Articles
China Exports (YoY) registered at 8.6% above expectations (8%) in June
401935 July 12, 2024 14:39 FXStreet Market News
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emotional
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All
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of
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do
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the
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or
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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
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The
author
makes
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representations
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the
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completeness,
or
suitability
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and
FXStreet
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and
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in
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article
is
intended
to
be
investment
advice.
China Imports (YoY) came in at -2.3% below forecasts (2.8%) in June
401934 July 12, 2024 14:39 FXStreet Market News
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Investing
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well
as
emotional
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in
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of
the
authors
and
do
not
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reflect
the
official
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or
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nor
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advertisers.
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author
will
not
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responsible
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found
at
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end
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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
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this
article,
other
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FXStreet.
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author
do
not
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author
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FXStreet
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in
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article
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investment
advice.
Is three rate cuts this year for the Fed plausible?
401933 July 12, 2024 14:15 Forexlive Latest News Market News
For
markets,
that
door
has
certainly
opened
up
after
the
US
CPI
report
yesterday.
But
personally,
I
still
hold
some
reservations.
That
especially
since
we
have
seen
traders
run
back
the
post-CPI
moves
previously
in
the
last
two
months.
However,
for
now,
we
are
seeing
traders
start
to
open
up
to
the
idea
of
three
rate
cuts
by
the
Fed
for
this
year.
The
current
pricing
shows
that
September
is
pretty
much
a
done
deal
at
~98%
priced
in.
It
was
previously
~80%
before
the
inflation
numbers
yesterday.
Meanwhile,
traders
are
now
seeing
~60
bps
of
rate
cuts
for
the
year
as
opposed
to
~50
bps
before
the
report.
I
still
think
it’s
a
tall
order
for
the
Fed
to
go
with
delivering
three
rate
cuts
this
year.
The
message
that
such
a
move
will
imply
is
that
they
have
won
the
battle
against
inflation.
And
I
reckon
the
Fed
will
want
to
avoid
getting
too
carried
away
in
that
sense.
Then
again,
there’s
always
the
argument
that
they
could
say
even
with
cutting
rates
several
times
that
policy
is
still
“restrictive”.
In
judging
the
plausibility
of
three
rate
cuts,
I
reckon
a
lot
will
come
down
to
how
the
Fed
frames
its
plan
for
September.
If
they
sell
it
as
a
straightforward
narrative,
it
opens
up
the
door
for
back-to-back
moves
at
least.
And
that
means
three
rate
cuts
for
this
year
could
be
probable.
But
if
they
sell
it
as
a
potential
one
and
done,
then
markets
might
have
to
rethink
again
the
latest
moves
after
the
US
CPI
report
yesterday.
Japan Industrial Production (MoM) above expectations (2.8%) in May: Actual (3.6%)
401932 July 12, 2024 14:14 FXStreet Market News
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Investing
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Open
Markets
involves
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deal
of
risk,
including
the
loss
of
all
or
a
portion
of
your
investment,
as
well
as
emotional
distress.
All
risks,
losses
and
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associated
with
investing,
including
total
loss
of
principal,
are
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responsibility.
The
views
and
opinions
expressed
in
this
article
are
those
of
the
authors
and
do
not
necessarily
reflect
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official
policy
or
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FXStreet
nor
its
advertisers.
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author
will
not
be
held
responsible
for
information
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is
found
at
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end
of
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page.
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not
otherwise
explicitly
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in
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body
of
the
article,
at
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time
of
writing,
the
author
has
no
position
in
any
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mentioned
in
this
article
and
no
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with
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mentioned.
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author
has
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author
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author
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Gold Price Forecast: XAU/USD corrects before taking on lifetime highs
401930 July 12, 2024 14:14 FXStreet Market News
-
Gold
price
pulls
back
to
$2,400
early
Friday,
having
hit
fresh
two-month
highs
at
$2,425
on
Thursday. -
The
US
Dollar
rebounds
with
Treasury
bond
yields
after
softer
US
CPI
data
spiked
September
Fed
rate
cut
bets. -
The
USD/JPY
recovery
post-FX
intervention
also
supports
the
Greenback. -
Gold
price
remains
a
‘buy-the-dips’
trade
amid
the
bullish
technical
setup
on
the
daily
chart.
