Articles
EUR/USD grinds chart paper above 1.0800 after Fed fails to spark rate rally
401445 July 10, 2024 07:39 FXStreet Market News
-
EUR/USD
continues
to
chill
after
testing
above
1.0840
this
week. -
Fedspeak
from
Fed
Chair
Powell
failed
to
deliver
a
dovish-enough
stance. -
US
inflation
data
to
be
the
key
print
later
in
the
week.
EUR/USD
continues
to
settle
closer
to
1.0800
after
a
misfire
in
market
expectations
of
Federal
Reserve
(Fed)
Chairman
Jerome
Powell’s
testimony
before
US
Congress
on
Tuesday.
Despite
a
head
nod
to
improving
inflation
figures,
the
Fed
is
still
leaning
firmly
in
a
cautionary
stance,
pulling
the
rug
from
beneath
markets
that
were
coiled
in
anticipation
of
a
tonal
shift
from
Fed
policymakers.
Forex
Today:
Focus
remains
on
Powell
and
Fedspeak
Traders
are
battening
down
the
hatches
for
the
wait
to
key
US
inflation
data
prints
later
in
the
week,
with
a
smattering
of
Fed
speakers
and
Fed
Chair
Powell’s
second
round
of
testifying
due
on
Wednesday.
US
Consumer
Price
Index
(CPI)
inflation
data
slated
for
Thursday
will
be
the
key
driver
of
market
volumes
in
the
back
half
of
the
trading
week.
Investors
hungry
for
rate
cuts
will
be
looking
for
CPI
inflation
to
churn
lower,
but
median
market
forecasting
models
broadly
expect
annualized
core
CPI
for
the
year
ended
in
June
to
hold
steady
at
3.4%
YoY,
while
headline
CPI
inflation
is
expected
to
tick
upwards
to
0.1%
MoM
in
June
versus
the
previous
flat
print
of
0.0%.
Initial
Jobless
Claims
for
the
week
ended
July
5
are
also
on
the
docket
for
Thursday,
and
are
forecast
to
tick
down
to
236K
from
the
previous
238K.
Finally,
German
Harmonized
Index
of
Consumer
Prices
(HICP)
inflation
figures
are
due
early
Thursday,
but
YoY
German
inflation
in
June
is
expected
to
hold
steady
at
the
previous
print
of
2.5%.
EUR/USD
technical
outlook
The
Fiber
is
on
a
slow
grind
near
1.0800
after
peaking
earlier
this
week
just
north
of
1.0840,
and
intraday
price
action
is
getting
squeezed
between
downside
pressure
and
technical
support
from
the
200-hour
Exponential
Moving
Average
(EMA)
at
1.0787.
EUR/USD
looks
set
to
run
out
of
gas
in
a
near-term
bullish
push
from
the
last
swing
low
near
1.0660.
With
momentum
draining
out
of
the
Fiber,
the
pair
is
set
for
a
tumble
back
below
the
200-day
EMA
at
1.0784.
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.
Worldcoin prepares for World Chain Mainnet launch through developer preview
401444 July 10, 2024 07:39 FXStreet Market News
-
Worldcoin
launched
a
developer
preview
for
World
Chain
ahead
of
its
Mainnet
launch. -
World
Chain
will
become
a
new
hub
for
all
World
ID
integration
and
unify
the
Worldcoin
community. -
WLD
is
up
more
than
4%
amid
upcoming
large
token
unlocks.
Worldcoin
(WLD) launched
a
developer
preview
for
World
Chain
on
Tuesday
as
it
prepares
its
community
for
Mainnet
launch
later
in
the
year.
The
preview
will
allow
developers
to
reach
its
ten
million
users
scattered
across
the
globe.
WLD
price
is
up
as
World
Chain
launch
draws
closer
Worldcoin
Foundation
announced
the
launch
of
its
Layer
2
World
Chain
developer
preview
in
anticipation
of
its
Mainnet
launch.
According
to
a
Worldcoin
blog
post,
World
Chain
will
help
cater
to
the
infrastructure
needs
of
Worldcoin
and
Worldapp
users
by
boosting
transaction
speed
and
improving
ID
verification.
The
preview
aims
to
allow
developers
to
test
run
World
Chain’s
operations
and
provide
feedback
on
its
architecture.
Additionally,
it
ensures
that
builders
will
be
well-positioned
before
the
anticipated
transition
of
over
10
million
users
from
the
OP
Mainnet
to
World
Chain
later
this
summer.
