as the US Dollar Steadies. Where to for XAU/USD?

The gold price is in the middle of its recent range near US$ 1,950 going into the new week with a US Dollar at a crossroads while the Fed is in a blackout period ahead of the FOMC. Via DailyFX - Market News https://www.dailyfx.com

Australian Dollar Holds Losses After China GDP; How Much More Downside in AUD/USD?

The Australian dollar held the day’s losses against the US dollar after the Chinese economy grew less than expected in the second quarter. How much more downside in AUD/USD? Via DailyFX - Market News https://www.dailyfx.com

Asia Day Ahead: Subdued Start to the Week Ahead of Key China Data

Earnings results from major US banks were somewhat mixed to end last week, with the Financial Select Sector SPDR Fund having formed a bearish engulfing candle on its daily chart. Via DailyFX - Market News https://www.dailyfx.com

Markets Week Ahead: Gold, EUR/USD, S&P 500 Break Out as USD Tanks; Tesla Earnings Eyed

Gold, the Nasdaq 100, EUR/USD and GBP/USD all soared this week, while the US dollar broke down after US CPI data surprised to the downside. Traders should keep an eye on whether recent market moves can be sustained as the US earnings season gets underway. Via DailyFX - Market News https://www.dailyfx.com

Euro Forecast: EUR/USD Breakout Gains Momentum but Fibonacci Resistance on Radar

EUR/USD rallied aggressively this past week, rising to its best level since February 2022. With momentum on its side, the pair’s outlook remains positive, but Fibonacci resistance may cap its upside going forward. Via DailyFX - Market News https://www.dailyfx.com

Dollar Recovers After Strong Consumer Sentiment Data

The U.S. dollar climbed higher on Friday, recovering from recent losses, after data from the University of Michigan showed consumer sentiment soared to nearly 2-year high in July.

The report from the University of Michigan showed the consumer sentiment index soared to 72.6 in July from 64.4 in June. Economists had expected the index to tick up to 65.5.

With the much bigger than expected surge, the consumer sentiment index reached its highest level since hitting 72.8 in September 2021.

The sharp increase by the headline index came as the current economic conditions index spiked to 77.5 in July from 69.0 in June, while the index of consumer expectations jumped to 69.4 in June from 61.5 in July.

The report also showed year-ahead inflation expectations crept up to 3.4% in July from 3.3% in June but remain well below the high point of 5.4% in April 2022.

Long-run inflation expectations also inched up to 3.1% in July from 3% in June, again staying within the narrow 2.9-3.1% range for 23 of the last 24 months.

Data released by the Labor Department showed import prices dipped by 0.2% in June after falling by a revised 0.4% in May. Economists had expected import prices to edge down by 0.1% compared to the 0.6% decrease originally reported for the previous month.

Meanwhile, the report said export prices slumped by 0.9% in June after tumbling by 1.9% in May. Export prices were expected to slip by 0.2%.

The dollar index, which dropped to 99.58 in the Asian session, rallied to 100.02 later on in the day, gaining about 0.25%.

Against the Euro, the dollar is trading at 1.2226, up slightly from the previous close. Against Pound Sterling, the dollar has strengthened to 1.3093 from 1.3137.

The dollar is up against the Japanese currency, fetching 138.82 yen a unit. Against the Aussie, the dollar has firmed to 0.6836 from 0.6887.

The dollar has strengthened to CHF0.8623 against Swiss franc, and is up nearly 0.9% against the Loonie, fetching C$1.3227 a unit.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215246/

Gold Futures Settle Flat As Dollar Recovers

Gold futures settled roughly flat on Friday after prices moved in a tight range, as the dollar edged higher, recovering from recent losses.

The dollar index, which dropped to 99.58 in the Asian session, recovered to 100.02, recording a gain of about 0.25%.

Gold futures for August settled at $1,964.40 an ounce, up $0.60 from the previous close, after swinging between $1,954,70 and $1,967.80. Gold futures gained about 1.7% in the week.

Silver futures for September ended up $0.245 at $25.194 an ounce, while Copper futures for September ended lower by $0.0070 at $3.9330 per pound.

In U.S. economic news, data released by the Labor Department showed import prices dipped by 0.2% in June after falling by a revised 0.4% in May. Economists had expected import prices to edge down by 0.1% compared to the 0.6% decrease originally reported for the previous month.

Meanwhile, the report said export prices slumped by 0.9% in June after tumbling by 1.9% in May. Export prices were expected to slip by 0.2%.