Gold
price
is
reversing
to
test
the
$2,400
threshold
early
Friday,
staging
a
minor
pullback
from
a
new
two-month
top
set
at
$2,425
on
Thursday.
Traders
now
look
forward
to
the
US
Producer
Price
Index
(PPI)
data
and
looming
risks
of
more
Japanese
forex
(FX)
market
intervention
for
the
next
push
higher
in
Gold
price.
Gold
price
consolidates
weekly
gains
Gold
price
is
on
track
to
witness
a
third
consecutive
week
of
gains,
sitting
at
its
highest
level
since
May.
Despite
the
latest
pullback
Gold
price
remains
exposed
to
upside
risks,
as
a
September
interest
rate
cut
by
the
US
Federal
Reserve
(Fed)
is
almost
a
done
deal
after
the
softer-than-expected
June
US
Consumer
Price
Index
(CPI)
data
released
on
Thursday.
The
US
CPI
climbed
3.0%
YoY
in
June,
slowing
from
a
3.3%
increase
in
May
and
below
the
3.1%
expected
print.
Meanwhile,
the
annual
core
CPI
inflation
dipped
to
3.3%
in
the
same
period,
against
the
market
consensus
of
3.4%.
On
a
monthly
basis,
CPI
fell
0.1%
while
core
CPI
rose
0.1%.
Both
readings
fell
short
of
expectations.
Bets
for
a
September
Fed
rate
cut
spiked
to
above
90%
following
the
dismal
US
inflation
data,
according
to
the
CME
Group’s
FedWatch
Tool,
compared
to
a
74%
chance
seen
pre-CPI
release.
The
US
Dollar
was
slammed
alongside
the
US
Treasury
bond
yields,
in
the
aftermath
of
the
US
inflation
data,
with
the
pain
exacerbated
by
the
USD/JPY
sell-off.
The
Japanese
Yen
rallied
hard,
as
the
US
CPI
gloom
was
joined
by
Japan’s
forex
market
intervention,
smashing
USD/JPY
over
300
pips
in
a
matter
of
an
hour.
Against
this
backdrop,
Gold
price
stormed
through
the
$2,400
barrier
to
hit
the
highest
level
in
two
months.
In
the
day
ahead,
Gold
price
could
see
an
extension
of
the
corrective
downside
if
the
US
Dollar
recovery
gathers
traction.
However,
traders
will
likely
remain
wary
ahead
of
the
US
PPI
inflation
report
and
the
preliminary
Michigan
Consumer
Sentiment
and
Inflation
Expectations,
which
could
reinforce
fresh
selling
around
the
US
Dollar.
This,
in
turn,
could
trigger
a
fresh
leg
higher
in
Gold
price.
The
end-of-the-week
flows
could
also
play
a
pivot
role
in
the
Gold
price
action.
Gold
price
technical
analysis:
Daily
chart
The
short-term
technical
outlook
for
Gold
price
continues
to
suggest
a
retest
of
the
all-time
highs
at
$2,450,
as
the
14-day
Relative
Strength
Index
(RSI)
holds
its
position
well
above
the
50
level.
Adding
credence
to
the
bullish
potential,
the
21-day
Simple
Moving
Average
(SMA)
is
on
the
verge
of
crossing
the
50-day
SMA
from
above,
which
if
realized
on
a
daily
closing
basis
will
confirm
a
Bear
Cross
and
revive
the
Gold
price
upside.
Gold
buyers
need
to
yield
a
decisive
break
above
the
two-month
high
of
$2,425
to
retake
the
record
highs
of
$2,450.
On
the
downside,
if
the
pullback
gains
momentum,
Gold
price
could
face
immediate
support
at
the
previous
week’s
high
near
$2,390.
The
next
bearish
target
is
seen
at
the
previous
day’s
low
of
$2,371,
below
which
the
$2,350
psychological
level
will
come
into
play.
All
in
all,
Gold
price
remains
a
good
buying
opportunity
on
every
pullback.
Gold
FAQs
Gold
has
played
a
key
role
in
human’s
history
as
it
has
been
widely
used
as
a
store
of
value
and
medium
of
exchange.
