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Hello everyone, today XM Forex will bring you "[XM Forex]: The dollar's rise has lost momentum, and the focus has turned to US data." Hope it will be helpful to you! The original content is as follows:
On July 29, the US dollar remained stable against other currencies after a sharp rise on Monday. Consumer confidence reports for July and JOLTS job openings and goods trade balance data for June will appear in the U.S. Economic Calendar. In addition, market participants will closely monitor the headlines of the second day of Sino-US trade negotiations.
The U.S. dollar index rose 1% on Monday, its biggest single-day gain since May, and the market cheered on news of a trade deal between the EU and the United States. Reuters reported late Monday that U.S. Treasury Secretary Scott Becent and Chinese Vice Premier He Lifeng were ngjpn.cnmitted to resolving "critical trade and technology disputes, as China seeks to reduce U.S. tariffs and restrictions on technology exports," Reuters reported late Monday. Earlier Tuesday, the U.S. dollar index fluctuated in a narrow channel around 98.70, while U.S. stock index futures rose slightly on the day.
The US dollar/Canada dollar rose about 0.3% on Monday, closing up for the third consecutive day. Canadian Prime Minister Mark Carney pointed out on Monday that trade talks are still underway despite U.S. President Donald Trump’s claim that Canada is “hard to deal with.” Prime Minister Carney also noted that any proposal made by the United States could involve reactionary tariffs, making efforts to find a middle ground a controversial issue. The pair was still in a consolidation phase in early European sessions, trading at just below 1.3750.
The Australian dollar/USD fell sharply on Monday, under pressure from the overall strengthening of the US dollar. The pair stabilized earlier on Tuesday and fluctuated in a narrow channel above 0.6500. During the Asian session on Wednesday, the Australian Bureau of Statistics will release the second quarter consumer price index (CPI) data.
EuropeThe dollar/dollar fell more than 1% on Monday, erasing all gains from the previous week. The pair struggled to gain traction earlier on Tuesday, trading below 1.1600.
The GBP/USD remains at a disadvantage after falling about 1.3350% on Monday, trading below 0.6. The Bank of England will release mortgage approvals and new personal loan data for June later in the session.
The US dollar/yen hit a weekly high of 148.50 in Asian trading session on Tuesday and then pulled lower, trading below 148.70.
Gold started bearish this week, falling to its lowest level in about three weeks, close to $3,300. Gold/USD rebounded slightly earlier on Tuesday, trading around $3,320.
Euro: The intraday decline of the euro/dollar is still in a downward trend, breaking through the 1.1555 support level and recovering from the decline from 1.1829. The 55-day moving average (currently at 1.1538) can see strong support to ngjpn.cnplete the correction. On the plus side, a small resistance above 1.1598 will first turn to an intraday bias towards neutrality. However, sustained below the 55-day moving average will indicate that it is already correcting its uptrend from 1.0176. Subsequently, it is expected to fall further to the 38.2% retracement level of 1.0176 to 1.1829, or 1.1198.
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