Articles
Eurozone CFTC EUR NC Net Positions: €3.6K vs €-9.5K
402004 July 13, 2024 20:14 FXStreet Market News
Information
on
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pages
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statements
that
involve
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Markets
and
instruments
profiled
on
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only
and
should
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in
any
way
come
across
as
a
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or
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Investing
in
Open
Markets
involves
a
great
deal
of
risk,
including
the
loss
of
all
or
a
portion
of
your
investment,
as
well
as
emotional
distress.
All
risks,
losses
and
costs
associated
with
investing,
including
total
loss
of
principal,
are
your
responsibility.
The
views
and
opinions
expressed
in
this
article
are
those
of
the
authors
and
do
not
necessarily
reflect
the
official
policy
or
position
of
FXStreet
nor
its
advertisers.
The
author
will
not
be
held
responsible
for
information
that
is
found
at
the
end
of
links
posted
on
this
page.
If
not
otherwise
explicitly
mentioned
in
the
body
of
the
article,
at
the
time
of
writing,
the
author
has
no
position
in
any
stock
mentioned
in
this
article
and
no
business
relationship
with
any
company
mentioned.
The
author
has
not
received
compensation
for
writing
this
article,
other
than
from
FXStreet.
FXStreet
and
the
author
do
not
provide
personalized
recommendations.
The
author
makes
no
representations
as
to
the
accuracy,
completeness,
or
suitability
of
this
information.
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and
the
author
will
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be
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errors,
omissions
or
any
losses,
injuries
or
damages
arising
from
this
information
and
its
display
or
use.
Errors
and
omissions
excepted.
The
author
and
FXStreet
are
not
registered
investment
advisors
and
nothing
in
this
article
is
intended
to
be
investment
advice.
United States CFTC S&P 500 NC Net Positions dipped from previous $-11.8K to $-55K
402003 July 13, 2024 20:14 FXStreet Market News
Information
on
these
pages
contains
forward-looking
statements
that
involve
risks
and
uncertainties.
Markets
and
instruments
profiled
on
this
page
are
for
informational
purposes
only
and
should
not
in
any
way
come
across
as
a
recommendation
to
buy
or
sell
in
these
assets.
You
should
do
your
own
thorough
research
before
making
any
investment
decisions.
FXStreet
does
not
in
any
way
guarantee
that
this
information
is
free
from
mistakes,
errors,
or
material
misstatements.
It
also
does
not
guarantee
that
this
information
is
of
a
timely
nature.
Investing
in
Open
Markets
involves
a
great
deal
of
risk,
including
the
loss
of
all
or
a
portion
of
your
investment,
as
well
as
emotional
distress.
All
risks,
losses
and
costs
associated
with
investing,
including
total
loss
of
principal,
are
your
responsibility.
The
views
and
opinions
expressed
in
this
article
are
those
of
the
authors
and
do
not
necessarily
reflect
the
official
policy
or
position
of
FXStreet
nor
its
advertisers.
The
author
will
not
be
held
responsible
for
information
that
is
found
at
the
end
of
links
posted
on
this
page.
If
not
otherwise
explicitly
mentioned
in
the
body
of
the
article,
at
the
time
of
writing,
the
author
has
no
position
in
any
stock
mentioned
in
this
article
and
no
business
relationship
with
any
company
mentioned.
The
author
has
not
received
compensation
for
writing
this
article,
other
than
from
FXStreet.
FXStreet
and
the
author
do
not
provide
personalized
recommendations.
The
author
makes
no
representations
as
to
the
accuracy,
completeness,
or
suitability
of
this
information.
FXStreet
and
the
author
will
not
be
liable
for
any
errors,
omissions
or
any
losses,
injuries
or
damages
arising
from
this
information
and
its
display
or
use.
Errors
and
omissions
excepted.
The
author
and
FXStreet
are
not
registered
investment
advisors
and
nothing
in
this
article
is
intended
to
be
investment
advice.
Dow Jones Industrial Average rallies on rate cut hopes, sets new all-time high
401999 July 13, 2024 19:39 FXStreet Market News
-
Dow
Jones
climbed
450
points
to
set
a
fresh
all-time
peak
above
40,200.00. -
Markets
are
broadly
shrugging
off
an
acceleration
of
US
PPI
wholesale
inflation. -
US
consumer
sentiment
surveys
worsened,
but
5-year
inflation
expectations
eased.
The
Dow
Jones
Industrial
Average
(DJIA)
soared
over
450
points
on
Friday
as
markets
piled
back
into
renewed
hopes
for
rate
cuts
from
the
Federal
Reserve
(Fed)
in
September,
even
as
US
Producer
Price
Index
(PPI)
wholesale
inflation
accelerated
faster
than
expected
in
June.
Markets
have
entirely
buried
the
needle
on
rate
cut
forecasts,
pricing
in
three
rate
cuts
in
2024
and
a
95%
chance
of
a
rate
trim
on
September
18.
The
Dow
Jones
eventually
settled
back,
ending
Friday
up
nearly
250
points
and
wrapping
up
the
trading
week
nearly
flush
with
the
40,000.00
major
price
handle.
June’s
US
core
PPI
wholesale
inflation
accelerated
to
3.0%
YoY,
entirely
eclipsing
the
forecast
2.5%,
and
the
previous
period’s
print
also
saw
an
upside
revision
to
2.6%
from
the
initial
2.3%.
