USD Leads The Pack As GBP Falls

Sourced from: https://www.countingpips.com/2019/07/usd-leads-the-pack-as-gbp-falls/

GBPUSD was radically reduced today.  That is despite news that the former attorney general Dominic Grieve is about to obstruct Boris Johnson’s plans to get a no deal Brexit. Grieve plans to do this via a special turn to the Northern Ireland Bill which will prevent Johnson from proroguing parliament. GBPUSD transactions 1.2465 last.
USD has traded higher over the European afternoon on Tuesday with the indicator breaking back over the 97.10 degree.  The greenback was well supported after the recent interview between Trump and Xi that saw the set agreeing to re-commit to trade talks. With small on the FOMC meeting minutes today, focus remains on the information sheet tomorrow try and gauge the probability of a July rate cut.

EUR Requires Lower

Safe havens have had so far.  Gold has traded lower against the US Dollar. Meanwhile, the JPY has witnessed more powerful inflows, connected to weakness in equities prices. USDJPY trades 108.90 last, with recently broken back over the 108.78 amount, though USD has surrendered earlier gains daily. XAUUSD transactions 1388.50 continue, with cost having moved back beneath the 1391.61 support. But, it’s still above the recent 1382.06 lows for now.

Commodity Currencies Lower Again

Oil prices have experienced a morning so much with cost roughly unchanged on the session following moves greater overnight. Crude is still grappling with the 57.85 degree for the time being.  Later now we’ve got the API inventories record.  This will give the market the first look at US industry levels within the previous week, ahead of tomorrow’s primary EIA file, which could give oil some upside if a further drawdown is documented.

SPX500 Retreats

JPY Higher, Gold reduced

AUDUSD is trading back beneath the .6940 that morning, disappointingly.  The restoration in USD,in addition to the pullback in gold prices and equities, has struck AUD hard.  Focus stays on a further push lower for today.
EURUSD has been again today in the aftermath of the ongoing USD recovery. EURUSD is now trading firmly under the 1.1217 level support, which has been broken overnight after several efforts .  Present eurozone data weakness is maintaining the pressure on the ECB with hopes of impending easing continuing to assemble.
USDCAD is trading somewhat lower this morning with cost ranges from the latest evaluation of this 1.3136 level.  Subdued oil costs and a stronger US dollar have helped maintain USDCAD over the 1.3070 level.  USDCAD was under pressure during recent weeks following the rally in oil rates. On the other hand, the decline for now has been stalled by the current dip lower in petroleum prices. The BOC suits tomorrow that could add further support in case the bank keeps a resilient tone.
Risk assets are lower now also with all the SPX500 printing its third successive losing day so far. Price is presently trading 2959.93, sitting under the current 2963.89 level. Despite optimism about US-China trade negotiations in addition to the prospect of the Fed easing, a stronger USD seems to be running the show for the time being. SPX500 jumped out to fresh all-time highs last week on the rear of the Trump/Xi assembly , though earnings have lost momentum for the time being.

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