Market News
Stay on top of the major news, data and analysis moving forex and global financial markets.
The Euro is not rallying, the British Pound Sterling is being demoted
The Euro is on track for its eighth gain in nine sessions against the Pound, and the explanation that would normally cover a run of that length is not available.
Silver loses ground as hopes for US-Iran deal improve risk appetite
Silver (XAG/USD) trades around $57.40 on Tuesday at the time of writing, down 1.7% on the day. The white metal is under pressure as the US Dollar (USD) loses some strength and investors reduce their exposure to safe-haven assets ahead of the Federal Reserve's (Fed) monetary policy decision.
WTI Price Forecast: Bears target the 200-day SMA after losing the $80 mark
West Texas Intermediate (WTI) Oil extends its decline on Tuesday after falling 9% the previous day following a pause in attacks between the United States and Iran. At the time of writing, WTI trades around $77.90, down nearly 4% on the day.
US Dollar Index eases from tops, back to 101.30 ahead of Fed
The Greenback, when tracked by the US Dollar Index (DXY), abandons the area of monthly peaks and recedes toward the 101.30 zone on turnaround Tuesday.
Euro skyrockets amid softer US confidence
EUR/USD trades higher near the 1.1400 area on Tuesday, gaining around 0.3% as the US Dollar (USD) weakens following softer United States (US) consumer-confidence data. The US Dollar Index falls toward 101.30, helping the Euro extend its recovery.
Gold: Hawkish Fed delays Gold recovery path â Commerzbank
Commerzbankâs Carsten Fritsch and Thu Lan Nguyen note that the Gold price has dropped nearly 30% from its January record as higher real yields and hawkish Federal Reserve expectations weigh on the metal.
Oil: Weakens on deal hopes and fragile flows â ING
INGâs Warren Patterson and Ewa Manthey note that Brent has sold off sharply as USâIran strikes pause and President Trump signals a âgood chanceâ of a deal. They stress that flows through the Strait of Hormuz and Bab el-Mandeb, as well as Black Sea exports, remain critical.
Australian Dollar holds onto losses after Bullock keeps further rate hikes on the table
AUD/USD trades lower near the 0.6970 area on Tuesday, falling around 0.3% as the Australian Dollar (AUD) comes under pressure despite hawkish remarks from Reserve Bank of Australia (RBA) Governor Michele Bullock.
British Pound Sterling has nothing to say in front of two central banks
The Pound trades near 1.3300 in the New York morning, effectively flat on a session that has run barely 30 pips between a floor a shade above 1.3250 and a ceiling fractionally above the 1.3300 handle.
British Pound: Bearish reversal extends before BoE â Scotiabank
Scotiabank strategists Shaun Osborne and Eric Theoret report GBP/USD is extending its bearish reversal toward early-July levels as markets scale back Bank of England (BoE) tightening expectations. September pricing has been cut and cumulative hikes by December reduced.
Gold Price Forecast: XAU/USD sits out the panic it was built for
Gold trades near $4,020 in the Tuesday New York morning, down roughly 1.4% on a session that started near $4,075 and never built a bid.
Australian Dollar: RBA keeps hike option alive â BNY
BNYâs Geoff Yu highlights that Reserve Bank of Australia (RBA) Governor Michele Bullock signaled a possible rate hike at the August 10â11 meeting, stressing inflation is still too high and productivity weak.
Canadian Dollar benefits from softer US Dollar despite lower Oil prices
USD/CAD trades near 1.4105 on Tuesday at the time of writing, down 0.14% on the day, though the pair remains close to its recent highs as traders refrain from taking aggressive positions ahead of the Federal Reserve (Fed) monetary policy decision.