Currently,
apart
from
its
shine
and
usage
for
jewelry,
the
precious
metal
is
widely
seen
as
a
safe-haven
asset,
meaning
that
it
is
considered
a
good
investment
during
turbulent
times.
Gold
is
also
widely
seen
as
a
hedge
against
inflation
and
against
depreciating
currencies
as
it
doesn’t
rely
on
any
specific
issuer
or
government.
Central
banks
are
the
biggest
Gold
holders.
In
their
aim
to
support
their
currencies
in
turbulent
times,
central
banks
tend
to
diversify
their
reserves
and
buy
Gold
to
improve
the
perceived
strength
of
the
economy
and
the
currency.
High
Gold
reserves
can
be
a
source
of
trust
for
a
country’s
solvency.
Central
banks
added
1,136
tonnes
of
Gold
worth
around
$70
billion
to
their
reserves
in
2022,
according
to
data
from
the
World
Gold
Council.
This
is
the
highest
yearly
purchase
since
records
began.
Central
banks
from
emerging
economies
such
as
China,
India
and
Turkey
are
quickly
increasing
their
Gold
reserves.
Gold
has
an
inverse
correlation
with
the
US
Dollar
and
US
Treasuries,
which
are
both
major
reserve
and
safe-haven
assets.
When
the
Dollar
depreciates,
Gold
tends
to
rise,
enabling
investors
and
central
banks
to
diversify
their
assets
in
turbulent
times.
Gold
is
also
inversely
correlated
with
risk
assets.
A
rally
in
the
stock
market
tends
to
weaken
Gold
price,
while
sell-offs
in
riskier
markets
tend
to
favor
the
precious
metal.
The
price
can
move
due
to
a
wide
range
of
factors.
Geopolitical
instability
or
fears
of
a
deep
recession
can
quickly
make
Gold
price
escalate
due
to
its
safe-haven
status.
As
a
yield-less
asset,
Gold
tends
to
rise
with
lower
interest
rates,
while
higher
cost
of
money
usually
weighs
down
on
the
yellow
metal.
Still,
most
moves
depend
on
how
the
US
Dollar
(USD)
behaves
as
the
asset
is
priced
in
dollars
(XAU/USD).
A
strong
Dollar
tends
to
keep
the
price
of
Gold
controlled,
whereas
a
weaker
Dollar
is
likely
to
push
Gold
prices
up.
Silver Price Forecast: XAG/USD faces some selling pressure below $31.50 as US Dollar rebounds
401928 July 12, 2024 13:39 FXStreet Market News
-
Silver
price
trades
in
negative
territory
around
$31.25
in
Friday’s
early
Asian
session,
down
0.75%
on
the
day. -
The
rate
cut
hopes
by
the
Fed
and
safe-haven
flows
add
sparkle
to
Silver. -
Firmer
US
Dollar
demand
and
the
Fed’s
hawkish
stance
might
cap
the
white
metal’s
upside.
Silver
price
(XAG/USD)
attracts
some
sellers
near
$31.25,
snapping
the
three-day
winning
streak
during
the
early
European
trading
hours
on
Friday.
The
white
metal
trims
gains
amid
the
modest
rebound
of
the
Greenback.
However,
the
downside
might
be
limited
as
traders
raise
their
bets
on
the
Federal
Reserve
(Fed)
rate
cut
in
September.
The
US
Bureau
of
Labor
Statistics
(BLS)
revealed
on
Thursday
that
the
US
Consumer
Price
Index
(CPI)
increased
3.0%
YoY
in
June,
compared
to
a
rise
of
3.3%
in
May,
This
figure
was
below
the
market
consensus
of
3.1%.
On
a
monthly
basis,
the
CPI
declined
0.1%
MoM
in
June,
the
lowest
level
in
more
than
three
years.
Financial
markets
saw
a
nearly
85%
chance
of
a
Fed
rate
cut
in
September,
up
from
the
73%
seen
before
the
CPI
report,
according
to
CME
Group’s FedWatch
Tool.
The
growing
hopes
for
rate
cuts
from
US
central
bank
is
due
to
recently
softer
US
inflation
data
and
weaker
Services
Purchasing
Managers
Index
(PMI).
Additionally,
geopolitical
risks
and
political
uncertainty
in
the
US
and
Europe
might
boost
the
safe-haven
flows,
which
benefit
the
Silver.