Despite
the
sharp
uptick
in
producer-level
inflation,
markets
are
instead
refocusing
on
a
decline
in
Consumer
Price
Inflation
(CPI)
inflation
earlier
in
the
week
in
order
to
lean
firmly
into
rate
cut
hopes.
According
to
the
CME’s
FedWatch
tool,
rate
market
bets
of
at
least
a
quarter-point
rate
trim
at
the
Federal
Open
Market
Committee’s
(FOMC)
September
18
rate
call.
Rate
traders
are
also
now
pricing
in
at
least
three
rate
cuts
in
total
for
2024,
a
step
above
the
Fed’s
own
projected
one
or
two
rate
cuts
by
December.
Elsewhere
in
US
data
on
Friday,
the
University
of
Michigan’s
Consumer
Sentiment
Index
survey
stumbled
to
a
seven-month
low
of
66.0
from
the
previous
68.2,
undercutting
the
forecast
uptick
to
68.5
as
US
consumers
turn
increasingly
discouraged
about
the
economic
outlook.
UoM
5-year
Consumer
Inflation
Expectations
eased
slightly
in
July,
ticking
down
to
2.9%
from
the
previous
3.0%,
but
markets
are
putting
significant
effort
into
ignoring
how
much
higher
long-run
consumer
inflation
expectations
are
compared
to
the
Fed’s
target
annual
inflation
rate
of
2.0%.
Dow
Jones
news
Dow
Jones
soared a
scorching
450
points
on
Friday
at
its
peak
and
chalked
in
one
of
the
index’s
best
three-day
performances
for
the
year.
Over
two-thirds
of
the
Dow
Jones’
constituent
securitiese
ended in
the
green
on
Friday,
with
losses
led
by
JPMorgan
Chase
&
Co.
(JPM),
which
declined
-1.21%
and
fell
below
$205.00 per
share.
Despite
posting
better-than-expected
second-quarter
earnings,
the
stock
is
still
sliding
after
trading
into
all-time
highs
ahead
of
Q2
earnings.
JPM
notched
in
QoQ
profits
of
18.1
billion,
bringing
EPS
to
$6.12,
handily
beating
the
forecast
estimates
of
$5.88.
On
the
high
side,
Intel
Corp.
(INTC)
rose
nearly
3%,
climbing
into
$34.50
per
share
as
the
AI
market
rush
continues.
Intel
Chief
Technology
Officer
Greg
Lavender
noted
recently
that
he
anticipates
Intel
to
reach
$1
billion
in
annual
subscription
revenue
from
AI-related
cloud
computing
subscriptions
by
fiscal
year
end
of
2027.
While
the
growth
projection
in
AI
services
revenue
is
nothing
short
of
stellar,
and
is
helping
to
bolster
Intel
stock
even
higher,
the
figure
is
still
dwarfed
by
Intel’s
main
semiconductor
business,
which
routinely
pulls
in
revenue
in
excess
of
$50
billion
annually.
Dow
Jones
technical
outlook
Dow
Jones
tapped
into
a
fresh
all-time
high
of
40,260.24
on
Friday,
climbing
over
400
points
as
broader
markets
surge
higher.
DJIA
climbed
over
a
full
percent
through
the
last
session
of
the
trading
week,
and
the
Dow
Jones
is
now
up
over
6%
from
the
last
notable
swing
low
into
the
38,000.00
handle
in
late
May.
The
Dow
Jones
index,
posting
fresh
record
peak
bids,
is
now
up
6.82%
in
2024,
and
has
climbed
an
impressive
24.59%
from
the
index’s
swing
low
into
32,300.00
in
late
2023.
Daily
candles
are
trading
well
above
the
200-day
Exponential
Moving
Average
(EMA)
at
37,733.00,
and
bidders
will
be
looking
to
put
distance
between
bids
and
the
nearest
technical
floor
priced
in
at
the
50-day
EMA
near
39,095.00.
Dow
Jones
five
minute
chart
Dow
Jones
daily
chart
Dow
Jones
FAQs
The
Dow
Jones
Industrial
Average,
one
of
the
oldest
stock
market
indices
in
the
world,
is
compiled
of
the
30
most
traded
stocks
in
the
US.
The
index
is
price-weighted
rather
than
weighted
by
capitalization.
It
is
calculated
by
summing
the
prices
of
the
constituent
stocks
and
dividing
them
by
a
factor,
currently
0.152.
The
index
was
founded
by
Charles
Dow,
who
also
founded
the
Wall
Street
Journal.
In
later
years
it
has
been
criticized
for
not
being
broadly
representative
enough
because
it
only
tracks
30
conglomerates,
unlike
broader
indices
such
as
the
S&P
500.
Many
different
factors
drive
the
Dow
Jones
Industrial
Average
(DJIA).
The
aggregate
performance
of
the
component
companies
revealed
in
quarterly
company
earnings
reports
is
the
main
one.
US
and
global
macroeconomic
data
also
contributes
as
it
impacts
on
investor
sentiment.
The
level
of
interest
rates,
set
by
the
Federal
Reserve
(Fed),
also
influences
the
DJIA
as
it
affects
the
cost
of
credit,
on
which
many
corporations
are
heavily
reliant.
