The dollar strengthened against the world's major currencies last Friday, thanks to short covering and profit taking after posting the biggest decline in one phase. Throughout the month of July, the dollar index fell by 4.1%, the biggest drop since September 2010, due to the soaring number of corona viruses in several US states, as well as the latest economic data showing the US economy has generated momentum.
EUR/USD has developed a bearish engulfing reversal pattern, but the pair is still under bullish pressure, so a potential correction is far from being confirmed. The pair is traded at 1.1769 level, above 1.1696 yesterday’s low.
WikiFX| Daily F.X. Analysis, August 4 |Arslan Ali Butt-KOL
WikiFX News (3 Aug) - In the following week, USD may keep retreating under the pressure of stock markets and Fed rate decision.USD may decline if earnings reports from large-cap companies such as HSBC and Disney put a discount on haven-linked assets.
WikiFX| Daily F.X. Analysis, August 3 |Arslan Ali Butt-KOL
The USD was into a corrective phase in the last month, but now it shows some positive signs, it could try to come back higher as the USDX has printed a reversal pattern. EUR/USD is trading in the red today and it could resume Friday’s drop if the US Dollar Index will jump higher.
WikiFX News (1 Aug) - USD is experiencing its longest downtrend since 2010, while the consecutive decline recently is the second worst one since April 2011. The future trend of USD is now testing market sentiments.
A look at Wednesday’s FOMC statement and accompanying press conference. While the dovish US Federal Reserve is driving the US Dollar down, the promise of ongoing support in the form of economic stimulus, equally has equity markets pushing all-time highs.
Gold is traded at $1,973 and most likely it will hit the $1,981 all-time high in the upcoming hours as the bulls are in full control. The price is strongly bullish, so a further growth could be natural.
WikiFX| Daily F.X. Analysis, July 31 |Arslan Ali Butt-KOL
With a glance at July, it is found that some currencies of major industrial countries, which plummeted in the first half of 2020, have rallied in different degrees. Among them, both EUR and AUD have turned their six-month negative inflation into positive one.
EUR/USD has opened with a gap down today and now is trading in the red. The price is traded at 1.1761 level, far below 1.1807 yesterday’s high. The perspective is still bullish despite today’s drop, the pair is expected to try to close the current gap and to pressure the 1.1800 psychological level.
Gold prices have risen from $1,801.30 to $1,940 per ounce in the past two weeks. As of July 28th, gold prices had fallen back to $1,929 per ounce. But it rebounded quickly on the 29th.
WikiFX| Daily F.X. Analysis, July 29 |Arslan Ali Butt-KOL
The US dollar remains under pressure ahead of the FOMC, the currency has registered a significant drop versus its rivals as the USDX has extended its sell-off. USD is on a declining path, so only a hawkish FED could announce potential reversals on the major pairs.
Gold prices hit a record high on Monday, as a weakening dollar injected new momentum into a rally driven by uncertainty about the world economy. Investors are rushing to Gold more than other precious metals as a result in the rising concerns of a second wave of the dreaded pandemic, COVID-19
WikiFX| Daily F.X. Analysis, July 28 |Arslan Ali Butt-KOL
Gold has managed to extend its rally and it was almost to reach the $2,000 psychological level in the early morning. The price is traded at $1,941.30, way below the $1,981.13 today’s high, all-time high.
As EUR/JPY breaks higher through daily support/resistance, we zoom in and take a look at how price reacts on the retest. We then search for a confluence of support to confirm the control that euro bulls currently possess.
WikiFX| Daily F.X. Analysis, July 27 |Arslan Ali Butt-KOL
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