Currently,
the
preview
is
only
available
to
a
select
number
of
developers
who
meet
certain
criteria.
Worldcoin
Foundation
claims
that
World
Chain
will
function
as
the
hub
for
Worldcoin’s
network
and
will
operate
freely,
without
authorization,
and
as
an
open-source
platform
under
the
direction
of
the
people
it
represents.
World
Chain
will
function
as
part
of
Optimism’s
Superchain
ecosystem,
consisting
of
L2
networks
using
the
OP
stack.
Since
its
launch
in
2023,
Worldcoin’s
user
transactions
have
garnered
over
50%
of
OP’s
Mainnet
activity,
making
it
one
of
the
largest
L2
apps.
Meanwhile,
the
WLD
token
is
up
more
than
4%
following
the
launch,
reducing
its
weekly
losses
to
18%.
While
investors
expect
that
WLD’s
price
will
rally
in
anticipation
of
the
World
Chain’s
launch,
it’s
important
to
watch
out
for
the
daily
unlocks
from
its
treasury.
According
to
CryptoNation,
Worldcoin
will
see
about
6.62
million
WLD
unlocks
per
day
in
the
coming
weeks.
With
such
a
huge
supply
injected
into
circulation,
combined
with
the
wider
market
bearish
sentiment,
WLD
may
be
set
for
potential
drawdowns.
Full Article
USD/CAD remains confined in familiar range above 1.3600, eyes on Powell, Fedspeak
401442 July 10, 2024 07:14 FXStreet Market News
-
USD/CAD
consolidates
near
1.3635
in
Wednesday’s
early
Asian
session. -
Fed’s
Powell
said
”more
good
data”
could
open
the
door
to
rate
cuts. -
The
weaker
Canadian
employment
data
has
spurred
the
BoC
rate
cuts
expectation.
The
USD/CAD
pair
remains
capped
within
a
narrow
trading
range
around
1.3635
during
the
early
Asian
session
on
Wednesday.
Meanwhile,
the
USD
Index
(DXY)
consolidates
its
gains
past
the
105.00
hurdle
as
traders
await
the
second
semi-annual
testimony
by
Federal
Reserve
(Fed)
Chair
Jerome Powell,
along
with
speeches
by
the
Fed’sMichelle
Bowman
and
Austan
Goolsbee.
On
Tuesday,
Fed’s
Powell
delivered
the
Semi-Annual
Monetary
Policy
Report
and
responded
to
questions
before
the
Senate
Banking
Committee
on
the
first
day
of
his
Congressional
testimony.
Powell
said
that
holding
interest
rates
too
high
for
too
long
could
affect
economic
growth.
He
further
stated
that
“more
good
data”
could
open
the
door
to
interest
rate
cuts
as
recent
data
indicated
that
the
labor
market
and
inflation
are
continuing
to
cool.
The
US
central
bank
has
kept
the
Fed’s
federal
fund
rate
in
a
range
of
5.25%-5.50%
since
July
of
2023,
the
highest
in
23
years
after
inflation
hit
its
highest
level
since
the
early
1980s.
According
to
data
from
the
CME
FedWatch
Tool,
investors
are
now
pricing
in
74%
odds
of
a
Fed
rate
cut
in
September,
up
from
71%
last
Friday. However,
the
Federal
Open
Market
Committee
(FOMC)
members
at
their
June
meeting indicated
just
one
cut
this
year.
The
expectation
of
a
Fed
rate
cut
might
exert
some
selling
pressure
on
the
US
Dollar
(USD)
in
the
near
term.
On
the
other
hand,
the
weaker-than-expected
Canadian
labour
market
data
has
triggered
speculation
about
the
Bank
of
Canada
(BoC)
rate
cut.
The
country’s
Unemployment
Rate
rose
to
6.4%
in
June
from
6.2%
in
May.
A
National
Bank
economist
said
that
the
Unemployment
Rate
in
Canada
might
hit
or
exceed
7%
this
year
if
the
BoC
doesn’t
make
interest
rate
cuts
“sooner
than
later.”
Elsewhere,
crude
oil
prices
decline
for
the
third
consecutive
day
as
hurricane-driven
supply
concerns
dwindled
and
geopolitical
jitters
remained
subdued.
Nonetheless,
the
rebound
of
oil
prices
might
lift
the
commodity-linked Canadian
Dollar
(CAD)
as
Canada
is
the
major
crude
oil
exporter
to
the United
States.