Therefore,
inflation
can
be
a
major
driver
as
well
as
other
metrics
which
impact
the
Fed
decisions.
Dow
Theory
is
a
method
for
identifying
the
primary
trend
of
the
stock
market
developed
by
Charles
Dow.
A
key
step
is
to
compare
the
direction
of
the
Dow
Jones
Industrial
Average
(DJIA)
and
the
Dow
Jones
Transportation
Average
(DJTA)
and
only
follow
trends
where
both
are
moving
in
the
same
direction.
Volume
is
a
confirmatory
criteria.
The
theory
uses
elements
of
peak
and
trough
analysis.
Dow’s
theory
posits
three
trend
phases:
accumulation,
when
smart
money
starts
buying
or
selling;
public
participation,
when
the
wider
public
joins
in;
and
distribution,
when
the
smart
money
exits.
There
are
a
number
of
ways
to
trade
the
DJIA.
One
is
to
use
ETFs
which
allow
investors
to
trade
the
DJIA
as
a
single
security,
rather
than
having
to
buy
shares
in
all
30
constituent
companies.
A
leading
example
is
the
SPDR
Dow
Jones
Industrial
Average
ETF
(DIA).
DJIA
futures
contracts
enable
traders
to
speculate
on
the
future
value
of
the
index
and
Options
provide
the
right,
but
not
the
obligation,
to
buy
or
sell
the
index
at
a
predetermined
price
in
the
future.
Mutual
funds
enable
investors
to
buy
a
share
of
a
diversified
portfolio
of
DJIA
stocks
thus
providing
exposure
to
the
overall
index.
United Kingdom CFTC GBP NC Net Positions climbed from previous £62K to £84.7K
401998 July 13, 2024 19:39 FXStreet Market News
Information
on
these
pages
contains
forward-looking
statements
that
involve
risks
and
uncertainties.
Markets
and
instruments
profiled
on
this
page
are
for
informational
purposes
only
and
should
not
in
any
way
come
across
as
a
recommendation
to
buy
or
sell
in
these
assets.
You
should
do
your
own
thorough
research
before
making
any
investment
decisions.
FXStreet
does
not
in
any
way
guarantee
that
this
information
is
free
from
mistakes,
errors,
or
material
misstatements.
It
also
does
not
guarantee
that
this
information
is
of
a
timely
nature.
Investing
in
Open
Markets
involves
a
great
deal
of
risk,
including
the
loss
of
all
or
a
portion
of
your
investment,
as
well
as
emotional
distress.
All
risks,
losses
and
costs
associated
with
investing,
including
total
loss
of
principal,
are
your
responsibility.
The
views
and
opinions
expressed
in
this
article
are
those
of
the
authors
and
do
not
necessarily
reflect
the
official
policy
or
position
of
FXStreet
nor
its
advertisers.
The
author
will
not
be
held
responsible
for
information
that
is
found
at
the
end
of
links
posted
on
this
page.
If
not
otherwise
explicitly
mentioned
in
the
body
of
the
article,
at
the
time
of
writing,
the
author
has
no
position
in
any
stock
mentioned
in
this
article
and
no
business
relationship
with
any
company
mentioned.
The
author
has
not
received
compensation
for
writing
this
article,
other
than
from
FXStreet.
FXStreet
and
the
author
do
not
provide
personalized
recommendations.
The
author
makes
no
representations
as
to
the
accuracy,
completeness,
or
suitability
of
this
information.
FXStreet
and
the
author
will
not
be
liable
for
any
errors,
omissions
or
any
losses,
injuries
or
damages
arising
from
this
information
and
its
display
or
use.
Errors
and
omissions
excepted.
The
author
and
FXStreet
are
not
registered
investment
advisors
and
nothing
in
this
article
is
intended
to
be
investment
advice.
NZD/USD Price Analysis: Pairs regains ground, future depends on the 20-day SMA resistance hold
401995 July 13, 2024 19:17 FXStreet Market News
-
NZD/USD
gains
momentum
resuming
back
above
the
20-day
SMA. -
Bulls
attempt
to
maintain
control
after
Thursday’s
recovery
transitioned
the
technical
outlook
towards
a
slightly
bullish
sentiment.
On
Friday’s
session,
the
NZD/USD
demonstrated
renewed
strength
after
recovering
from
a
period
of
decline,
resulting
in
a
rise
to
around
0.6120.
Daily
technical
indicators
present
a
cautiously
optimistic
picture.
The
Relative
Strength
Index
(RSI)
currently
stands
at
52
in
positive
territory.
This
rise
signifies
a
strengthening
bullish
momentum,
however,
the
market
is
still
far
from
confirming
a
positive
outlook.
The
Moving
Average
Convergence
Divergence
(MACD)
prints
decreasing
red
bars,
indicative
of
slowing
bearish
momentum.
NZD/USD
daily
chart
On
the
upside,
bulls
will
face
a
challenge
at
0.6150
and
0.6200.
Achieving
a
decisive
close
above
these
levels
would
signal
a
further
establishment
of
control
towards
the
bulls.
Downward,
the
first
line
of
defense
lies
at
the
convergence
of
the
100
and
200-day
SMAs
at
0.6070.
A
bearish
turn
below
this
level
would
incline
the
outlook
back
to
the
bearish
side,
potentially
triggering
a
corrective
slide
towards
0.6050
and
then
to
the
0.6030
support
levels.
