Sourced from: https://www.countingpips.com/2019/07/usd-posts-modest-gains/
Oil Slips as China GDP Dampens Outlook
EURUSD Steady Above 1.1250
Can Oil Extend Declines?
Crude oil shut bearish on Monday. This includes two consecutive sessions of declines in the product. We anticipate price to remain rather flat. Crude oil briefly tested the immunity region of 61.00 before easing lower. Alternatively, unless we see a near 61.00, oil prices can continue to push lower. The downside target is seen at the 57.50 service region.
Cost action has moved to the upper end of the range, trading within 1404 and 1423 levels. A breakout above 1423 is necessary to get a daily basis in order to verify the upsidedown. However, considering the flat price action near the highs, then we hope to observe a correction reduced in the long run. The breakdown under 1404 will trigger a move to 1383.50.
The US dollar attempted to undo the losses from last week Monday, turning slightly bullish. However, price action was rather subdued. Investors will be looking towards the US retail earnings report due later today.
The precious metal remained stuck at a range near the highs over 1400 to get four successive weeks. Dividend markets meanwhile pushed higher as the US corporate earnings get penalized. Markets stay muted as investors wait for the Fed meeting due to occur in late July. The prospects for a Fed rate cut look to be priced to the metal now.
Officials Warn of Possible Slowdown in German Growing
The services sector of germany could see a recession in the coming months, together with sluggish increase in the industrial industry. Germany’s economic minister cautioned that the professional services sector has been that which was forcing Germany’s expansion so far. This drags the eurozone’s expansion .
From Orbex
The common money held to the service at 1.1250 degree on Monday. Cost action was subdued as a result of absence of any fundamentals. But, investors are still expecting the ECB to act, either by cutting prices even lower or restarting the QE program. As long as the 1.1250 amount retains, the currency pair may be prep for 1.1400.
WTI Crude petroleum prices shut 1.6% lower on Monday. China’s second-quarter GDP showed an increase rate of just 6.2%. This was considerably slower compared to the first-quarter GDP expansion. At the first half of the year, China’s GDP grew just 6.3%, marking one of the most affluent paces of growth in growth. The information underlined the opinion that global growth is slowing.
Can XAUUSD Maintain the Sideways Range?
Adhering to a strong gain in May, economists forecast that retail sales will rise at a slower rate in June. Meanwhile, the this day, Fed Chair Jerome Powell is scheduled to talk in Paris.