Canadian
Dollar
FAQs
The
key
factors
driving
the
Canadian
Dollar
(CAD)
are
the
level
of
interest
rates
set
by
the
Bank
of
Canada
(BoC),
the
price
of
Oil,
Canada’s
largest
export,
the
health
of
its
economy,
inflation
and
the
Trade
Balance,
which
is
the
difference
between
the
value
of
Canada’s
exports
versus
its
imports.
Other
factors
include
market
sentiment
–
whether
investors
are
taking
on
more
risky
assets
(risk-on)
or
seeking
safe-havens
(risk-off)
–
with
risk-on
being
CAD-positive.
As
its
largest
trading
partner,
the
health
of
the
US
economy
is
also
a
key
factor
influencing
the
Canadian
Dollar.
The
Bank
of
Canada
(BoC)
has
a
significant
influence
on
the
Canadian
Dollar
by
setting
the
level
of
interest
rates
that
banks
can
lend
to
one
another.
This
influences
the
level
of
interest
rates
for
everyone.
The
main
goal
of
the
BoC
is
to
maintain
inflation
at
1-3%
by
adjusting
interest
rates
up
or
down.
Relatively
higher
interest
rates
tend
to
be
positive
for
the
CAD.
The
Bank
of
Canada
can
also
use
quantitative
easing
and
tightening
to
influence
credit
conditions,
with
the
former
CAD-negative
and
the
latter
CAD-positive.
The
price
of
Oil
is
a
key
factor
impacting
the
value
of
the
Canadian
Dollar.
Petroleum
is
Canada’s
biggest
export,
so
Oil
price
tends
to
have
an
immediate
impact
on
the
CAD
value.
Generally,
if
Oil
price
rises
CAD
also
goes
up,
as
aggregate
demand
for
the
currency
increases.
The
opposite
is
the
case
if
the
price
of
Oil
falls.
Higher
Oil
prices
also
tend
to
result
in
a
greater
likelihood
of
a
positive
Trade
Balance,
which
is
also
supportive
of
the
CAD.
While
inflation
had
always
traditionally
been
thought
of
as
a
negative
factor
for
a
currency
since
it
lowers
the
value
of
money,
the
opposite
has
actually
been
the
case
in
modern
times
with
the
relaxation
of
cross-border
capital
controls.
Higher
inflation
tends
to
lead
central
banks
to
put
up
interest
rates
which
attracts
more
capital
inflows
from
global
investors
seeking
a
lucrative
place
to
keep
their
money.
This
increases
demand
for
the
local
currency,
which
in
Canada’s
case
is
the
Canadian
Dollar.
Macroeconomic
data
releases
gauge
the
health
of
the
economy
and
can
have
an
impact
on
the
Canadian
Dollar.
Indicators
such
as
GDP,
Manufacturing
and
Services
PMIs,
employment,
and
consumer
sentiment
surveys
can
all
influence
the
direction
of
the
CAD.
A
strong
economy
is
good
for
the
Canadian
Dollar.
Not
only
does
it
attract
more
foreign
investment
but
it
may
encourage
the
Bank
of
Canada
to
put
up
interest
rates,
leading
to
a
stronger
currency.
If
economic
data
is
weak,
however,
the
CAD
is
likely
to
fall.
South Korea Unemployment Rate remains at 2.8% in June
401441 July 10, 2024 07:14 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.
The Canadian dollar hangs in the balance as we count down to the July BOC decision
401440 July 10, 2024 06:40 Forexlive Latest News Market News
USD/CAD
daily
chart
There
are
two
probabilities
that
matter
in
Canada
right
now:
1)
A
64%
chance
the
Bank
of
Canada
cuts
rates
on
July
24
The
market
has
tilted
towards
a
cut
in
the
past
two
weeks.
Despite
that,
the
Canadian
dollar
has
strengthened
and
I
think
that’s
instructive.
The
market
is
increasingly
saying
that
the
growth
side
of
the
equation
is
most-important
right
now
and
if
the
BOC
cuts
more
now
to
get
ahead
of
the
curve,
they
ultimately
won’t
have
to
cut
as
deeply
next
year
or
in
2026.
That’s
the
dynamic
I’ll
be
watching
through
the
decision,
though
the
USD
side
of
the
equation
is
also
in
play.
