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GBP/USD has been steadily sold off as the dollar recovers higher. The pair has failed to hold above 1.2500 which is a clear show of weakness.
On the daily chart, the pair seemed to have difficulty in breaching the 1-month old descending slanting resistance. Today, the vital economic events remain the Fed’s Chair Powell’s speech and June Retail Sales data.
The U.K. labor picture remained strong in May, according to data released Tuesdayby the Office for National Statistics. Weekly earnings in the 3 months ending May rose 3.6%, the strongest rise since July 2008. The unemployment rate meanwhile stayed at 3.8%, matching the lowest level since 1974.
Asian shares are tired and struggling for direction this morning due to a lack of fresh market-moving news, with investors on the side-lines ahead of earnings reports from major American companies.
The focus now shifts to the U.S. economy as investors get the opportunity to react to a slew of economic reports ranging from the major retail sales data, and the minor import prices, capacity utilization, industrial production, business inventories and the NAHB housing market index.
The market paused for thought overnight while shifting away from the recent buy all trend that was triggered by the definitively dovish tone from Chair Powell last week.
Investing.com - U.S. futures were flat on Tuesday, uninspired by earnings from JPMorgan and Johnson&Johnson; that both beat expectations.
Investing.com - Gold prices traded higher on Tuesday in Asia despite bullish data from the U.S. and China.
Today, the GBP/USD pair maintained a strong downtrend amid rising Brexit uncertainities. Meanwhile, Lower-than-expected June Producer and Import Prices provided the extra ammunition to the resilient USD/CHY bulls.
Investing.com - Stocks were waiting on Monday for the second-quarter earnings season to shift into high gear.
The Gold markets continue to consolidate and grind sideways overall, as we don’t know what to make of Federal Reserve actions, and of course the global economy itself.
The British pound initially rallied during the trading session on Monday, but then broke down yet again to look for support underneath. We are currently trading just above the 1.25 handle, which of course is a huge psychologically important level.
The British pound gapped lower to kick off the week, turned around to rally through that gap, and then fell again. Ultimately, this is a market that shows extreme weakness, as we are pressing major support just below.
The Euro rallied quite a bit during the trading session on Monday but also gave back quite a bit of the gains. At this point, it looks as if the 1.13 level will continue to be rather resistant, so it’s not a huge stretch to think that we will continue to see a lot of choppiness.
The Aussie dollar rallied a bit during the trading session on Monday, reaching towards the shooting star that formed last week. This shows the importance of the 0.7050 level, an area that has turned the market around again. However, we are reaching towards that level in a push to break out.
Gold stocks just ended the week at a new 2019 high, while gold confirmed its breakdown in the most important – weekly closing price – terms. Who should one believe?
The Dollar is entering the trading week looking quite shaky and vulnerable as expectations mount over the Federal Reserve cutting interest rates this month.
Gold is currently moving in a small range between 1,410 and 1,420; the unit is 0.08% negative at 1,415. Technical indicators don’t show much upside potential for now. On the bigger picture, gold is trading sideways between 1,385 and 1,440.
The stronger than expected Empire State report is probably going to reduce the chances of a 50-basis point rate hike and this should be supportive for Treasury yields and the U.S. Dollar, while pressuring gold prices.
Based on the early price action and the current price at 1.1276, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the 50% level at 1.1278 and the downtrending Gann angle at 1.1273.