Also,
the
concerns
about
global
economic
slowdown
also
lift
the
white
metal
as
traders
find
safe
destinations
to
place
their
funds.
On
the
other
hand,
the
renewed
Greenback
demand
and
the
hawkish
message
from
Fed
officials
might
drag
the
Silver
price
lower.
Fed
Chair
Jerome
Powell
emphasized
on
Wednesday
before
the
US
House
Financial
Services
Committee
that
it
would
not
be
appropriate
to
cut
the
policy
rate
until
they
gain
greater
confidence
in
inflation
heading
sustainably
towards
the
Fed’s
2%
target.
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.
Japanese Yen experiences volatility due to more FX intervention risks
401926 July 12, 2024 13:39 FXStreet Market News
-
The
Japanese
Yen
edges
lower
as
the
US
Dollar
improves
due
to
higher
Treasury
yields. -
Japanese
Chief
Cabinet
Secretary
Yoshimasa
Hayashi
has
expressed
readiness
to
utilize
all
available
measures
concerning
forex
matters. -
Fed’s
Goolsbee
stated
that
the
US
economy
appears
to
be
on
track
to
achieve
2%
inflation.
The
Japanese
Yen
(JPY)
trims
its
gains
as
the
US
Dollar
(USD)
strengthens,
buoyed
by
improved
Treasury
yields.
However,
the
JPY’s
volatility
is
anticipated
to
persist
amid
speculation
of
intervention
by
Japanese
authorities
following
weaker-than-anticipated
US
Consumer
Price
Index
(CPI)
figures.
Japanese
Chief
Cabinet
Secretary
Yoshimasa
Hayashi
stated
his
readiness
to
employ
all
available
measures
regarding
forex.
Hayashi
noted
that
the
Bank
of
Japan
(BoJ)
would
determine
the
specifics
of
monetary
policy.
He
expects
that
the
BoJ
will
implement
appropriate
measures
to
sustainably
and
steadily
achieve
the
2%
price
target,
reported
by
Reuters
on
Friday.
The
Bank
of
Japan
(BoJ)
could
raise
interest
rates
at
its
upcoming
July
meeting.
This
expectation
bolstered
the
JPY,
contributing
to
a
decline
in
the
USD/JPY
pair.
Daily
Digest
Market
Movers:
Japanese
Yen
experiences
fluctuations
amid
intervention
threats
-
On
Friday,
Japanese
Finance
Minister
Shunichi
Suzuki
emphasized
that
rapid
foreign
exchange
(FX)
movements
are
undesirable.
Suzuki
refrained
from
commenting
on
FX
intervention
and
declined
to
address
media
reports
regarding
Japan’s
FX
rate
checks,
as
reported
by
Reuters. -
Federal
Reserve
Bank
of
Chicago
President
Austan
Goolsbee
said
on
Thursday
that
the
US
economy
appears
to
be
on
track
to
achieve
2%
inflation.
Goolsbee
stated
“My
view
is,
this
is
what
the
path
to
2%
looks
like,”
according
to
Reuters. -
The
US
Consumer
Price
Index
(CPI)
declined
by
0.1%
month-over-month
in
June,
marking
its
lowest
level
in
over
three
years.
The
headline
CPI
increased
by
3.0%
MoM
in
June,
down
from
a
3.3%
rise
in
May
and
below
the
market
consensus
of
3.1%. -
The
core
CPI,
which
excludes
volatile
food
and
energy
prices,
rose
by
3.3%
year-over-year
in
June,
compared
to
May’s
increase
of
3.4%
and
the
same
expectation.
Meanwhile,
the
core
CPI
increased
by
0.1%
month-over-month,
against
the
expected
and
prior
reading
of
0.2%. -
Peter
Boockvar,
chief
financial
officer
at
US-based
Bleakley
Financial
Group,
said
that
the
Yen’s
weakness
will
trigger
the
BoJ
to
“react
sooner
rather
than
later,”
per
Reuters. -
Reuters
reported
on
Wednesday,
citing
unnamed
sources,
the
Bank
of
Japan
will
likely
trim
this
year’s
economic
growth
forecast
and
project
inflation
will
stay
around
its
2%
target
in
coming
years
at
its
meeting
this
month. -
Federal
Reserve
Chairman
Jerome
Powell
highlighted
the
urgent
need
to
monitor
the
deteriorating
labor
market
on
Wednesday.
