USD/CNH bulls cheer a slew of downbeat catalysts surrounding China to refresh the yearly high to 7.3126 during early Tuesday, close to 7.2940 by the press time. In doing so, the offshore Chinese Yuan (CNH) also ignores the US Dollar’s retreat from the monthly high ahead of the US Retail Sales data. However, comments from […]
Early Tuesday morning, Reuters cites an anonymous source to state that China’s major state-owned banks were seen selling US Dollars to buy China Yuan (CNY) in the onshore spot foreign exchange (Forex) market. The news came in after the People’s Bank of China (PBoC) surprisingly cut the benchmark rates and fueled the USD/CNY to the […]
The AUD/USD pair struggles to capitalize on the previous day’s modest bounce from the vicinity of mid-0.6400s, or its lowest level since November 2022 and edges lower during the Asian session on Tuesday. Spot prices currently trade around the 0.6485 region, nearly unchanged for the day, and seem vulnerable to prolonging the recent downward trajectory witnessed over […]
EUR/USD struggles to defend the corrective bounce off five-week low. Cautious mood ahead of US Retail Sales, holidays in multiple European markets prod Euro traders. Clear downside break of previously key supports favors EUR/USD bears to approach 1.0780 support confluence. 100-DMA, multi-month-old previous support line challenge recovery moves. EUR/USD remains sidelined near 1.0910 as it […]
Gold price (XAU/USD) continues its bleak performance amid headwinds of a strong US Dollar and higher US Treasury bond yields. The precious metal remains under pressure as consumer and producer inflation grew modestly in July but failed to uplift chances of further policy tightening by the Federal Reserve (Fed). The 0.2% monthly increase in the […]
The Pound weakened last week against the US Dollar but was the next best performing G10 currency. Economists at MUFG Bank analyze GBP outlook. Key week for UK After last week’s US inflation data, the key data releases this week will be in the UK. The jobs and wages data will be released on Tuesday […]
Russian Ruble prints a fresh 16-month low against the US Dollar due to weak economic outlooks. The USD/RUB pair climbed above the psychological resistance of 100.00 on Monday, extending YTD losses by 38%. The asset remains under pressure as the Russian economy is facing multiple headlines such as sanctions from developed economies, being in a […]
The US Dollar (USD) trades sideways after it continued where it left off Friday evening at the US closing bell. The Greenback-favored sentiment this Monday is built on the once again disappointing numbers out of China. With Country Garden, an even bigger real estate developer than Evergrande, on the brink of collapse, Chinese loan data pointed […]
The Pound Sterling (GBP) strengthens amid upbeat Q2 Gross Domestic Product (GDP) and factory data for June. The GBP/USD pair faces headwinds from bearish market sentiment ahead of the British employment data, which will be released on Tuesday at 6:00 GMT. Stellar recovery in United Kingdom’s Q2 GDP data makes Bank of England (BoE) policymakers more comfortable in raising interest rates […]
The GBP/JPY cross climbs to a four-day high on Tuesday, albeit struggles to capitalize on the momentum and fails ahead of the 183.00 round-figure mark. Spot prices erase a major part of the intraday gains and retreat to the 182.35-182.30 region during the early part of the European session. Data released earlier today showed that […]