A separate report released by the University of Michigan showed consumer sentiment has improved by much more than anticipated in the month of July. The report showed the consumer sentiment index soared to 72.6 in July from 64.4 in June. Economists had expected the index to tick up to 65.5.

With the much bigger than expected surge, the consumer sentiment index reached its highest level since hitting 72.8 in September 2021.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215243/

*Singapore Q2 GDP Rises 0.3% On Quarter Vs. -0.4% In Q1, Consensus 0.3%

Singapore Q2 GDP Rises 0.3% On Quarter Vs. -0.4% In Q1, Consensus 0.3%

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215168/

Gold (XAU/USD) Consolidates Recent Gains After Stubborn Resistance Falls

Renewed US dollar weakness has given gold the strength to take out a layer of stubborn resistance that has been holding the precious metal back for weeks. Via DailyFX - Market News https://www.dailyfx.com

Bitcoin & Ethereum After Ripple Wins SEC Case: Preparing for an Advance

Cryptocurrencies jumped after a US judge ruled on Thursday that Ripple Labs Inc did not violate federal securities law by selling its XRP token on public exchanges. Technical charts suggest Bitcoin and Ethereum could be preparing for another leg higher. Via DailyFX - Market News https://www.dailyfx.com

Asia Day Ahead: US Mega-Cap Tech Build on Gains; Singapore Avoids Technical Recession

Following a downside surprise in the recent US CPI data, the release of US June producer prices overnight further reinforces the narrative of abating inflation risks. Via DailyFX - Market News https://www.dailyfx.com

Dollar Loses Ground Against Major Counterparts After Inflation Data

The U.S. dollar drifted down against its major rivals on Thursday after data showed the nation's producer prices rose less than expected in June, raising hopes the Fed will pause its tightening after hiking rates by 25 basis points later this month.

The Labor Department's report showed the producer price index crept up by 0.1% in June after falling by a revised 0.4% in May. Economists had expected producer prices to rise by 0.2% compared to the 0.3% dip originally reported for the previous month.

The report also said the annual rate of producer price growth slowed to just 0.1% in June from a revised 0.9% in May.

The pace of growth was expected to slow to 0.4% from the 1.1% originally reported for the previous month.

The data suggested that Fed rate hikes could stop after the 25-basis point increase at the July 25-26 meeting.

Meanwhile, a separate Labor Department report showed initial jobless claims slipped to 237,000 in the week ended July 8th, a decrease of 12,000 from the previous week's revised level of 249,000. Economists had expected jobless claims to inch up to 250,000 from the 248,000 originally reported for the previous month.

The dollar index dropped to 99.74, losing nearly 0.8%.

Against the Euro, the dollar weakened to 1.1226 from 1.1130, and dropped to 1.3136 against Pound Sterling, losing from 1.2988.

Against the Japanese currency, the dollar is weak, fetching 138.06 yen, after closing at 138.51 yen on Wednesday.

The dollar is trading at 0.6887 against the Aussie, down sharply from the previous close of 0.6787. The Swiss franc os trading at CHF 0.8588 against the dollar, gaining from CHF 0.8676. Against the Loonie, the dollar is weak at C$1.3113.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215167/

Australian Dollar Skips a Beat on New RBA Governor Michele Bullock Appointment

The Australian Dollar slipped slightly after the Australian Government announced the Michele Bullock will be the new RBA Governor. It is widely seen as a safe option. Via DailyFX - Market News https://www.dailyfx.com

Treasuries Extend Recent Upward Trend Following Inflation Data

Treasuries moved notably higher during trading on Thursday, extending the strong upward move seen over the past few sessions.

After seeing early strength, bond prices saw some further upside before moving roughly sideways in the afternoon. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, tumbled by 10.0 basis points to 3.761 percent.

The ten-year yield moved lower for the fourth straight session after reaching its highest closing level in four months last Friday.

The continued strength among treasuries came following the release of a Labor Department report showing producer prices in the U.S. inched up by slightly less than expected in the month of June.

The Labor Department said its producer price index for final demand crept up by 0.1 percent in June after falling by a revised 0.4 percent in May.

Economists had expected producer prices to rise by 0.2 percent compared to the 0.3 percent dip originally reported for the previous month.

The report also said the annual rate of producer price growth slowed to just 0.1 percent in June from a revised 0.9 percent in May.

The pace of growth was expected to slow to 0.4 percent from the 1.1 percent originally reported for the previous month.