In
terms
of
the
calendar,
there
are
no
speeches
from
the
BOC
scheduled
before
the
meeting
while
the
key
data
will
be
the
July
16
CPI
report
and
the
July
19
retail
sales
report.
I’m
also
keeping
a
close
eye
on
the
real
estate
market,
which
is
struggling.
I
suspect
some
of
the
resilience
in
CAD
is
due
to
a
four-week
rally
in
oil
prices.
Unfortunately,
that
streak
is
likely
to
end
after
two
days
of
selling
to
start
the
week.
2)
Messi?
Never
heard
of
him
Canada
plays
Argentina
in
the
semi-finals
of
the
Copa
America
tonight
and
the
implied
odds
of
Canada
advancing
are
about
18%,
which
sounds
rich.
Even
richer
is
a
rapper
betting
$300,000
on
Canada
winning
it
in
normal
time.
RBNZ expected to keep key interest rate unchanged at 5.5% amid persistent inflation
401439 July 10, 2024 06:39 FXStreet Market News
-
The
Reserve
Bank
of
New
Zealand
is
expected
to
keep
rates
on
hold
at
5.50%
on
Wednesday. -
Upside
risks
to
inflation
to
offset
economic
concerns,
prompting
RBNZ
to
delay
any
dovish
shifts. -
The
New
Zealand
Dollar
gears
up
for
intense
volatility
on
the
RBNZ
policy
announcements.
Following
its
July
monetary
policy
meeting
on
Wednesday,
the
Reserve
Bank
of
New
Zealand
(RBNZ)
is
set
to
hold
the
Official
Cash
Rate
(OCR)
at
5.50%,
extending
the
pause
into
an
eighth
meeting
in
a
row.
It’s
expected
to
be
a
straightforward
event,
with
no
press
conference
from
RBNZ
Governor
Adrian
Orr
and
the
release
of
updated
economic
projections.
However,
any
changes
to
the
RBNZ’s
communication
could
spark
a
big
reaction
in
the
New
Zealand
Dollar
(NZD).
What
to
expect
from
the
RBNZ
interest
rate
decision?
With
discouraging
economic
performance
alongside
the
persistence
of
inflation
risks,
a
rates
on-hold
decision
by
the
RBNZ
is
widely
anticipated
by
market
participants.
Therefore,
they
will
look
for
fresh
hints
on
the
timing
of
the
dovish
policy
pivot
in
the
central
bank’s
Monetary
Policy
Statement
(MPS).
New
Zealand’s
annual
Consumer
Price
Index
(CPI)
increased
by
4%
in
the
first
quarter,
according
to
data
released
by
Stats
NZ,
following
a
4.7%
growth
in
the
12
months
to
the
December
2023
quarter.
Even
though
there
was
progress
in
disinflation,
the
non-tradable
inflation
remained
a
cause
for
concern.
Non-tradeable
inflation
was
5.8%
in
the
year
to
the
March
quarter,
a
tad
lower
than
the
5.9%
figure
seen
in
the
final
quarter
of
2023.
Meanwhile,
Stats
NZ
showed
on
June
19
a
0.2%
increase
in
GDP
in
the
first
quarter,
breaking
a
streak
of
quarterly
GDP
declines
that
had
led
to
the
country’s
recession
in
the
second
half
of
2023.
These
data
sets
are
likely
to
support
potential
delays
in
the
dovish
changes
to
the
policy
statement’s
language,
despite
some
analysts
arguing
against
them
amidst
declining
domestic
consumer
confidence
and
the
deepening
contraction
in
the
manufacturing
and
services
sectors.
ANZ
–
Roy
Morgan
New
Zealand
Consumer
Confidence
fell
to
83.0
in
June
from
the
previous
month’s
84.9,
sticking
close
to
multi-year
lows
in
the
sentiment
index.
The
Business
NZ
Performance
of
Services
Index
(PSI)
dropped
to
43.0
in
May
from
April’s
46.6
while
the
Business
NZ
Performance
of
Manufacturing
Index
(PMI)
contracted
to
47.2
in
May,
following
a
48.8
figure
in
April.
Previewing
the
RBNZ
policy
announcement,
analysts
at
TD
Securities
noted:
“While
there
are
signs
of
cracks
in
the
economy
(e.g.,
labor
market
easing,
contractionary
PMIs),
we
don’t
think
the
RBNZ
is
in
any
urgency
to
ease
given
the
upside
risks
to
inflation,
especially
from
services.”