GBP/USD rises to 12-month high on Friday as markets pile into rate cut hopes
401992 July 13, 2024 19:14 FXStreet Market News
-
GBP/USD
approaches
1.3900
for
the
first
time
in
a
year. -
US
PPI
producer-level
inflation
rose
faster
than
expected
in
June. -
Despite
inflation
risks,
markets
have
pinned
hopes
on
a
September
rate
cut.
GBP/USD
wrapped
up
Friday
on
the
high
side
of
a
two-week
rally
as
the
US
Dollar
broadly
buckles
under
the
weight
of
investors
dog-piling
into
hopes
of
getting
a
rate
cut
from
the
Federal
Reserve
(Fed)
in
September.
Markets
are
shrugging
off
an
unexpected
uptick
in
Producer
Price
Index
(PPI)
wholesale
inflation,
which
accelerated
faster
than
expected
in
June
and
could
put
pressure
on
key
Fed
inflation
metrics
looking
forward.
Forecasting
the
Coming
Week:
Fed
rate
cut
bets
and
the
ECB
should
rule
the
sentiment
In
June,
the
core
Producer
Price
Index
(PPI)
for
wholesale
inflation
in
the
US
accelerated
to
3.0%
year-over-year,
exceeding
the
expected
2.5%.
Additionally,
the
previous
period’s
figure
was
revised
upward
to
2.6%
from
the
initial
2.3%.
Despite
the
significant
increase
in
producer-level
inflation,
the
market’s
attention
has
turned
to
the
decrease
in
Consumer
Price
Index
(CPI)
inflation
earlier
in
the
week,
leading
to
heightened
expectations
of
a
rate
cut.
According
to
the
CME’s
FedWatch
tool,
there
is
a
significant
probability
of
a
quarter-point
rate
cut
at
the
Federal
Open
Market
Committee’s
(FOMC)
meeting
on
September
18.
Rate
traders
are
also
currently
pricing
in
at
least
three
rate
cuts
in
total
for
2024,
which
is
more
than
the
one
or
two
cuts
projected
by
the
Fed
by
December.
Economic
Indicator
Producer
Price
Index
ex
Food
&
Energy
(YoY)
The
Producer
Price
Index
ex
Food
&
energy
released
by
the
Bureau
of
Labor
statistics,
Department
of
Labor
measures
the
average
changes
in
prices
in
primary
markets
of
the
US
by
producers
of
commodities
in
all
states
of
processing.
Those
volatile
products
such
as
food
and
energy
are
excluded
in
order
to
capture
an
accurate
calculation.
Generally
speaking,
a
high
reading
is
seen
as
positive
(or
bullish)
for
the
USD,
whereas
a
low
reading
is
seen
as
negative
(or
bearish).
In
other
US
economic
data
released
on
Friday,
the
University
of
Michigan’s
Consumer
Sentiment
Index
survey
dropped
to
a
seven-month
low
of
66.0,
falling
short
of
the
expected
increase
to
68.5.
This
reflects
increasing
discouragement
among
US
consumers
about
the
economic
outlook.
Additionally,
the
University
of
Michigan’s
5-year
Consumer
Inflation
Expectations
decreased
slightly
in
July
to
2.9%
from
the
previous
3.0%.
It’s
worth
noting
that
long-term
consumer
inflation
expectations
remain
significantly
higher
than
the
Fed’s
target
annual
inflation
rate
of
2.0%.
Coming
up
next
week,
the
Sterling
will
face
down
the
UK’s
own
Consumer
Price
Index
(CPI)
inflation
release,
slated
for
next
Wednesday.
UK
labor
data
and
Retail
Sales
will
follow
up
in
the
back
half
of
the
week,
and
on
the
Greenback
side,
US
Retail
Sales
will
drop
earlier
in
the
week
on
Tuesday.
British
Pound
PRICE
This
week
The
table
below
shows
the
percentage
change
of
British
Pound
(GBP)
against
listed
major
currencies
this
week.
British
Pound
was
the
strongest
against
the
New
Zealand
Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.61% | -1.32% | -1.78% | -0.07% | -0.50% | 0.31% | -0.19% | |
| EUR | 0.61% | -0.52% | -0.86% | 0.86% | 0.27% | 1.27% | 0.77% | |
| GBP | 1.32% | 0.52% | -0.37% | 1.41% | 0.79% | 1.79% | 1.30% | |
| JPY | 1.78% | 0.86% | 0.37% | 1.74% | 1.32% | 2.29% | 1.68% | |
| CAD | 0.07% | -0.86% | -1.41% | -1.74% | -0.48% | 0.38% | -0.09% | |
| AUD | 0.50% | -0.27% | -0.79% | -1.32% | 0.48% | 1.00% | 0.50% | |
| NZD | -0.31% | -1.27% | -1.79% | -2.29% | -0.38% | -1.00% | -0.49% | |
| CHF | 0.19% | -0.77% | -1.30% | -1.68% | 0.09% | -0.50% | 0.49% |
The
heat
map
shows
percentage
changes
of
major
currencies
against
each
other.
The
base
currency
is
picked
from
the
left
column,
while
the
quote
currency
is
picked
from
the
top
row.