Following yesterday's tamer-than-expected consumer price inflation data, the data further eased concerns about the outlook for interest rates.

"The disinflation narrative is in full effect with less-than-expected PPI numbers today following on the heels of lower-than-expected CPI numbers yesterday," said Chris Zaccarelli, Chief Investment Officer for Independent Advisor Alliance.

He added, "It does appear that inflation is coming down across the board and although the Fed is still likely to raise rates again at the end of this month, there is a very strong possibility that they are done raising rates for the year."

Meanwhile, a separate Labor Department report unexpectedly showed a modest decrease in first-time claims for U.S. unemployment benefits in the week ended July 8th.

The Labor Department said initial jobless claims slipped to 237,000, a decrease of 12,000 from the previous week's revised level of 249,000.

The dip surprised economists, who had expected jobless claims to inch up to 250,000 from the 248,000 originally reported for the previous week.

A report on import and export prices in the month of June may attract some attention on Friday along with the University of Michigan's preliminary reading on consumer sentiment in the month of July.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215165/

Gold Futures Settle Near 4-week High As Dollar Drifts Lower

Gold futures settled at near four-week high on Thursday as the dollar fell and bond yields dropped to a one-month low.

Dollar drifted lower amid rising prospects of the Fed stopping interest rate hike after data showed both headline and core inflation in the U.S. rose at a slower-than-expected pace in June.

The Fed is still widely expected to raise interest rates by another quarter point later this month, there is now optimism that the central bank is nearing the end of its tightening campaign.

The dollar index dropped to 99.83, losing about 0.7%.

Gold futures for August ended higher by $2.10 or about 0.1% at $1,963.80 an ounce.

Silver futures for September ended up $0.639 at $24.949 an ounce, while Copper futures for September settled at $3.9400 per pound, gaining $0.0870.

Data released by the Labor Department this morning showed producer prices in the U.S. inched up by slightly less than expected in the month of June. The data said its producer price index for final demand crept up by 0.1% in June after falling by a revised 0.4% in May.

Economists had expected producer prices to rise by 0.2% compared to the 0.3% dip originally reported for the previous month.

The report also said the annual rate of producer price growth slowed to just 0.1% in June from a revised 0.9% in May. The pace of growth was expected to slow to 0.4% from the 1.1% originally reported for the previous month.

Following yesterday's tamer-than-expected consumer price inflation data, the data has further eased concerns about the outlook for interest rates.

Meanwhile, a separate Labor Department report showed initial jobless claims slipped to 237,000 in the week ended July 8th, a decrease of 12,000 from the previous week's revised level of 249,000. Economists had expected jobless claims to inch up to 250,000 from the 248,000 originally reported for the previous month.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215164/

Gold Boosted by US CPI; Reverse Head & Shoulders Triggers in XAU/USD

Gold rebounded after US inflation slowed more than expected in June, reinforcing market expectations that the US Federal Reserve is nearing the end of its tightening cycle. To what extent could gold rise? Via DailyFX - Market News https://www.dailyfx.com

Asia Day Ahead: Promising US Inflation Progress Drives Upbeat Market Mood

Lower-than-expected read in US inflation suggests that the tightening cycle from the Fed thus far are having its desired effect in moderating pricing pressures. Via DailyFX - Market News https://www.dailyfx.com

Tamer-Than-Expected Inflation Data Weighing On U.S. Dollar

The value of the U.S. dollar has shown a substantial move to the downside during trading on Wednesday following the release of tamer-than-expected inflation data.

The U.S. dollar index has slumped by 1.19 points or 1.2 percent to 100.55, tumbling to its lowest level in over a year.

The greenback is trading at 138.46 yen compared to the 140.36 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.1135 compared to yesterday's $1.1009.

The steep drop by the dollar comes following the release of a highly anticipated Labor Department report showing consumer prices increased by less than expected in the month of June.

The Labor Department said its consumer price index rose by 0.2 percent in June after inching up by 0.1 percent in May. Economists had expected consumer prices to climb by 0.3 percent.

Excluding food and energy prices, core consumer prices still increased by 0.2 percent in June after rising by 0.4 percent in May. Core consumer prices were also expected to rise by 0.3 percent.

The report also showed the annual rate of consumer price growth slowed to 3.0 percent in June from 4.0 percent in May. Economists had expected the rate of growth to slow to 3.1 percent.

The annual rate of core consumer price growth also decelerated to 4.8 percent in June from 5.3 percent in May. The rate of growth was expected to slow to 5.0 percent.

