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TL;DR: RBA Governor Michele Bullock has reframed Wednesday's Q2 CPI report — the question isn't whether core inflation is elevated, but whether it's hot enough above 3.8% to justify an August RBA hike, with AUD/USD stalled at resistance ahead of the release.
Forex
USD/CAD Price Forecast: Lower oil prices ensure further weakness for Canadian Dollar
Goldman Sachs sees scope for AUD/NZD to retreat over the medium term as stronger New Zealand inflation revives RBNZ rate-hike expectations, despite near-term support from higher energy prices. Analysts at Goldman Sachs expect the Australian Dollar to New Zealand Dollar exchange rate (AUD/NZD) to correct lower over the medium term, although.
The Fed meeting, GDP, PCE inflation and payrolls could drive major forex moves this week. Explore the latest outlook for DXY, EUR/USD and GBP/USD.
Gold: Supported by lower oil prices and yields – ING
Pound-Canadian Dollar could extend gains if oil prices retreat further, although the Bank of England remains the key driver. The Pound to Canadian Dollar (GBP/CAD) exchange rate edged higher on Monday as hopes of a pause in the US-Iran conflict triggered a sharp fall in oil prices and weakened the commodity-linked Canadian Dollar.
GBP/USD Price Forecast: Trades vulnerably near 1.3300 ahead of Fed-BoE policy
Euro revisits monthly low against US Dollar in countdown to Fed's policy
Pound-Dollar could recover if the Bank of England strikes a hawkish tone, although Fed guidance remains a key risk. The Pound to US Dollar (GBP/USD) exchange rate gave back early gains on Monday as renewed hopes for a Middle East ceasefire reduced demand for the safe-haven US Dollar, although Sterling also struggled to find support ahead.
AUD/USD Price Forecast: Slides to 0.6970 after failing to clear 38.2% Fibo. hurdle
EUR/JPY Price Forecast: Holds position above nine-day EMA near 186.00
Saudi Arabia Gold price today: Gold falls, according to FXStreet data
Philippines Gold price today: Gold falls, according to FXStreet data
United Arab Emirates Gold price today: Gold falls, according to FXStreet data
Pakistan Gold price today: Gold falls, according to FXStreet data
India Gold price today: Gold falls, according to FXStreet data
Malaysia Gold price today: Gold falls, according to FXStreet data
Gold weakens as geopolitics support USD ahead of FOMC meeting
Silver Price Forecast: XAG/USD falls to near $57.50 despite easing Fed hike bets
If price continues higher and breaks above the July 27 2026 high then trade setup is cancelled and if price breaks below the July 27 2026 low without tapping the 4H FVG then trade setup is cancelled.