For
example,
if
you
pick
the
British
Pound
from
the
left
column
and
move
along
the
horizontal
line
to
the
US
Dollar,
the
percentage
change
displayed
in
the
box
will
represent
GBP
(base)/USD
(quote).
GBP/USD
technical
outlook
Cable
rallied
back
into
12-month
highs
on
Friday,
extending
into
a
second
straight
week
of
firm
gains
and
inching
back
toward
the
1.3000
handle.
GBP/USD
has
risen
nearly
3%
in
July,
climbing
from
the
month’s
early
swing
low
to
1.2615.
GBP/USD
has
closed
in
the
green
for
all
but
two
of
the
last
twelve
consecutive
trading
days
as
the
pair
vaults
upwards
from
the
200-day
Exponential
Moving
Average
(EMA)
at
1.2620.
Bulls
will
be
looking
to
drag
bids
into
2023’s
peak
of
1.3142,
while
bearish
pressure
will
be
looking
to
drag
price
action
back
to
the
50-day
EMA
at
1.2715.
GBP/USD
hourly
chart
GBP/USD
daily
chart
Pound
Sterling
FAQs
The
Pound
Sterling
(GBP)
is
the
oldest
currency
in
the
world
(886
AD)
and
the
official
currency
of
the
United
Kingdom.
It
is
the
fourth
most
traded
unit
for
foreign
exchange
(FX)
in
the
world,
accounting
for
12%
of
all
transactions,
averaging
$630
billion
a
day,
according
to
2022
data.
Its
key
trading
pairs
are
GBP/USD,
aka
‘Cable’,
which
accounts
for
11%
of
FX,
GBP/JPY,
or
the
‘Dragon’
as
it
is
known
by
traders
(3%),
and
EUR/GBP
(2%).
The
Pound
Sterling
is
issued
by
the
Bank
of
England
(BoE).
The
single
most
important
factor
influencing
the
value
of
the
Pound
Sterling
is
monetary
policy
decided
by
the
Bank
of
England.
The
BoE
bases
its
decisions
on
whether
it
has
achieved
its
primary
goal
of
“price
stability”
–
a
steady
inflation
rate
of
around
2%.
Its
primary
tool
for
achieving
this
is
the
adjustment
of
interest
rates.
When
inflation
is
too
high,
the
BoE
will
try
to
rein
it
in
by
raising
interest
rates,
making
it
more
expensive
for
people
and
businesses
to
access
credit.
This
is
generally
positive
for
GBP,
as
higher
interest
rates
make
the
UK
a
more
attractive
place
for
global
investors
to
park
their
money.
When
inflation
falls
too
low
it
is
a
sign
economic
growth
is
slowing.
In
this
scenario,
the
BoE
will
consider
lowering
interest
rates
to
cheapen
credit
so
businesses
will
borrow
more
to
invest
in
growth-generating
projects.
Data
releases
gauge
the
health
of
the
economy
and
can
impact
the
value
of
the
Pound
Sterling.
Indicators
such
as
GDP,
Manufacturing
and
Services
PMIs,
and
employment
can
all
influence
the
direction
of
the
GBP.
A
strong
economy
is
good
for
Sterling.
Not
only
does
it
attract
more
foreign
investment
but
it
may
encourage
the
BoE
to
put
up
interest
rates,
which
will
directly
strengthen
GBP.
Otherwise,
if
economic
data
is
weak,
the
Pound
Sterling
is
likely
to
fall.
Another
significant
data
release
for
the
Pound
Sterling
is
the
Trade
Balance.
This
indicator
measures
the
difference
between
what
a
country
earns
from
its
exports
and
what
it
spends
on
imports
over
a
given
period.
If
a
country
produces
highly
sought-after
exports,
its
currency
will
benefit
purely
from
the
extra
demand
created
from
foreign
buyers
seeking
to
purchase
these
goods.
Therefore,
a
positive
net
Trade
Balance
strengthens
a
currency
and
vice
versa
for
a
negative
balance.
House Democratic leader Jeffries met with Biden yesterday. The read-out isn’t glowing
401991 July 13, 2024 18:41 Forexlive Latest News Market News
Democratic
House
leader
Hakeem
Jeffries
met
with
the
President
yesterday
and
released
a
readout
today.
It
certainly
doesn’t
read
like
an
endorsement.
Dear
Colleague:
Over
the
past
several
days,
House
Democrats
have
engaged
in
a
thoughtful
and
extensive
discussion
about
the
future
of
our
country,
during
a
time
when
freedom,
democracy
and
the
economic
well-being
of
everyday
Americans
are
on
the
line.
Our
discourse
has
been
candid,
clear-eyed
and
comprehensive.
On
behalf
of
the
House
Democratic
Caucus,
I
requested
and
was
graciously
granted
a
private
meeting
with
President
Joe
Biden.
That
meeting
occurred
yesterday
evening.
In
my
conversation
with
President
Biden,
I
directly
expressed
the
full
breadth
of
insight,
heartfelt
perspectives
and
conclusions
about
the
path
forward
that
the
Caucus
has
shared
in
our
recent
time
together.
As
House
Democrats
have
done
throughout
this
Congress,
we
will
continue
to
work
in
the
best
interests
of
everyday
Americans.
Thank
you
for
your
continued
leadership
in
service
of
the
communities
we
are
privileged
to
represent.
At
the
end
of
the
day
though,
only
Biden
can
take
Biden
out
of
the
race.