Additionally,
Powell
expressed
confidence
in
the
downward
trend
of
inflation,
following
his
remarks
on
Tuesday
that
emphasized
the
necessity
of
further
data
to
strengthen
confidence
in
the
inflation
outlook. -
According
to
a
Bloomberg
report
on
Tuesday,
the
Bank
of
Japan
is
conducting
three
in-person
meetings
with
banks,
securities
firms,
and
financial
institutions
over
the
next
few
days.
These
meetings
aim
to
assess
a
feasible
pace
for
scaling
back
its
purchases
of
Japanese
Government
Bonds.
Technical
Analysis:
USD/JPY
rebounds
toward
159.50
USD/JPY
trades
around
159.30
on
Friday.
The
daily
chart
analysis
shows
a
weakening
bullish
bias
as
it
breached
the
lower
boundary
of
an
ascending
channel
pattern.
Additionally,
the
14-day
Relative
Strength
Index
(RSI)
was
slightly
below
the
50
level,
indicating
a
decline
in
the
momentum
of
the
pair’s
price.
The
USD/JPY
pair
may
find
initial
support
near
the
psychological
level
of
109.00.
A
break
below
this
level
could
reinforce
bearish
sentiment,
potentially
prompting
a
revisit
to
June’s
low
near
104.55.
On
the
upside,
immediate
resistance
is
seen
around
the
21-day
Exponential
Moving
Average
(EMA)
at
109.82,
followed
by
the
lower
boundary
of
the
ascending
channel
near
109.95.
A
return
to
within
the
ascending
channel
would
likely
improve
sentiment
for
the
USD/JPY
pair,
potentially
targeting
the
upper
boundary
of
the
channel
around
the
113.20
level.
USD/JPY:
Daily
Chart
Japanese
Yen
PRICE
Today
The
table
below
shows
the
percentage
change
of
Japanese
Yen
(JPY)
against
listed
major
currencies
today.
Japanese
Yen
was
the
weakest
against
the
Australian
Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.03% | 0.02% | 0.14% | -0.08% | -0.15% | -0.10% | 0.03% | |
| EUR | 0.03% | 0.05% | 0.21% | -0.06% | -0.16% | -0.07% | 0.02% | |
| GBP | -0.02% | -0.05% | 0.16% | -0.12% | -0.19% | -0.13% | -0.04% | |
| JPY | -0.14% | -0.21% | -0.16% | -0.28% | -0.31% | -0.28% | -0.16% | |
| CAD | 0.08% | 0.06% | 0.12% | 0.28% | -0.07% | -0.02% | 0.07% | |
| AUD | 0.15% | 0.16% | 0.19% | 0.31% | 0.07% | 0.05% | 0.15% | |
| NZD | 0.10% | 0.07% | 0.13% | 0.28% | 0.02% | -0.05% | 0.11% | |
| CHF | -0.03% | -0.02% | 0.04% | 0.16% | -0.07% | -0.15% | -0.11% |
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
Japanese
Yen
from
the
left
column
and
move
along
the
horizontal
line
to
the
US
Dollar,
the
percentage
change
displayed
in
the
box
will
represent
JPY
(base)/USD
(quote).
Japanese
Yen
FAQs
The
Japanese
Yen
(JPY)
is
one
of
the
world’s
most
traded
currencies.
Its
value
is
broadly
determined
by
the
performance
of
the
Japanese
economy,
but
more
specifically
by
the
Bank
of
Japan’s
policy,
the
differential
between
Japanese
and
US
bond
yields,
or
risk
sentiment
among
traders,
among
other
factors.
One
of
the
Bank
of
Japan’s
mandates
is
currency
control,
so
its
moves
are
key
for
the
Yen.
The
BoJ
has
directly
intervened
in
currency
markets
sometimes,
generally
to
lower
the
value
of
the
Yen,
although
it
refrains
from
doing
it
often
due
to
political
concerns
of
its
main
trading
partners.
