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Gold tops $3,370 as Powell puts September rate cut on the table
Gold price rises as the Federal Reserve (Fed) Chair Jerome Powell opened the door for a September rate cut as he said that “downside risks to the labor market are rising.” At the time of writing, XAU/USD trades with volatility, surpassing the $3,370 initial resistance, up by 1%.
Canadian Dollar weakens to three-month low despite upbeat Retail Sales
The Canadian Dollar (CAD) continues to lose ground against the US Dollar (USD) on Friday, marking its fourth consecutive daily decline, as the Greenback strengthens across the board. At the time of writing, the USD/CAD pair is trading around 1.3920, its strongest level since May 21.
Fed's Collins: Don't rule out a larger and more persistent impact of tariffs on inflation
In an interview with Bloomberg on Friday, Federal Reserve Bank (Fed) of Boston President Susan Collins said that the overall economic fundamentals in the United States are relatively solid, per Reuters.
Barrick Mining's Gold output rebounds: Can momentum build ahead?
Barrick Mining Corporation (B Quick) saw higher gold production in the second quarter, delivering 797,000 ounces, a 5% increase from the prior quarter.
Canada Retail Sales (MoM) in line with expectations (1.5%) in June
Canada Retail Sales (MoM) in line with expectations (1.5%) in June
Canada Retail Sales ex Autos (MoM) came in at 1.9%, above expectations (1.1%) in June
Canada Retail Sales ex Autos (MoM) came in at 1.9%, above expectations (1.1%) in June
Jackson Hole: Jerome Powell faces his last big test as Fed Chair
Every summer, the mountains of Wyoming become the center of the economic world. The Jackson Hole Symposium, organized by the Federal Reserve Bank of Kansas City, is more than just an academic gathering: it's the stage on which the major orientations of global monetary policy are sometimes shaped.
Mexico 1st half-month Core Inflation below expectations (0.14%) in August: Actual (0.09%)
Mexico 1st half-month Core Inflation below expectations (0.14%) in August: Actual (0.09%)
Mexico Gross Domestic Product (YoY) came in at 0% below forecasts (0.1%) in 2Q
Mexico Gross Domestic Product (YoY) came in at 0% below forecasts (0.1%) in 2Q
Mexico 1st half-month Inflation below forecasts (0.12%) in August: Actual (-0.02%)
Mexico 1st half-month Inflation below forecasts (0.12%) in August: Actual (-0.02%)
Mexico Gross Domestic Product (QoQ) registered at 0.6%, below expectations (0.7%) in 2Q
Mexico Gross Domestic Product (QoQ) registered at 0.6%, below expectations (0.7%) in 2Q
AUD/USD Price Forecast: Below 0.6415, the pair might fall to 0.6375
Aussie Dollar’s upside attempts have been contained below 0.6430 so far on Friday, and the pair turned lower again to two-month lows at the 0.6415 area, which is being tested at the time of writing.The US Dollar is outperforming its main peers, underpinned by a moderate risk-averse market.
USD/CNH is likely to trade in a range between 7.1760 and 7.1900 – Scotiabank
US Dollar (USD) is likely to trade in a range between 7.1760 and 7.1900. In the longer run, USD is expected to trade in a range of 7.1730/7.2000, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret note.
JPY soft despite as-expected CPI – Scotiabank
The Japanese Yen (JPY) is down 0.2% against the US Dollar (USD) and underperforming all of the G10 currencies with the exception of NOK, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret note.
USD/JPY: Chance for USD to test 148.80 – UOB Group
There is a chance for USD to test 148.80; a sustained break above this level seems unlikely. In the longer run, rapid increase in momentum indicates USD could above 148.80, potentially reaching 149.20, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
NZD/USD to test 0.5800 before the risk of a recovery increases – UOB Group
There is a chance for New Zealand Dollar (NZD) to test 0.5800 before the risk of a recovery increases. In the longer run, sharp drop seems excessive; for a continued decline, NZD must first break and hold below 0.5800, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
GBP flat vs. USD and outperforming G10 – Scotiabank
The Pound Sterling (GBP) is entering Friday’s NA session flat vs. the US Dollar (USD) and showing some signs of near-term stability following a bounce off of support at 1.34, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret note.
Pound Sterling trades lower ahead of Fed Powell's speech at Jackson Hole Symposium
The Pound Sterling (GBP) posts a fresh two-week low around 1.3400 against the US Dollar (USD) during the European trading session on Friday.
EUR softens in response to Germany’s Q2 GDP disappointment – Scotiabank
The Euro (EUR) is down a marginal 0.1% against the US Dollar (USD) and trading defensively on the back of Germany’s final Q2 GDP disappointment, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret note.
AUD/USD: Below 0.6420, a move to 0.6375 can be expected – UOB Group
The current price movements are likely part of a 0.6405/0.6435 consolidation phase. In the longer run, Australian Dollar (AUD) must first close below 0.6420 before a move to 0.6375 can be expected, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
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