|Day's Range||7.093 - 7.147|
|52 Week Range||6.6648 - 7.1470|
Investing.com - The Chinese yuan traded lower against the U.S. dollar amid the escalating trade war. The safe-haven yen rose but later gave up its gains.
The Federal Reserve has now stopped its monetary tightening, yet the most vulnerable emerging market currencies are still falling like flies. The reason why monetary tightening pressures weaker currencies of countries with inadequate foreign-exchange reserves is that it tends to push the dollar higher via higher U.S. interest rates. If the host country has been on a dollar-borrowing spree, higher U.S. rates and stronger dollar tend to make those debts harder to service and roll over.
The cocktail of news fueled XAU/USD to initially break above the 1,500 level that was a resistance a few hours ago, but now the unit is recovering its mojo, and it is rallying as investors are taking positions on the speculation for more rate cuts as soon as September.
China's finance ministry on Friday announced retaliatory tariffs on $75 billion of U.S. goods, with one slate for Sept. 1 and another for Dec. 15. China said it was responding to U.S. unilateralism and trade protectionism.
Moody's Investors Service on Friday said it's revised downward its GDP growth outlook for 16 Asian economies. The revision came due to sharp slowdown in "externally-oriented" economies, as well as domestic factors holding back Japan, India and the Philippines. Softer capital formation has mirrored the weakening in exports, especially for trade-reliant economies such as Korea and Hong Kong, Moody's said.
Investing.com - The New Zealand dollar rose against the U.S. dollar following comments by Reserve Bank of New Zealand (RBNZ)’s Governor Adrian Orr.
In this framework, metals are reluctant to take any direction, and now all eyes are on what Fed boss Jay Powell will say in his scheduled speech in Jackson Hole later this week.
Investing.com - U.S. President Donald Trump sent yet another shot across the Federal Reserve’s bow on Wednesday, calling on it for a "BIG CUT" in interest rates just two days ahead of a hotly-anticipated appearance by Chairman Jerome Powell at the Fed's Economic Symposium in Jackson Hole.
Investing.com - The U.S. dollar was flat on Monday in Asia as traders remained cautious ahead of Federal Reserve minutes due later this week.
Investing.com - The U.S. dollar was hovering near two-week highs against a currency basket on Monday as U.S. Treasury yields bounced back from recent lows amid hopes that major economies will seek to prop up slowing growth with fresh stimulus.
XAU/USD is ready to close positive for the third week in a row. Gold is posting 1.02% gains on the last five days, but the movements are more on a sideways mode above the 1,500 area and contained by the 1,530.
Investing.com - The Australian dollar rose against its U.S. counterpart on Thursday in Asia following the release of better-than-expected jobs data.
Despite positive AUD-specific data, the Aussie pair was heading south to end the day on a negative note. Fiber kept slipping throughout the day shrugging towards upbeat Eurozone and German Q2 YoY GDP data.
According to experts who watch this event as an indicator, a recession happens, on average, 22 months following the inversion. So, fears about a recession jumped, and risk aversion flooded markets.
Investing.com - The Japanese yen rose on Wednesday in Asia despite positive trade news. Underperforming Chinese data and a political crisis in Hong Kong supported the safe-haven currency.
After three adverse closings in a row, the Greenback was underway a positive closing today. After touching the 7.0707 mark yesterday, the USD/CNY pair was heading downside on Tuesday.
XAU/USD jumped to trade as high as 1,535 on Tuesday, its highest level since April 2013. But, US CPI is pushing prices down, and it is currently trading at 1,521, 0.66% positive on the day.
Investing.com - The safe haven yen was trading near seven-month highs against the U.S. dollar on Tuesday as investor sentiment was shaken by a currency crisis in Argentina, unrest in Hong Kong and growing indications that trade tensions are hitting global growth.
Investing.com - U.S. futures pointed to a volatile day on Wall Street, as worsening political unrest in Hong Kong dampened sentiment.
Larry Kudlow may be the only thing standing between us and the next leg of a currency war. The president’s chief economic adviser is a “strong dollar” man. View him as a tool of the “Deep State.” Or view him as Sparta’s King Leonidas, holding the pass for civilization.