|Day's Range||1.164 - 1.167|
|52 Week Range||1.1315 - 1.2558|
Investing.com – The dollar rose against its rivals Tuesday, as Federal Reserve Chairman Jay Powell gave lawmakers a positive assessment of the economy, and expects to continue raising interest rates gradually.
Investing.com - The dollar rose to the day’s highs against a currency basket on Tuesday after Federal Reserve Chairman Jerome Powell said strong growth and stable inflation should keep the central bank on track to keep gradually raising interest rates.
The U.S. dollar has so far been spared from the negative impact of trade war worries that has weighed on currencies across the board. But that’s not because a trade war would be good for the U.S., but rather because it would be so much worse for its trading partners at first, analysts say.
Based on the early price action, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the Fibonacci level at 1.1720. Basically, look for an upside bias to develop on a sustained move over 1.1720 and for a downside bias to develop on a sustained move under 1.1680. Trading between these levels will produce a choppy, two-sided trade.
Should prices manage to defy the triangle pattern by conquering 1.1770 resistance, the 1.1835-40 horizontal-region may gain buyers’ attention. GBPUSD is another major which recently bounced off the support and is currently rising to confront near-term important resistance. Herein, the 1.3090-1.3100 is crucial support whereas two-month old descending trend-line at 1.3310 acts as resistance.
Investing.com - The dollar slid lower against a currency basket on Tuesday ahead of congressional testimony by Federal Reserve Chairman Jerome Powell, which markets will be watching closely for any indications on the path of interest rate hikes.
The NY trading session will see the Fed Chair Powell’s testimony to Congress. Investors will be looking to see if the Fed Chair maintains his hawkish views on the economy.
The market started the week with a bullish note, as the pair broke above the 1.17 level, reaching towards 1.1725 level. The British Pound shot higher during the Monday’s session reaching towards the 1.33 level but got enough resistance to fell slightly lower. The market rallied a bit during the Friday’s session reaching towards the 0.7450 level, as it found enough buyers to take the market forward.
Key stats out of the UK over the next few days could reinforce an August rate hike by the BoE, while FED Chair Powell may need to elaborate on possible effects of the trade war in the economy and policy.
The Euro rallied a bit during the Monday session, reaching towards 1.1725 level, before running into the heart of extreme volatility from a couple of weeks ago. Because of this, and the fact that we are starting to pull back a little bit, it looks as if we may continue to see choppy volatility.
Investing.com – The dollar was slightly lower against its rivals Monday, as in-line U.S. retail sales data, and slightly better than forecast regional manufacturing activity provided little impetus for upside in the greenback.
European stocks finished lower Monday, with mining shares pulling back as Chinese economic data highlighted concerns surrounding a global trade war. Bank stocks advanced however, as Deutsche Bank AG offered a brighter outlook for its upcoming earnings report.
U.S. retail sales posted a firm gain in June, helped by increases in purchases of motor vehicles and a range of other goods, solidifying expectations for robust economic growth in the second quarter. U.S. West Texas Intermediate crude oil futures plunged below $69, dropping a whopping 3 percent after Treasury Secretary Steven Mnuchin said some oil buyers could get waivers to continue buying Iranian supplies despite American sanctions on the Middle Eastern country.
Investing.com - The dollar slipped lower against a currency basket on Monday, having posted its largest weekly gain in a month last week as investors turned their attention to U.S. retail sales figures for June later in the session.
Investing.com - The dollar was holding steady not far from six-month highs against a basket of the other major currencies on Monday as trade concerns remained in focus following the release of soft Chinese growth data.
Based on the early trade, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the support cluster at 1.1679 to 1.1680. This is being formed by a combination of an uptrending Gann angle and a 50% level. The single-currency is following through to the upside, following Friday’s closing price reversal bottom and subsequent confirmation earlier today. This could trigger a minimum 2 to 3 day rally.
The market continued to move lower during the Wednesday’s session reaching down towards the 1.16 level but managed to bounce a little as it witnessed some buying interest around the area. If the market further breaks from here, the next major support will be at 1.15 level. There are a lot of political developments coming out of Europe and also the trade wars are building pressure on the market and hammering the Euro. A break above 1.17 level could bring some amount of stability to the market. …Read MoreGBP/USD
New Zealand will be releasing its quarterly CPI later tonight. Forecasts point to a 0.5% increase in inflation during the second quarter. The New Zealand Dollar gained 0.07% on Monday morning, trading at 0.6772.
The euro continues to trade in a range with the region around 1.16 providing some strong support over the last couple of weeks which has helped it to keep afloat
Softer economic growth in China weighed on risk appetite early in the day, with the U.S – Russia Summit, trade tariff chatter and U.S retail sales figures in focus through the day.
Based on last week’s close at 1.1687, the direction of the EUR/USD this week is likely to be determined by investor reaction to the pivot at 1.1680. The most important area to watch this week is the 50%/Gann angle combination at 1.1680 to 1.1675. Basically, look for an upside bias to develop on a sustained move over 1.1680 and for a downside bias to develop on a sustained move under 1.1675.
Investing.com - Investors will be looking ahead to Federal Reserve Chairman Jerome Powell’s testimony on the economy and monetary policy to a Senate committee on Tuesday.