The
current
BoJ
ultra-loose
monetary
policy,
based
on
massive
stimulus
to
the
economy,
has
caused
the
Yen
to
depreciate
against
its
main
currency
peers.
This
process
has
exacerbated
more
recently
due
to
an
increasing
policy
divergence
between
the
Bank
of
Japan
and
other
main
central
banks,
which
have
opted
to
increase
interest
rates
sharply
to
fight
decades-high
levels
of
inflation.
The
BoJ’s
stance
of
sticking
to
ultra-loose
monetary
policy
has
led
to
a
widening
policy
divergence
with
other
central
banks,
particularly
with
the
US
Federal
Reserve.
This
supports
a
widening
of
the
differential
between
the
10-year
US
and
Japanese
bonds,
which
favors
the
US
Dollar
against
the
Japanese
Yen.
The
Japanese
Yen
is
often
seen
as
a
safe-haven
investment.
This
means
that
in
times
of
market
stress,
investors
are
more
likely
to
put
their
money
in
the
Japanese
currency
due
to
its
supposed
reliability
and
stability.
Turbulent
times
are
likely
to
strengthen
the
Yen’s
value
against
other
currencies
seen
as
more
risky
to
invest
in.
More Japanese households anticipate prices to be higher in the next year – BOJ survey
401925 July 12, 2024 13:15 Forexlive Latest News Market News
There
is
some
87.5%
of
Japanese
households
expecting
a
rise
in
prices
in
a
year
from
now:
That
is
up
from
the
83.3%
share
from
the
previous
survey
in
March
this
year.
Meanwhile,
the
outlook
for
economic
conditions
show
just
~8%
of
households
anticipating
an
improvement
in
the
economy
in
a
year
from
now.
That
is
down
from
the
~14%
in
March.
That
said,
this
figure
tends
to
fluctuate
quite
a
bit
with
it
being
~8%
as
well
in
December
last
year
and
at
~11%
in
September
last
year.
But
overall,
it
seems
like
the
public
opinion
is
that
they
are
feeling
prices
have
been
trending
higher.
And
they
are
continuing
to
anticipate
that
to
be
the
case
in
the
next
year
as
well.
EUR/USD Price Analysis: Rises toward 1.1000 ahead of three-month highs
401923 July 12, 2024 13:14 FXStreet Market News
-
EUR/USD
may
extend
its
upside
as
the
daily
chart
analysis
shows
a
bullish
inclination. -
The
pair
may
face
a
potential
resistance
near
a
three-month
high
at
1.0915. -
The
lower
boundary
of
the
ascending
channel
around
1.0830
level
could
act
as
immediate
support.
EUR/USD
continues
its
winning
streak
for
the
third
successive
day,
trading
around
1.0870
during
the
Asian
hours
on
Friday.
The
EUR/USD
pair
found
support
as
the
US
Dollar
(USD)
weakened
following
softer-than-expected
US
Consumer
Price
Index
(CPI)
data
in
June.
This
has
increased
expectations
of
a
potential
Federal
Reserve
(Fed)
rate
cut
in
September.
The
technical
analysis
of
the
daily
chart
shows
a
bullish
inclination,
with
the
pair
moving
within
an
ascending
channel.
Furthermore,
the
14-day
Relative
Strength
Index
(RSI),
a
momentum
indicator,
is
above
the
level
of
50,
confirming
the
bullish
trend
for
the
EUR/USD
pair.
Continued
upward
movement
could
reinforce
the
pair’s
bullish
bias.
The
EUR/USD
pair
faces
potential
resistance
near
a
three-month
high
at
1.0915.
Further
barrier
appears
around
the
upper
boundary
of
the
ascending
channel
around
1.0960.
A
breakthrough
above
this
level
could
lead
the
pair
to
explore
the
region
around
the
psychological
level
of
1.1000.
On
the
downside,
initial
support
for
EUR/USD
lies
near
the
lower
boundary
of
the
ascending
channel
around
the
1.0830
level,
followed
by
the
nine-day
Exponential
Moving
Average
(EMA)
at
the
level
of
1.0822.
A
breach
below
the
latter
might
increase
downward
pressure,
targeting
support
around
the
key
level
of
1.0670,
potentially
serving
as
a
rebound
support
level.