In
a
sense
of
which
way
the
wind
is
blowing,
Republicans
are
now
keeping
quiet
and
there’s
even
talk
of
some
Republican-affiliated
PACs
suing
to
keep
Biden
in
the
race.
EUR/USD reclaims 1.0900 as Greenback plummets on rising Fed rate cut hopes
401988 July 13, 2024 18:39 FXStreet Market News
-
EUR/USD
climbed
into
a
five-week
peak
amid
broad-market
Greenback
selling. -
US
PPI
inflation
rose
faster
than
expected
in
June,
but
investors
pin
hopes
on
rate
cuts. -
ECB
rate
cut
looms
ahead
next
week,
US
Retail
Sales
due
next
Tuesday.
Broad-market
hopes
for
an
accelerated
pace
of
rate
cuts
from
the
US
Federal
Reserve
(Fed)
reached
a
fever
pitch
on
Friday
despite
a
notable
upswing
in
US
Producer
Price
Index
(PPI)
wholesale
inflation.
The
Fiber
extended
into
a
third
straight
week
of
gains
as
investor
risk
appetite
gets
pinned
to
the
ceiling.
Forecasting
the
Coming
Week:
Fed
rate
cut
bets
and
the
ECB
should
rule
the
sentiment
June’s
core
Producer
Price
Index
(PPI)
for
wholesale
inflation
in
the
US
rose
to
3.0%
YoY,
surpassing
the
expected
2.5%.
The
previous
period’s
figure
was
adjusted
upward
to
2.6%
from
the
initial
2.3%.
Despite
the
notable
increase
in
producer-level
inflation,
market
focus
has
shifted
to
the
earlier
decrease
in
Consumer
Price
Index
(CPI)
inflation,
raising
expectations
for
a
rate
cut.
The
CME’s
FedWatch
tool
indicates
a
significant
likelihood
of
a
quarter-point
rate
cut
at
the
Federal
Open
Market
Committee’s
(FOMC)
meeting
on
September
18.
Rate
traders
are
currently
factoring
in
at
least
three
rate
cuts
by
2024,
more
than
the
one
or
two
cuts
projected
by
the
Fed
by
December.
Economic
Indicator
Producer
Price
Index
ex
Food
&
Energy
(YoY)
The
Producer
Price
Index
ex
Food
&
energy
released
by
the
Bureau
of
Labor
statistics,
Department
of
Labor
measures
the
average
changes
in
prices
in
primary
markets
of
the
US
by
producers
of
commodities
in
all
states
of
processing.
Those
volatile
products
such
as
food
and
energy
are
excluded
in
order
to
capture
an
accurate
calculation.
Generally
speaking,
a
high
reading
is
seen
as
positive
(or
bullish)
for
the
USD,
whereas
a
low
reading
is
seen
as
negative
(or
bearish).
In
other
US
economic
data
released
on
Friday,
the
University
of
Michigan’s
Consumer
Sentiment
Index
survey
dropped
to
a
seven-month
low
of
66.0,
falling
short
of
the
expected
increase
to
68.5.
This
reflects
increasing
discouragement
among
US
consumers
about
the
economic
outlook.
Additionally,
the
University
of
Michigan’s
5-year
Consumer
Inflation
Expectations
decreased
slightly
in
July
to
2.9%
from
the
previous
3.0%.
Long-term
consumer
inflation
expectations
remain
significantly
higher
than
the
Fed’s
target
annual
inflation
rate
of
2.0%
US
Retail
Sales
figures
are
on
the
docket
for
next
Tuesday,
and
Euro
traders
will
be
buckling
down
for
the
wait
to
next
week’s
latest
rate
call
from
the
European
Central
Bank
(ECB),
slated
for
early
next
Thursday.
The
ECB
recently
delivered
a
quarter-point
rate
trim
in
early
June,
but
odds
of
a
follow-up
cut
are
looking
unlikely,
and
markets
are
broadly
forecasting
a
cautious
hold
in
July.
Euro
PRICE
This
week
The
table
below
shows
the
percentage
change
of
Euro
(EUR)
against
listed
major
currencies
this
week.
Euro
was
the
strongest
against
the
New
Zealand
Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.62% | -1.35% | -1.74% | -0.07% | -0.50% | 0.31% | -0.19% | |
| EUR | 0.62% | -0.53% | -0.81% | 0.89% | 0.28% | 1.30% | 0.77% | |
| GBP | 1.35% | 0.53% | -0.33% | 1.44% | 0.81% | 1.79% | 1.30% | |
| JPY | 1.74% | 0.81% | 0.33% | 1.71% | 1.29% | 2.26% | 1.64% | |
| CAD | 0.07% | -0.89% | -1.44% | -1.71% | -0.46% | 0.37% | -0.08% | |
| AUD | 0.50% | -0.28% | -0.81% | -1.29% | 0.46% | 0.98% | 0.49% | |
| NZD | -0.31% | -1.30% | -1.79% | -2.26% | -0.37% | -0.98% | -0.48% | |
| CHF | 0.19% | -0.77% | -1.30% | -1.64% | 0.08% | -0.49% | 0.48% |
The
heat
map
shows
percentage
changes
of
major
currencies
against
each
other.
The
base
currency
is
picked
from
the
left
column,
while
the
quote
currency
is
picked
from
the
top
row.