While the Federal Reserve is still widely expected to raise interest rates by another quarter point later this month, the data has led to renewed optimism that will be the end of the central bank's rate-hiking cycle.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215069/

*Fed's Beige Book Says Overall U.S. Economic Activity Increased Slightly Since Late May

Fed's Beige Book Says Overall U.S. Economic Activity Increased Slightly Since Late May

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2215064/

EUR/USD Price Forecast: Euro Shaped by US Factors

The euro looks to US CPI for short-term guidance after which Fed and ECB speakers will provide their perspectives. Via DailyFX - Market News https://www.dailyfx.com

US Dollar Slips While Japanese Yen Rallies Ahead of US CPI. New Lows for USD?

The US Dollar descent continued going into today’s much anticipated US CPI data point. The Japanese Yen has moved into the box seat with speculation of the BoJ shifting gears. Via DailyFX - Market News https://www.dailyfx.com

All eyes on US CPI ahead, with mixed session in Asia: DJIA, USD/JPY, NZD/USD

The usual cautious lead-up to the US CPI release has failed to deter risk appetite in Wall Street overnight, as major US indices pushed higher on strength in value sectors. Via DailyFX - Market News https://www.dailyfx.com

New Zealand Dollar Dipped After the RBNZ Left its Cash Rate Alone. Where to for NZD/USD?

The New Zealand Dollar missed a beat after the RBNZ hit the pause button in its actioned packed hiking cycle. Will NZD/USD break the top end of the range? Via DailyFX - Market News https://www.dailyfx.com

Dollar Slips Against Major Counterparts

The U.S. dollar lost ground against its major counterparts on Tuesday, weighed down by comments from some Federal Reserve officials indicating the central bank is nearing the end of the tightening cycle.

Several Fed officials said on Monday that interest rates need to remain higher to achieve the 2% inflation target, but the end of the current monetary policy tightening cycle is getting close.

Traders looked ahead to release of the report on consumer price inflation on Wednesday.

Consumer prices are expected to increase by 0.3% in June after inching up by 0.1% in May, while core consumer prices, which exclude food and energy prices, are expected to rise by 0.3% in June after climbing by 0.4% in May.

The annual rate of growth by consumer prices is expected to slow to 3.1% June from 4% in May and the annual rate of core consumer price growth is expected to slip to 5% in June from 5.3% in May.

Ahead of the inflation data, CME Group's FedWatch Tool is indicating a 92.4% chance of another quarter point rate hike at the next Fed meeting later this month.

The dollar index fell to 101.67 in the European session, and despite recovering to 101.97 by mid morning, dropped to 101.68 later, netting a loss of about 0.29%.

Against the Euro, the dollar is slightly weak at 1.1006, after having firmed to 1.0978 earlier in the day.

The dollar has weakened to 1.2929 against Pound Sterling from 1.2860. Against the Japanese currency, the dollar is down at 140.36 yen.

The dollar is down against the Aussie at 0.6687. Against Swiss franc, the dollar is weak, fetching CHF 0.8797 a unit, compared with CHF 0.8854 on Monday.

The dollar has weakened to C$1.3235 against the Loonie as oil prices rose sharply, and traders looked ahead to the Bank of Canada's interest rate decision.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2214993/

Crude Oil Futures Settle Higher

Crude oil futures settled higher on Tuesday, lifted by the Energy Information Administration's forecast of a drop in oil production and the International Energy Agency's forecast about increased demand from China.

A weak dollar contributed as well to the rise in oil prices. The dollar dropped to a 2-month low after comments from several Fed officials suggested the U.S. central bank is nearing the end of its rate-hiking cycle.

West Texas Intermediate Crude oil futures for August ended higher by $1.84 or about 2.52% at $74.83 a barrel.

Brent crude futures were up $1.78 or 2.29% at $79.47 a barrel a little while ago.

The EIA has cut its forecast for U.S. oil production by 50,000 barrels per day this year following the OPEC+ extending output cuts through 2024.

In its Short Term Energy Outlook, the EIA said oil production will likely rise by 670,000 barrels per day this year.

The EIA also said that it expects Brent crude spot prices will average $78 a barrel this month.

Meanwhile, the IEA expects oil market to remain tight in the second half of this year due to strong demand from China and other major consumers, and due to additional supply cuts announced by Russia and Saudi Arabia.