How
will
the
RBNZ
interest
decision
impact
the
New
Zealand
Dollar?
The
NZD/USD
pair
is
on
the
front
foot
heading
into
the
RBNZ
showdown
on
Wednesday,
in
the
aftermath
of
the
US
Dollar
(USD)
demise
induced
by
Friday’s
US
labor
market
data
for
June.
The
downward
revisions
to
the
April
and
May
employment
data
prompted
investors
to
ramp
up
bets
that
the
US
Federal
Reserve
(Fed)
will
lower
interest
rates
in
September.
Furthermore,
expectations
that
the
RBNZ
will
refrain
from
making
any
dovish
tweaks
before
the
July
16
second-quarter
inflation
report,
help
the
pair
maintain
its
recent
upswing.
“Market
has
more
than
fully
priced
in
a
November
rate
cut,
with
60%
odds
of
an
earlier
cut
in
October,”
per
BBH
Analysts.
If
the
MPS
remains
wary
of
the
upside
risks
to
inflation,
in
the
face
of
sticky
non-tradeable
goods
and
services
inflation
alongside
the
May
Budget
release,
the
Kiwi
Dollar
could
see
a
fresh
leg
higher
to
the
June
high
of
0.6222.
On
the
other
hand,
NZD/USD
is
seen
falling
back
toward
0.6000
should
the
RBNZ
do
away
with
its
hawkish
guidance,
hinting
at
a
policy
pivot
later
this
year.
Dhwani
Mehta,
FXStreet’s
Senior
Analyst,
offers
a
brief
technical
outlook
for
trading
the
New
Zealand
Dollar
on
the
RBNZ
policy
announcements:
“The
NZD/USD
pair
is
consolidating
the
previous
week’s
recovery,
deriving
strength
from
a
bullish
14-day
Relative
Strength
Index
(RSI)
on
the
daily
time
frame.”
“The
next
bullish
target
for
the
Kiwi
is
seen
at
the
June
high
of
0.6222,
above
which
the
0.6250
psychological
level
will
challenged.
Further
up,
the
0.6300
threshold
will
be
in
sight.
Alternatively,
a
failure
to
defend
the
confluence
of
100-day
and
200-day
SMAs
at
0.6070
could
open
the
downside
toward
the
0.6000
level,”
Dhwani
adds.
New
Zealand
Dollar
PRICE
This
week
The
table
below
shows
the
percentage
change
of
New
Zealand
Dollar
(NZD)
against
listed
major
currencies
this
week.
New
Zealand
Dollar
was
the
weakest
against
the
Euro.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.17% | 0.07% | 0.16% | -0.04% | 0.20% | 0.34% | 0.26% | |
| EUR | -0.17% | 0.09% | 0.31% | 0.10% | 0.19% | 0.50% | 0.42% | |
| GBP | -0.07% | -0.09% | 0.19% | 0.03% | 0.10% | 0.41% | 0.30% | |
| JPY | -0.16% | -0.31% | -0.19% | -0.21% | 0.05% | 0.32% | 0.12% | |
| CAD | 0.04% | -0.10% | -0.03% | 0.21% | 0.20% | 0.38% | 0.29% | |
| AUD | -0.20% | -0.19% | -0.10% | -0.05% | -0.20% | 0.31% | 0.23% | |
| NZD | -0.34% | -0.50% | -0.41% | -0.32% | -0.38% | -0.31% | -0.10% | |
| CHF | -0.26% | -0.42% | -0.30% | -0.12% | -0.29% | -0.23% | 0.10% |
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
New
Zealand
Dollar
from
the
left
column
and
move
along
the
horizontal
line
to
the
US
Dollar,
the
percentage
change
displayed
in
the
box
will
represent
NZD
(base)/USD
(quote).
New
Zealand
Dollar
FAQs
The
New
Zealand
Dollar
(NZD),
also
known
as
the
Kiwi,
is
a
well-known
traded
currency
among
investors.
Its
value
is
broadly
determined
by
the
health
of
the
New
Zealand
economy
and
the
country’s
central
bank
policy.
Still,
there
are
some
unique
particularities
that
also
can
make
NZD
move.
The
performance
of
the
Chinese
economy
tends
to
move
the
Kiwi
because
China
is
New
Zealand’s
biggest
trading
partner.
Bad
news
for
the
Chinese
economy
likely
means
less
New
Zealand
exports
to
the
country,
hitting
the
economy
and
thus
its
currency.