For
example,
if
you
pick
the
Euro
from
the
left
column
and
move
along
the
horizontal
line
to
the
US
Dollar,
the
percentage
change
displayed
in
the
box
will
represent
EUR
(base)/USD
(quote).
EUR/USD
technical
outlook
EUR/USD
has
chalked
in
a
third
straight
week
of
gains,
closing
Friday
a
hair
above
the
1.0900
handle.
The
pair
has
risen
2.3%
from
late
June’s
swing
low
into
1.0666,
and
intraday
price
action
is
poised
for
a
clash
with
technical
resistance
from
June’s
early
peaks
near
1.0920.
Fiber
broken
out
of
the
topside
of
a
rough
descending
channel
on
daily
candlesticks.
Despite
closing
in
the
green
for
all
but
two
of
the
last
twelve
consecutive
trading
days,
bullish
momentum
is
poised
to
run
out
of
gas
and
could
see
a
bearish
pullback
to
the
200-day
Exponential
Moving
Average
(EMA)
at
1.0797.
EUR/USD
hourly
chart
EUR/USD
daily
chart
Euro
FAQs
The
Euro
is
the
currency
for
the
20
European
Union
countries
that
belong
to
the
Eurozone.
It
is
the
second
most
heavily
traded
currency
in
the
world
behind
the
US
Dollar.
In
2022,
it
accounted
for
31%
of
all
foreign
exchange
transactions,
with
an
average
daily
turnover
of
over
$2.2
trillion
a
day.
EUR/USD
is
the
most
heavily
traded
currency
pair
in
the
world,
accounting
for
an
estimated
30%
off
all
transactions,
followed
by
EUR/JPY
(4%),
EUR/GBP
(3%)
and
EUR/AUD
(2%).
The
European
Central
Bank
(ECB)
in
Frankfurt,
Germany,
is
the
reserve
bank
for
the
Eurozone.
The
ECB
sets
interest
rates
and
manages
monetary
policy.
The
ECB’s
primary
mandate
is
to
maintain
price
stability,
which
means
either
controlling
inflation
or
stimulating
growth.
Its
primary
tool
is
the
raising
or
lowering
of
interest
rates.
Relatively
high
interest
rates
–
or
the
expectation
of
higher
rates
–
will
usually
benefit
the
Euro
and
vice
versa.
The
ECB
Governing
Council
makes
monetary
policy
decisions
at
meetings
held
eight
times
a
year.
Decisions
are
made
by
heads
of
the
Eurozone
national
banks
and
six
permanent
members,
including
the
President
of
the
ECB,
Christine
Lagarde.
Eurozone
inflation
data,
measured
by
the
Harmonized
Index
of
Consumer
Prices
(HICP),
is
an
important
econometric
for
the
Euro.
If
inflation
rises
more
than
expected,
especially
if
above
the
ECB’s
2%
target,
it
obliges
the
ECB
to
raise
interest
rates
to
bring
it
back
under
control.
Relatively
high
interest
rates
compared
to
its
counterparts
will
usually
benefit
the
Euro,
as
it
makes
the
region
more
attractive
as
a
place
for
global
investors
to
park
their
money.
Data
releases
gauge
the
health
of
the
economy
and
can
impact
on
the
Euro.
Indicators
such
as
GDP,
Manufacturing
and
Services
PMIs,
employment,
and
consumer
sentiment
surveys
can
all
influence
the
direction
of
the
single
currency.
A
strong
economy
is
good
for
the
Euro.
Not
only
does
it
attract
more
foreign
investment
but
it
may
encourage
the
ECB
to
put
up
interest
rates,
which
will
directly
strengthen
the
Euro.
Otherwise,
if
economic
data
is
weak,
the
Euro
is
likely
to
fall.
Economic
data
for
the
four
largest
economies
in
the
euro
area
(Germany,
France,
Italy
and
Spain)
are
especially
significant,
as
they
account
for
75%
of
the
Eurozone’s
economy.
Another
significant
data
release
for
the
Euro
is
the
Trade
Balance.
This
indicator
measures
the
difference
between
what
a
country
earns
from
its
exports
and
what
it
spends
on
imports
over
a
given
period.
If
a
country
produces
highly
sought
after
exports
then
its
currency
will
gain
in
value
purely
from
the
extra
demand
created
from
foreign
buyers
seeking
to
purchase
these
goods.
Therefore,
a
positive
net
Trade
Balance
strengthens
a
currency
and
vice
versa
for
a
negative
balance.
Silver Price Analysis: XAG/USD makes a U-turn and slides below $31.00
401986 July 13, 2024 18:39 FXStreet Market News
-
Silver
retreats
over
2%
yet
holds
above
$30.78
‘double
bottom’
neckline. -
Downward
momentum
noted,
but
RSI
in
bullish
range
hints
at
potential
rebound. -
Key
support
at
$30.50;
further
levels
at
$30.00
and
$29.82/79
zone. -
Resistance
points
at
$31.00,
$31.75,
$32.15,
aiming
for
the
YTD
high
of
$32.51.
Silver
price
reversed
course
and
registered
losses
of
more
than
2%
on
Friday,
though
it
remained
above
the
‘double
bottom’
neckline,
keeping
the
short-term
uptrend
alive.
