简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:The Canadian dollar traded with a bullish bias overnight on the back of broad US dollar weakness.
USD/CAD Open: 1.3400-04, Overnight Range: 1.3388-1.3424, Previous Close: 1.3423
WTI Oil open at $84.19 and gold open at $1,921.02. US markets are higher today.
For 10th August, USD resistance is at 1.3428. Support is at 1.3377.
• US inflation expected to fall slightly.
• China relaxes group travel restrictions, improving risk sentiment in Asia.
• US dollar trading defensively ahead of CPI data.
The Canadian dollar traded with a bullish bias overnight on the back of broad US dollar weakness.
The Canadian dollar was also supported by higher oil prices. WTI extended its rally that began in June an prices touched $84.87/b overnight. The rally is being exacerbated by speculative flows that occurred following the Russian and Saudi Arabia production cut extensions.
The FX markets witnessed a sell-off of US dollars overnight in anticipation of today‘s US inflation data, which is expected to be lower than initially projected. A lower reading would signify a positive shift in inflation trends. However, unless there’s a significant drop, the impact of these results might be limited, given the considerable time gap until the next FOMC meeting scheduled for September 20.
Hopes for improved China/US relations suffered a setback when President Biden issued an executive order prohibiting Americans from investing in Chinese companies involved in semiconductors and quantum computing.
EURUSD rallied from 1.0968 to 1.1027 due to optimism surrounding a potential decline in US inflation, which suggests the Fed would leave rates unchanged. The ECB Economic Bulletin reiterated that although inflation is on a downward trajectory, it is still expected to remain elevated for a significant duration, further supporting the possibility of another ECB rate hike.
GBPUSD, rose from 1.2708 to 1.2773 due to a general weakness in the US dollar, just ahead of the release of today‘s inflation data. It’s worth noting that the downward trend that began in July remains intact, as long as prices remain below the 1.2800 mark.
USDJPY rallied, firmed in Asia, climbing to 144.10 from 143.10 from 143.73 to 144.10 in part, because of the weaker-than-expected July Producer Price Index (actual 0.1% vs forecast 0.2%) Prices then dropped 143.64 in Europe.
AUDUSD climbed from 0.6527 to 0.6564, supported by the news of China lifting a ban on group travel to Australia, which provided a slight boost to prices.
The weekly US jobless claims data is due today.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Webull introduces commission-free SMSF trading, offering over 3,500 US and Australian ETFs, with no brokerage fees and enhanced portfolio tools.
Modern markets are revolutionized by automated trading systems, which now execute 70-85% of all transactions. These advanced automated trading software solutions, commonly called trading robots or Expert Advisors (EAs), leverage algorithmic precision for automatic trading across forex, stocks, and commodities 24/7. By removing emotional interference and executing trades in microseconds, auto forex trading platforms create fair opportunities for all market participants. For those new to automated trading for beginners, these systems provide disciplined, backtested strategies while significantly reducing manual effort.
Discover how reliable AI Forex trading signals are and why using a regulated broker boosts their effectiveness. Learn key factors to evaluate accuracy and enhance your trading.
Discover the top 5 currency pairs to trade for profit this week, March 31, 2025—USD/JPY, EUR/USD, GBP/USD, AUD/USD, USD/CHF—with simple strategies and best times.