EUR/USD:
Daily
Chart
Euro
PRICE
Today
The
table
below
shows
the
percentage
change
of
Euro
(EUR)
against
listed
major
currencies
today.
Euro
was
the
strongest
against
the
Japanese
Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.03% | 0.01% | 0.11% | -0.08% | -0.14% | -0.10% | -0.03% | |
| EUR | 0.03% | 0.04% | 0.19% | -0.06% | -0.12% | -0.08% | -0.03% | |
| GBP | -0.01% | -0.04% | 0.14% | -0.11% | -0.17% | -0.13% | -0.07% | |
| JPY | -0.11% | -0.19% | -0.14% | -0.26% | -0.28% | -0.26% | -0.19% | |
| CAD | 0.08% | 0.06% | 0.11% | 0.26% | -0.05% | -0.02% | 0.03% | |
| AUD | 0.14% | 0.12% | 0.17% | 0.28% | 0.05% | 0.04% | 0.10% | |
| NZD | 0.10% | 0.08% | 0.13% | 0.26% | 0.02% | -0.04% | 0.07% | |
| CHF | 0.03% | 0.03% | 0.07% | 0.19% | -0.03% | -0.10% | -0.07% |
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).
GBP/USD flat lines around 1.2900 mark, below one-year peak touched on Thursday
401922 July 12, 2024 13:14 FXStreet Market News
-
GBP/USD
consolidates
the
previous
day’s
strong
move
up
to
a
one-year
peak. -
Rebounding
US
bond
yields
revive
the
USD
demand
and
cap
gains
for
the
pair. -
Reduced
August
BoE
rate
cut
bets
should
help
limit
any
meaningful
downfall.
The
GBP/USD
pair
seesaws
between
tepid
gains/minor
losses
around
the
1.2900
mark
during
the
Asian
session
on
Friday
and
remains
well
within
the
striking
distance
of
a
one-year
peak
touched
the
previous
day.
The
US
Dollar
(USD)
attracts
some
buyers
in
the
wake
of
a
goodish
pickup
in
the
US
Treasury
bond
yields
and
moves
away
from
a
nearly
three-month
low
touched
the
previous
day,
which,
in
turn,
acts
as
a
headwind
for
the
GBP/USD
pair.
Meanwhile,
the
softer
US
consumer
inflation
figures
released
on
Thursday
boosted
market
bets
for
an
imminent
start
of
the
Federal
Reserve’s
(Fed)
rate-cutting
cycle
in
September.
This
might
keep
a
lid
on
any
meaningful
upside
for
the
US
bond
yields.
Apart
from
this,
the
prevalent
risk-on
environment
might
hold
back
traders
from
placing
aggressive
bullish
bets
around
the
safe-haven
buck.
The
British
Pound
(GBP),
on
the
other
hand,
continues
to
draw
support
from
Thursday’s
data
showing
that
Britain’s
economy
grew
more
quickly
than
expected,
by
0.4%
in
May.
This
comes
on
top
of
the
recent
comments
by
the
Bank
of
England
(BoE)
policymakers
and
dashed
hopes
for
a
rate
cut
in
August.
In
fact,
the
BoE
MPC
member
Catherine
Mann
said
on
Wednesday
that
until
there
is
some
deceleration
in
services
prices,
she
is
not
in
favor
of
cutting
interest
rates.
Adding
to
this,
BoE
Chief
Economist
Huw
Pill
noted
that
there
is
still
some
work
to
do
before
the
domestic
persistent
component
of
inflation
is
gone.
The
aforementioned
fundamental
backdrop
seems
tilted
firmly
in
favor
of
bulls
and
suggests
that
the
path
of
least
resistance
for
the
GBP/USD
pair
is
to
the
upside.
Hence,
any
meaningful
corrective
decline
might
still
be
seen
as
a
buying
opportunity
and
is
more
likely
to
remain
limited.
Nevertheless,
spot
prices
remain
on
track
to
end
in
the
green
for
the
third
successive
week.
Traders
now
look
forward
to
the
release
of
the
US
Producer
Price
Index
(PPI)
and
the
University
of
Michigan
Consumer
Sentiment
survey,
due
later
during
the
North
American
session,
for
short-term
opportunities
on
the
last
day
of
the
week.
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.