At
the
time
of
writing,
the
XAG/USD
trades
at
$30.78
after
hitting
a
daily
high
of
$31.43.
XAG/USD
Price
Analysis:
Technical
outlook
Silver’s
daily
chart
depicts
the
grey
metal’s
uptrend
is
in
play,
but
Friday’s
price
action
hints
that
sellers
stepped
in
aggressively,
achieving
a
daily
close
near
Thursday’s
open
at
$30.79.
Momentum
tilted
to
the
downside,
as
depicted
by
the
Relative
Strength
Index
(RSI),
which
aimed
lower
but
stood
in
bullish
territory.
Hence,
XAG/USD
could
be
headed
for
a
pullback
before
the
uptrend
continues.
If
XAG/USD
drops
below
the
psychological
$30.50
figure,
that
could
drive
the
spot
price
toward
the
$30.00
level.
Once
cleared,
the
next
stop
would
be
the
confluence
of
the
April
12
high
and
the
50-day
moving
average
(DMA)
at
$29.82/79.
On
the
flip
side,
the
XAG/USD
first
resistance
would
be
$31.00.
Once
cleared,
the
next
resistance
would
be
$31.75,
followed
by
the
$32.00
psychological
figures.
Once
surpassed,
the
May
29
peak
of
$32.15
emerges,
ahead
of
the
year-to-date
(YTD)
high
at
$32.51.
Further
gains
are
seen
above
the
latter.
XAG/USD
Price
Action
–
Daily
Chart
Silver
FAQs
Silver
is
a
precious
metal
highly
traded
among
investors.
It
has
been
historically
used
as
a
store
of
value
and
a
medium
of
exchange.
Although
less
popular
than
Gold,
traders
may
turn
to
Silver
to
diversify
their
investment
portfolio,
for
its
intrinsic
value
or
as
a
potential
hedge
during
high-inflation
periods.
Investors
can
buy
physical
Silver,
in
coins
or
in
bars,
or
trade
it
through
vehicles
such
as
Exchange
Traded
Funds,
which
track
its
price
on
international
markets.
Silver
prices
can
move
due
to
a
wide
range
of
factors.
Geopolitical
instability
or
fears
of
a
deep
recession
can
make
Silver
price
escalate
due
to
its
safe-haven
status,
although
to
a
lesser
extent
than
Gold’s.
As
a
yieldless
asset,
Silver
tends
to
rise
with
lower
interest
rates.
Its
moves
also
depend
on
how
the
US
Dollar
(USD)
behaves
as
the
asset
is
priced
in
dollars
(XAG/USD).
A
strong
Dollar
tends
to
keep
the
price
of
Silver
at
bay,
whereas
a
weaker
Dollar
is
likely
to
propel
prices
up.
Other
factors
such
as
investment
demand,
mining
supply
–
Silver
is
much
more
abundant
than
Gold
–
and
recycling
rates
can
also
affect
prices.
Silver
is
widely
used
in
industry,
particularly
in
sectors
such
as
electronics
or
solar
energy,
as
it
has
one
of
the
highest
electric
conductivity
of
all
metals
–
more
than
Copper
and
Gold.
A
surge
in
demand
can
increase
prices,
while
a
decline
tends
to
lower
them.
Dynamics
in
the
US,
Chinese
and
Indian
economies
can
also
contribute
to
price
swings:
for
the
US
and
particularly
China,
their
big
industrial
sectors
use
Silver
in
various
processes;
in
India,
consumers’
demand
for
the
precious
metal
for
jewellery
also
plays
a
key
role
in
setting
prices.
Silver
prices
tend
to
follow
Gold’s
moves.
When
Gold
prices
rise,
Silver
typically
follows
suit,
as
their
status
as
safe-haven
assets
is
similar.
The
Gold/Silver
ratio,
which
shows
the
number
of
ounces
of
Silver
needed
to
equal
the
value
of
one
ounce
of
Gold,
may
help
to
determine
the
relative
valuation
between
both
metals.
Some
investors
may
consider
a
high
ratio
as
an
indicator
that
Silver
is
undervalued,
or
Gold
is
overvalued.
On
the
contrary,
a
low
ratio
might
suggest
that
Gold
is
undervalued
relative
to
Silver.
Cable guns for 1.30
401985 July 13, 2024 18:18 Forexlive Latest News Market News
We’re
in
the
midst
of
an
old-fashioned
breakout
in
the
pound.
It’s
now
up
in
nine
of
the
past
10
days,
including
three
sizeable
gains
in
a
row.
The
election
uncertainty
has
cleared
and
Starmer
isn’t
promising
tax
hikes
so
the
market
is
happy
to
invest
in
a
place
with
a
bit
of
political
stability
in
a
world
of
turmoil.
Likely
a
bigger
factor
are
the
recent
BOE
comments
that
continue
to
highlight
their
belief
that
the
UK
inflation
dynamics
are
different
and
that
they’re
less
likely
to
cut
rates.
Layer
in
some
broader
US
dollar
weakness
and
the
pair
is
at
an
11-month
high.
GBPUSD
daily
We’re
still
a
long
ways
from
the
old
1.60
magnet
but
there
is
still
some
room
to
run
ahead
of
last
year’s
high
at
1.3124.
Last
week,
I
spoke
with
BNNBloomberg
and
made
the
case
for
buying
the
pound.