Traders now await weekly oil reports from the American Petroleum Institute (API) and EIA. The API's data is due later today, while the EIA will release its crude inventory data Wednesday morning.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2214991/

Three-Year Note Auction Attracts Well Above Average Demand

The Treasury Department kicked off this week's series of announcements of the results of its long-term securities auctions on Tuesday, revealing this month's auction of $40 billion worth of three-year notes attracted well above average demand.

The three-year note auction drew a high yield of 4.534 percent and a bid-to-cover ratio of 2.88.

Last month, the Treasury also sold $40 billion worth of three-year notes, drawing a high yield of 4.202 percent and a bid-to-cover ratio of 2.70.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous three-year note auctions had an average bid-to-cover ratio of 2.63.

The Treasury is due to announce the results of this month's auctions of $32 billion worth of ten-year notes and $18 billion worth of thirty-year bonds on Wednesday and Thursday, respectively.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2214989/

EUR/USD Hits Fresh 2-Month High Time for a Pullback?

EUR/USD faces a challenge in attempting to break the range high of 1.1100 without any significant change to the macro picture. Do bulls have enough juice or is another retracement incoming? Via DailyFX - Market News https://www.dailyfx.com

UK Breaking News: Wage Growth Keeps Pound Bid

GBP/USD rises sharply to 1.2900 post-labor data after wage growth hits fresh yearly highs. Via DailyFX - Market News https://www.dailyfx.com

Gold Price Firms While US Dollar Eases as Treasury Yields Dip. Where to for XAU/USD?

The gold price is inching higher while the US Dollar slides going into Tuesday despite several Fed speakers getting hawkish, mostly. Will Wednesday’s US CPI hold the keys to XAU/USD direction? Via DailyFX - Market News https://www.dailyfx.com

New Zealand Dollar Flexes Muscles Ahead of RBNZ; NZD/USD EUR/NZD GBP/NZD Price Action

The New Zealand dollar is showing signs of building a base against some of its peers ahead of the Reserve Bank of New Zealand (RBNZ) interest rate decision on Wednesday. What is the outlook for NZD/USD, EUR/NZD, and GBP/NZD? Via DailyFX - Market News https://www.dailyfx.com

Japan May Current Account JPY 1862.4 Bln Vs. JPY 1895.1 Bln Consensus JPY 1884.5 Bln

Japan May Current Account JPY 1862.4 Bln Vs. JPY 1895.1 Bln, Consensus JPY 1884.5 Bln

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2214852/

Australian Dollar Price Forecast: Chinese Inflation Hurts Pro-Growth AUD

AUD/USD looks ahead to Fed guidance later today after a weak start to the trading day. Via DailyFX - Market News https://www.dailyfx.com

Crude Oil Dips After Large Gains as US Dollar Finds Firmer Footing. Lower WTI?

The crude oil price eased a touch today as it remains trapped in a range with soft Chinese data and Madame Secretary Yellen not ruling out a US recession. US CPI is now in view. Via DailyFX - Market News https://www.dailyfx.com

Gold Price Steadies as US Dollar Under Pressure Ahead of CPI. Where to for XAU/USD?

The gold price is poised near US$ 1,930 going into the new week with a US Dollar losing traction despite Treasury yields ticking north. Will real yields play a role in XAU/USD direction? Via DailyFX - Market News https://www.dailyfx.com

Cracks Emerge in Japanese Yens Downtrend; USD/JPY CAD/JPY MXN/JPY Price Setups

The Japanese yen looks set this week to shed some of its gains against some of its peers, but cracks are starting to emerge in the Japanese currency’s broader downtrend that could limit any weakness. Via DailyFX - Market News https://www.dailyfx.com

Asia Day Ahead: US Job Report Brings Cautious Start to the Week

Major US indices failed to retain its initial gains in the aftermath of the US June jobs report last week, with a mid-day sell-off on relative high volume forcing an eventual close in the red. Via DailyFX - Market News https://www.dailyfx.com

Markets Q3 Outlook: Gold US Dollar Nasdaq 100 Crude Oil Fed Labor Markets

Financial markets remained resilient in the wake of a resurgence in hawkish central bank bets during the second quarter. Will this momentum hold in the third quarter? Via DailyFX - Market News https://www.dailyfx.com

Oil Fundamental Forecast: Q3 the Catalyst for Crude Oil?

Crude oil prices could be in for a positive Q3 with OPEC+ maintaining production cuts through to August. Via DailyFX - Market News https://www.dailyfx.com

Oil Futures Settle Sharply Higher End Week With Strong Gains

Oil prices rose sharply on Friday, continuing to find support from the recent data showing a big drop in U.S. crude inventories.