Another
factor
moving
NZD
is
dairy
prices
as
the
dairy
industry
is
New
Zealand’s
main
export.
High
dairy
prices
boost
export
income,
contributing
positively
to
the
economy
and
thus
to
the
NZD.
The
Reserve
Bank
of
New
Zealand
(RBNZ)
aims
to
achieve
and
maintain
an
inflation
rate
between
1%
and
3%
over
the
medium
term,
with
a
focus
to
keep
it
near
the
2%
mid-point.
To
this
end,
the
bank
sets
an
appropriate
level
of
interest
rates.
When
inflation
is
too
high,
the
RBNZ
will
increase
interest
rates
to
cool
the
economy,
but
the
move
will
also
make
bond
yields
higher,
increasing
investors’
appeal
to
invest
in
the
country
and
thus
boosting
NZD.
On
the
contrary,
lower
interest
rates
tend
to
weaken
NZD.
The
so-called
rate
differential,
or
how
rates
in
New
Zealand
are
or
are
expected
to
be
compared
to
the
ones
set
by
the
US
Federal
Reserve,
can
also
play
a
key
role
in
moving
the
NZD/USD
pair.
Macroeconomic
data
releases
in
New
Zealand
are
key
to
assess
the
state
of
the
economy
and
can
impact
the
New
Zealand
Dollar’s
(NZD)
valuation.
A
strong
economy,
based
on
high
economic
growth,
low
unemployment
and
high
confidence
is
good
for
NZD.
High
economic
growth
attracts
foreign
investment
and
may
encourage
the
Reserve
Bank
of
New
Zealand
to
increase
interest
rates,
if
this
economic
strength
comes
together
with
elevated
inflation.
Conversely,
if
economic
data
is
weak,
NZD
is
likely
to
depreciate.
The
New
Zealand
Dollar
(NZD)
tends
to
strengthen
during
risk-on
periods,
or
when
investors
perceive
that
broader
market
risks
are
low
and
are
optimistic
about
growth.
This
tends
to
lead
to
a
more
favorable
outlook
for
commodities
and
so-called
‘commodity
currencies’
such
as
the
Kiwi.
Conversely,
NZD
tends
to
weaken
at
times
of
market
turbulence
or
economic
uncertainty
as
investors
tend
to
sell
higher-risk
assets
and
flee
to
the
more-stable
safe
havens.
Silver Price Analysis: XAG/USD stabilizes around $30.50 as bulls and bears battle
401437 July 10, 2024 06:39 FXStreet Market News
-
Silver
steadies
following
Monday’s
drop
below
$31.00,
showing
slight
recovery. -
RSI
indicates
upward
momentum
with
potential
for
a
‘double
bottom’
breakout
if
$31.00
is
cleared. -
Key
resistance
at
$32.29
and
YTD
high
of
$32.51;
support
at
$30.18
and
$28.57
if
sellers
take
control.
Silver
price
stabilizes
above
the
$30.50
area
for
the
second
straight
day,
following
Monday’s
losses
of
more
than
1.20%
that
tumbled
the
grey’s
metal
price
beneath
the
$31.00
figure.
At
the
time
of
writing,
the
XAG/USD
traded
at
$30.79
and
gained
some
0.03%
on
Tuesday.
XAG/USD
Price
Analysis:
Technical
outlook
Silver
remains
upward
biased,
with
momentum
backing
buyers,
as
shown
by
the
Relative
Strength
Index
(RSI).
Further,
a
‘double
bottom’
looms,
though
the
tug-of-war
between
bulls
and
bears
around
the
crucial
June
21
high
turned
support
at
$30.84
remains,
keeping
buyers
at
bay.
However,
if
they
clear
the
$31.00
mark,
the
next
resistance
would
be
the
May
29
high
at
32.29,
ahead
of
testing
the
year-to-date
(YTD)
high
of
$32.51.
A
breach
of
the
latter
will
expose
the
psychological
$33.00
figure.
Conversely,
if
sellers
drag
XAG/USD’s
price
below
the
July
5
low
of
$30.18,
that
will
expose
the
$30.00
mark.
Once
hurdle,
the
next
stop
would
be
the
June
26
last
cycle
low
at
$28.57.
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.
