Market narrative
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EURUSD currency pair recently reversed from the resistance level 1.1465 (top of earlier wave a) intersecting with the 50% Fibonacci correction of the downward impulse from June.
Forex
Silver Price Forecast: XAG/USD bulls flirt with descending trend-line hurdle, above $57.00
PBOC sets USD/CNY reference rate at 6.7917 vs. 6.7948 previous
New Zealand consumer prices rose 1.5% in the June quarter, lifting the annual inflation rate to 4.1%. While that was above the 4.0% increase expected by economists, it fell just short of the Reserve Bank of New Zealand's 4.2% forecast released in May.
Gold edges lower to near $4,000 as US-Iran tensions fuel inflation worries
GBP/JPY Price Forecast: Uptrend pauses, bulls eye 219 breakout
The Canadian dollar was the weakest-performing major currency on Monday after softer-than-expected inflation data reduced expectations of further Bank of Canada policy tightening. Cooling headline and core inflation diminished Canada's relative yield advantage, weighing on the Loonie despite the central bank leaving its policy rate unchanged at 2.25%.
USD/CHF Price Forecast: Reclaims 0.8100 as market structure is bullish
Silver has bounced from a key confluence support zone, but confirmation above wedge resistance is needed before a broader recovery can challenge higher resistance levels.
It's been a brutal four-month stretch for Gold and that statement really can be spanned back to six months, as it was January 29th when the metal had set its current all-time-high just below $5600/oz. The initial pullback from that move was violent, with prices testing just above the $4400 handle a few days later, but that move was bid as late-stage buyers posed a bounce, and that move inevitably topped out at a lower-high of $5400/oz in early-March.
Gold edges lower as Middle East conflict boosts the US Dollar
Stronger dollar put additional pressure on gold markets in today's trading session.
Silver Price Forecast: XAG/USD attempts to stabilize above $55.00
Rising Treasury yields provided support to the American currency.
Pound Sterling Price News and Forecast: GBP/USD slips as Burnham fiscal pledge fails to lift Sterling
Foreign exchange strategists at MUFG expect the Indian Rupee to recover gradually against the US Dollar over the next year, forecasting USD/INR will ease to 95.00 by the middle of 2027 as foreign capital inflows strengthen and the Reserve Bank of India continues to support the currency. The USD/INR exchange rate traded around 96.3 on.
So, all in all, the loudest weekend of the war produced American deaths, a collapsed ceasefire, and oil at a one-month high, and gold could not hold thirty dollars of a bounce.
Euro loses momentum as US Dollar recovers from intraday lows
A week after a similarly below-expectation report from the US, Canadian inflation cooled more sharply than expected in June, easing concerns that the recent energy-driven increase was spreading across the broader economy. Headline CPI slowed to 2.8% y/y from 3.2% in May, while prices fell -0.4% m/m.
Gold swings around $4,000 as conflicting Middle East headlines drive markets