Oil prices were also supported by recent announcements from Saudi Arabia and Russia that they will cut crude output further. The move by the two major oil producers will result in output from OPEC+ dropping to around 5 million barrels per day, or about 5% of global oil demand.

A weak dollar contributed as well to the uptick in oil prices.

West Texas Intermediate Crude oil futures for August ended higher by $2.06 or about 2.9% at $73.86 a barrel. WTI crude futures gained about 4.6% in the week.

Brent crude futures were up $1.93 or 2.5% at $78.45 a barrel a little while ago.

Data released by the Energy Information Administration (EIA) on Thursday showed crude inventories in the U.S. fell by 1.508 million barrels in the week ended June 30, suggesting resilient demand.

Gasoline stockpiles fell by 2.550 million barrels in the week, much more than an expected drop of 1.417 million barrels, while distillate stockpiles dropped by 1.045 million barrels, as against expectations for an increase of about 0.300 million barrels.

According to a report from Baker Hughes, the total number of total active drilling rigs in the U.S. rose by 6 this week, after seeing a drop of 7 in the previous week.

The total rig count rose to 680 this week, 72 rigs below this time last year.

The number of oil rigs declined by 5 this week to 540, while the number of gas rigs rose by 11, to 135.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2214849/

Gold Futures Settle Higher As Dollar Weakens After Jobs Data

Gold futures settled higher on Friday as the dollar fell sharply after data showed a smaller than expected increase in U.S. non-farm payroll employment in the month of June.

The dollar index dropped to 102.23, losing more than 0.9%.

Gold futures for August ended higher by $17.10 or about 0.9% at $1,932.50 an ounce. Gold futures gained 0.2% in the week.

Silver futures for September ended $0.399 up at $23.289 an ounce, while Copper futures for September settled at $3.7820 per pound, gaining $0.0475.

Data from the Labor Department showed non-farm payroll employment jumped by 209,000 jobs in June, while economists had expected employment to shoot up by 225,000 jobs.

The report also showed the surges in employment in April and May were downwardly revised to 217,000 jobs and 306,000 jobs, respectively, reflecting a combined downward revision of 110,000.

While the Federal Reserve is still widely expected to raise interest rates by another quarter point later this month, the data has led to renewed optimism that will be the end of the central bank's rate-hiking cycle.

Chris Low, Chief Economist at FHN Financial, said the smaller than expected increase in jobs combined with the downward revision to the two previous session suggest the job growth trend is gradually cooling.

"The Fed should be quite pleased with this," Low said. "Job growth of 209k is still too much given their goal is a rising unemployment rate, but the FOMC is always happiest when the data show progress in their desired direction."

He added, "In a sense, this is the best possible jobs report, then, threading the needle between too strong and too weak."

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2214848/

Gold (XAU/USD) Prices at Risk of Freefall Heading Into NFP Day

Spot Gold continued to probe the psychological $1900/oz level yesterday after red-hot US data. Will the NFP report provide the catalyst for a sustained break lower? Via DailyFX - Market News https://www.dailyfx.com

Crude Oil Holds the High Ground as US Jobs Data Lights Up. Higher WTI?

The crude oil price is scoping new highs as inventories drop and the US economy continues to track along at a clip with jobs data prompting a potentially more hawkish Fed. Where to for WTI? Via DailyFX - Market News https://www.dailyfx.com

Japanese Yen Aided by Jump in Japan Wages: USD/JPY EUR/JPY AUD/JPY Price Setups

The Japanese yen found some bids after Japanese wages rose significantly more than expected, lowering the hurdle for the Bank of Japan to tweak its ultra-loose monetary policy. What is the outlook for USD/JPY, EUR/JPY, and AUD/JPY? Via DailyFX - Market News https://www.dailyfx.com

Dollar Fails To Hold Gains Turns Weak Against Major Counterparts

The U.S. dollar firmed against its major rivals Thursday morning after data showed the nation's private sector employment surged much more than expected in June. However, the currency quickly retreated and shed ground against most of the major counterparts.

Data from payroll processor ADP showed that private sector employment spiked by 497,000 jobs in June after jumping by a downwardly revised 267,000 jobs in May.

Economists had expected private sector employment to increase by 228,000 jobs compared to the addition of 278,000 jobs originally reported for the previous month.