NZD/JPY Price Analysis: Potential pullback, as the pair struggles to surpass 99.00
401434 July 10, 2024 06:15 FXStreet Market News
-
The
NZD/JPY
sees
a
slight
rise,
inching
towards
98.80. -
Bulls
keep
getting
rejected
by
the
99.00
area. -
Immediate
supports
are
poised
at
98.00
and
97.70,
as
likely
areas
for
possible
downward
corrections.
In
the
Tuesday
trading
session,
the
NZD/JPY
pair
exhibited
a
minor
uptick,
hovering
near
the
99.00
mark.
However,
it
seems
to
have
hit
a
ceiling
at
this
level
and
is
struggling
to
break
past
it.
In
terms
of
the
daily
chart,
the
Relative
Strength
Index
(RSI)
is
currently
at
71,
a
mild
increase
from
Monday’s
reading.
While
this
increase
indicates
a
slight
surge
in
the
bullish
momentum,
the
continued
stay
of
the
RSI
in
the
overbought
zone
may
suggest
that
a
pullback
is
possible.
The
Moving
Average
Convergence
Divergence
(MACD)
reflects
with
decreasing
green
bars,
which
may
support
the
perspective
of
overextended
movements
and
a
likely
pullback.
NZD/JPY
daily
chart
In
the
event
of
a
downward
correction,
immediate
support
is
seen
around
the
98.00,
97.70
(20-day
SMA)
and
97.00
markers.
Buyers
need
to
focus
on
sustaining
these
levels
before
attempting
to
achieve
new
highs.
If
the
97.00
level
successfully
combats
the
bearish
forces,
buyers
may
seek
to
retest
the
99.00
area,
and
potentially
the
100.00
level.
GBP/JPY takes a breather at the top end of stellar run
401430 July 10, 2024 05:39 FXStreet Market News
-
GBP/JPY
churns
the
waters
just
north
of
206.00. -
UK
and
Japan
data
remain
limited
this
week,
market
flows
set
to
continue. -
UK
industrial
and
manufacturing
output
figures
due
later
in
the
week.
GBP/JPY
failed
to
set
a
new
multi-year
high
on
Tuesday
as
the
pair
churns
on
the
high
end
of
the
206.00
handle.
Long-running
Yen
weakness
has
left
the
pair
stuck
in
the
rafters
of
its
highest
prices
in
16
years.
Data
remains
thin
this
week
for
the
Japanese
Yen
(JPY),
but
broader
markets
continue
to
keep
an
eye
out
for
any
signs
of
direct
market
intervention
from
the
Bank
of
Japan
(BoJ)
that
have
routinely
lamented
the
Yen’s
poor
performance
against
the
majority
of
its
major
currency
peers.
However,
a
rock-bottom
Japanese
reference
rate
and
a
still-wide
rate
differential
between
the
Yen
and
the
rest
of
the
major
currency
bloc
has
left
the
JPY
with
little
direction
to
move
but
down.
UK
data
is
strictly
mid-tier
this
week,
with
GBP
traders
looking
ahead
to
Industrial
and
Manufacturing
Production
figures
due
in
the
back
half
of
the
trading
week
on
Thursday.
A
couple
of
appearances
from
Bank
of
England
(BoE)
policymakers
are
slated
for
early
Wednesday
but
are
not
expected
to
rock
the
policy
boat.
Thursday’s
UK
Industrial
Production
in
May
is
expected
to
rebound
to
0.2%
MoM
from
the
previous
month’s
-0.9%
contraction,
and
UK
Manufacturing
Production
is
forecast
to
recover
0.4%
MoM
from
the
previous
-1.4%
decline.
GBP/JPY
technical
outlook
GBP/JPY
fell
away
from
fresh
16-year
highs
above
206.50
set
earlier
in
the
week,
settling
back
into
familiar
intraday
territory
at
the
206.00
handle.
Technical
pressure
is
still
firmly
pinned
into
the
bullish
side,
but
topside
momentum
is
showing
signs
of
petering
out,
and
progress
in
swing
highs
is
slowly
rapidly
as
bidders
run
out
of
gas.
Spinning
top
daily
candles
are
getting
priced
into
the
Guppy
charts,
and
traders
should
be
on
the
lookout
for
a
retreat
to
the
50-day
Exponential
Moving
Average
(EMA)
near
200.00.
Despite
odds
of
a
near-term
pullback,
the
long-term
trend
heavily
favors
the
bulls,
and
a
rebound
from
major
technical
levels
could
be
on
the
cards
looking
forward.
GBP/JPY
hourly
chart
GBP/JPY
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.