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The US dollar has rallied a bit to recover in early Monday trading. Perhaps the markets overreacted to the jobs report?
Forex
Euro: Resilient data backs range rebound against US Dollar – MUFG
USD/JPY bulls are back. After last week's intervention scare briefly knocked the pair lower, Yen selling returned today as the most obvious window for Japanese action passed without official intervention.
Gold managed to meet the target of 4200 early today. As we see from the chart, prices are facing a trading zone between support 4100 and resistance 4200-20.
USDJPY managed to pass above the short-term resistance zone of 161.95 which shows a strong advance still ongoing. Prices fell toward 160.50-70 on the suspected intervention before bouncing back.
GBPUSD rebounded further after testing the support at 1.3160 as the market closed from the 1.3400-30 resistance zone. If prices remain below this zone, another retreat toward 1.3305 and 1.3160 could hit the market.
The Euro advanced after the US payroll last Friday. Intraday shows the same levels with support at 1.1380 could keep the chance for a move to test the 1.1500-25 resistance zone.
The sterling pound has seen a notable recovery in recent weeks, following a sharp decline in late June. The GBP/USD pair has experienced a seven-session winning streak, moving from a seven-month low near $1.3200 to the $1.3350-$1.3380 range.
The Pound to South African Rand (GBP/ZAR) exchange rate closed last week near 21.67 after surrendering some early-July gains, with the Rand supported by improving global risk appetite while Sterling continued to draw support from UK monetary policy expectations. Latest — Exchange Rates:Pound to South African Rand (GBP/ZAR): 21.6704.
US investors will be back from a long weekend break today. We have some important economic data to look forward to this week following that disappointing jobs report on Thursday, which triggered a bit of dollar selling.
Gold edges lower as firmer US Dollar caps recovery
Euro: Range-bound against US Dollar under Fed support – ING
The USD/INR has resumed its uptick, but the pair is now challenging a resistance after completing the double bottom's upside move.
Strong rise in early Monday trading is about to fully reverse last week's 162.84/160.47 pullback, which marked a healthy correction (contained by Fibo 23.6% of 155.02/162.84 upleg) of larger uptrend.
EUR/USD is trading around 1.1432 on Monday. At the end of last week, the main currency pair posted modest gains.
The Pound to Canadian Dollar (GBP/CAD) exchange rate closed last week near 1.8959 after extending its recovery into a second consecutive week, with Sterling finding support while the Canadian Dollar struggled to benefit from firmer oil prices. Latest — Exchange Rates:Pound to Canadian Dollar (GBP/CAD): 1.895902 (+0.16%)Euro to Canadian.
Euro: Choppy range outlook against US Dollar – Rabobank
Gold Price Forecast: XAU/USD struggles to extend recovery above 20-day EMA
The Pound to New Zealand Dollar (GBP/NZD) exchange rate closed last week near 2.3366 after easing from four-month highs, with Sterling losing some momentum while the New Zealand Dollar remained supported by expectations of a more hawkish Reserve Bank of New Zealand. Latest — Exchange Rates:Pound to New Zealand Dollar (GBP/NZD): 2.336614.
The US dollar continues to hold above the 101 mark, primarily supported by the new Federal Reserve leadership and a higher-for-longer monetary policy outlook amid persistent inflation concerns. Despite the recent pullback in the US Dollar Index (DXY), the broader trend remains constructive, keeping pressure on the euro below 1.1430.