A report from the Labor Department showed initial jobless claims rose to 248,000 in the week ended July 1st, an increase of 12,000 from the previous week's revised level of 236,000.

Economists had expected jobless claims to climb to 245,000 from the 239,000 originally reported for the previous week.

The U.S. Labor Department is scheduled to release jobs data on Friday. Economists expect nonfarm payrolls to increase by 225,000 in June and the unemployment rate is forecast to fall to 3.6%.

The Institute for Supply Management released a report showing the pace of growth in the service sector accelerated by much more than expected in June.

The ISM said its services PMI climbed to 53.9 in June from 50.3 in May, with a reading above 50 indicating growth in the sector. Economists had expected the index to inch up to 51.0.

The dollar index climbed to 103.57 from a low of 102.92, but pared gains subsequently and dropped to 103.14, down nearly 0.25% from the previous close.

Against the Euro, the dollar weakened to 1.0892 after having firmed to around 1.0835 earlier in the day.

The dollar eased to 1.2740 against Pound Sterling from 1.2704.

Against the Japanese currency, the dollar weakened to 144.08 yen from previous close of 144.66 yen.

The dollar is trading at 0.6625 against the Aussie, firming from 0.6657. Against Swiss franc, the dollar has dropped to CHF 0.8952 from CHF 0.8987, while against the Loonie, it is up, fetching C$1.3373 a unit.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2214761/

Gold Futures Settle Lower On Rate Hike Concerns

Gold futures settled lower on Thursday amid concerns the data showing a much stronger than expected private sector job growth in the month of June may convince the Federal Reserve to resume raising interest rates.

However, a weak dollar limited the yellow metal's downside.

The dollar index, which was down at 102.92, rallied to 103.57 around mid morning, before paring gains and dropping to 103.25.

Gold futures for August ended lower by $11.70 at $1,915.40 an ounce.

Silver futures for September ended down $0.512 at $22.890 an ounce, while Copper futures for September settled at $3.7345 per pound, down $0.0340 from the previous close.

Data released by payroll processor ADP this morning showed private sector employment in U.S. spiked by 497,000 jobs in June after jumping by a downwardly revised 267,000 jobs in May.

Economists had expected private sector employment to increase by 228,000 jobs compared to the addition of 278,000 jobs originally reported for the previous month.

While the surge in private sector employment paints a positive picture of the economy, continued strength in the labor market may convince the Federal Reserve to resume raising interest rates.

The Fed has previously warned about the impact of labor market tightness.

The Institute for Supply Management also released a report showing the pace of growth in the service sector accelerated by much more than expected in June.

The ISM said its services PMI climbed to 53.9 in June from 50.3 in May, with a reading above 50 indicating growth in the sector. Economists had expected the index to inch up to 51.0.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2214758/

USD/CAD Price Forecast: Loonie Strength to Come?

USD/CAD bears could be in for a resumption of the longer-term downtrend ahead of key US and Canadian economic data. Via DailyFX - Market News https://www.dailyfx.com

Gold Slips After FOMC Minutes; XAU/USD Scenario Ahead of US Jobs Data

Gold slipped after minutes of the US Federal Reserve’s June meeting kept alive hopes of another rate hike at the end of July. How does XAU/USD look ahead of the key US jobs data on Friday? Via DailyFX - Market News https://www.dailyfx.com

Crude Oil Firms on OPEC Intentions and API Data. Will WTI Break the Range?

Crude oil prices have held the high ground going into Thursday after a solid rally in the aftermath of OPEC+ announcements and API stockpiles slipping again. Higher WTI? Via DailyFX - Market News https://www.dailyfx.com

Australia Trade Data Due On Thursday

Australia will on Thursday release May figures for imports, exports and trade balance, highlighting a light day for Asia-Pacific economic activity. In April, imports were up 2.0 percent on month and exports fell 5.0 percent for a trade surplus of A$11.158 billion.

The central bank in Malaysia will wrap up its monetary policy meeting and then announce its decision on interest rates. The central bank is expected to keep its benchmark lending rate steady at 3.00 percent.

Taiwan will provide June numbers for consumer prices; in May, overall inflation was up 2.02 percent on year.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2214692/

Dollar Firm Against Major Counterparts As Fed Minutes Show More Rate Hikes

The U.S. dollar stayed firm against its major counterparts on Wednesday with the minutes from the Federal Reserve's June monetary policy meeting indicating further interest rate hikes this year.

Also, weak data from China and the Euro area helped boost the dollar's safe-haven appeal.

The minutes from the Federal Reserve's June meeting, released Wednesday afternoon, showed most members thought further hikes are on the way, but considering the lagged impact of policy and other concerns, chose to pause after enacting 10 straight rate increases.

The minutes showed the officials felt that "leaving the target range unchanged at this meeting would allow them more time to assess the economy's progress toward the Committee's goals of maximum employment and price stability."

Voicing hesitance over a multitude of factors, FOMC members said a brief pause would give the committee time to assess the impact of the hikes.

The minutes also showed the members disagreed on rate hikes. After the June meeting, all but two of the 18 participants expected that at least one hike would be appropriate this year, and 12 expected two or more hikes.

The minutes said that participants favoring a 25 basis point increase noted that the labor market remained very tight, momentum in economic activity had been stronger than earlier anticipated, and there were few clear signs that inflation was on a path to return to the Committee's 2% objective over time.

In U.S. economic news, the Commerce Department released a report showing new orders for U.S. manufactured goods increased by much less than expected in the month of May

The Commerce Department said factory orders rose by 0.3% in May after rising by a downwardly revised 0.3% in April.

Economists had expected factory orders to climb by 0.8% compared to the 0.4% increase originally reported for the previous month.

The dollar index climbed to 103.39 gaining about 0.33%.

Against the Euro, the dollar firmed to 1.0855 from 1.0880. Against Pound Sterling, the dollar strengthened to 1.2702, gaining from 1.2715.

The dollar is strong against the Japanese currency, fetching 144.69 yen a unit. Against the Aussie, the dollar is trading at 0.6655, strengthening from 0.6692.

The Swiss franc is weak at CHF 0.8988 a dollar, while the Loonie is down nearly 0.5% against the dollar at C$ 1.3285.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2214691/

Fed Minutes Show More Rate Hikes Ahead

The minutes of the Federal Reserve's June meeting, released Wednesday afternoon, showed most members thought further hikes are on the way, but considering the lagged impact of policy and other concerns, chose to pause after enacting 10 straight rate increases.

The minutes showed the officials felt that "leaving the target range unchanged at this meeting would allow them more time to assess the economy's progress toward the Committee's goals of maximum employment and price stability."

Voicing hesitance over a multitude of factors, FOMC members said a brief pause would give the committee time to assess the impact of the hikes.

"The economy was facing headwinds from tighter credit conditions, including higher interest rates, for households and businesses, which would likely weigh on economic activity, hiring, and inflation, although the extent of these effect remained uncertain," the minutes stated.

The unanimous decision not to hike came in "consideration of the significant cumulative tightening in the stance of monetary policy and the lags with which policy affects economic activity and inflation." The Fed left the target for the funds rate unchanged at 5 - 5.25 percent in June.

The minutes also showed the members disagreed on rate hikes. After the June meeting, all but two of the 18 participants expected that at least one hike would be appropriate this year, and 12 expected two or more hikes.

The minutes said that participants favoring a 25 basis point increase noted that the labor market remained very tight, momentum in economic activity had been stronger than earlier anticipated, and there were few clear signs that inflation was on a path to return to the Committee's 2 percent objective over time.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2214689/

Gold Futures Settle Lower As Dollar Rises Ahead Of Fed Minutes

Gold prices drifted lower on Wednesday as the dollar moved up ahead of the release of the minutes of the Federal Reserve's latest monetary policy meeting.

Still, concerns about economic growth and weakness in stock markets supported the safe haven metal and limited its downside.

The dollar index climbed to 103.30, gaining about 0.25%.

Gold futures for August ended lower by $2.40 at $1,927.10 an ounce.

Silver futures for September ended up $0.290 at $23.402 an ounce, while Copper futures for September settled at $3.7685 per pound, down $0.0255 from the previous close.

Data showing China's services activity expanded at the slowest pace in five months in June added to worries about a faltering post-pandemic recovery in the world's second-largest economy.

Elsewhere, Eurozone Services PMI was finalized at a 5-month low and the U.K. services PMI showed renewed signs of fragility, suggesting that major economies will fall into recession later this year.

In U.S. economic news, the Commerce Department released a report showing new orders for U.S. manufactured goods increased by much less than expected in the month of May

The Commerce Department said factory orders rose by 0.3% in May after rising by a downwardly revised 0.3% in April. Economists had expected factory orders to climb by 0.8% compared to the 0.4% increase originally reported for the previous month.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2214688/