United States Dollar Index stays pressured, lacks follow-through

The post Gold Price Forecast: Recoveries likely be capped as 20-day EMA slopes lower appeared on BitcoinEthereumNews.com. Gold price (XAU/USD) trades 0.8% higher to near $4,110 during the European trading session on Thursday. The precious metal gains as the US Dollar (USD) is down despite a slight improvement in expectations that the next monetary policy move by the Federal Reserve (Fed) will be on the upside. At press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.1% lower to near 100.95 even after recovering over half of its early losses. According to the CME FedWatch tool, the odds of the Fed raising interest rates at least once this year have increased to 83.4% from almost 78% recorded a week back. Hawkish Fed prospects have increased as oil prices have bounced back strongly due to renewed Middle East tensions. Technically, higher interest rates by the Fed bode poorly for non-yielding assets, such as Gold. Investors worry

The post US Dollar Index: Slips despite yield support – DBS appeared on BitcoinEthereumNews.com. DBS Group Research economist Philip Wee notes the US Dollar Index (DXY) slipped from 101.28 to 101 late in the US session, even as the US Treasury 2Y yield rose and crude Oil stayed supported by Middle East tensions. Futures pricing now shows September Fed hike odds above 50%, but FOMC Minutes suggest a divided committee and limited forward guidance from Chair Kevin Warsh. Middle East stress and Fed repricing “Although the futures market returned the odds of a September Fed hike above 50%, the FOMC Minutes did not convey the same urgency for one by the divided Fed participants.” “The DXY Index fell late in the US session from 101.28 to 101, decoupling from the higher US Treasury 2Y yield, despite its strong correlation with crude oil prices after President Donald Trump declared that the interim ceasefire agreement with Iran was over.” “However, Trump clarified that the US blockade applied s

The post US Dollar Index: Fed hawks supported by energy spike – ING appeared on BitcoinEthereumNews.com. ING’s Chris Turner notes that higher Oil prices and Gulf tensions have driven a bigger reaction in rates than in FX, with Brent near $80 supporting Fed hawks. The US Dollar (USD) is expected to stay firm versus low-yielders, while carry trades in Emerging Markets (EM) have been unwound. Turner sees US Dollar Index (DXY) around 101.00 with scope back toward 101.50. Fed scenarios and DXY support “Dominating global markets yesterday was the seeming breakdown in negotiations between the US and Iran and a more serious exchange of fire. That has extended overnight, with the US military striking infrastructure targets in northern Iraq – the first strike on infrastructure since early April. Brent briefly touched $80/bl and we saw some large moves at the short end of interest curves.” “In addition, last night saw the release of the FOMC minutes for the June meeting. Some had feared that Fed

The post United States Dollar Index Forecast: Tests 23.6% Fibo. below 101.00 appeared on BitcoinEthereumNews.com. The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, extends the previous day’s pullback from the 101.25-101.30 region and attracts some follow-through sellers on Thursday. The index touches a fresh weekly low during the first half of the European session and currently trades around the 100.90 area, down over 0.15% for the day. From a technical perspective, the DXY is supported by the 23.6% Fibonacci retracement level of the May-June upswing and holds a constructive near-term bias above the 100.50 horizontal resistance breakpoint, which should act as a pivotal point. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator stays below zero with a negative reading at -0.09, hinting that bullish momentum is still tentative despite the supportive structure. Furthermore, the Relative Strength Index (RSI) at 56.09 sits in neutral ter

The post Silver Price Forecast: XAG/USD jumps to near $59 as US Dollar declines appeared on BitcoinEthereumNews.com. Silver price (XAG/USD) is up over 1% to near $59.00 during the European trading session on Thursday. The white metal gains as the US Dollar (USD) faces selling pressure despite multiple tailwinds. At press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.25% lower to near 100.80. US Dollar Price Today The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the weakest against the New Zealand Dollar. USD EUR GBP JPY CAD AUD NZD CHF USD -0.24% -0.28% -0.18% -0.10% -0.18% -0.58% -0.33% EUR 0.24% -0.04% 0.04% 0.13% 0.09% -0.31% -0.09% GBP 0.28% 0.04% 0.07% 0.17% 0.12% -0.27% -0.04% JPY 0.18% -0.04% -0.07% 0.07% 0.05% -0.38% -0.13% CAD 0.10% -0.13% -0.17% -0.07% -0.04% -0.44% -0.21% AUD 0.18% -0.09% -0.12% -0.05% 0.04% -0.39% -0.17% NZD 0.58% 0.31% 0.27% 0.38%

The post AUD/USD Price Forecast: 0.6860 is key support level amid geopolitical risks appeared on BitcoinEthereumNews.com. The Australian Dollar (AUD) trades marginally higher at around 0.6935 against the US Dollar (USD) during the European trading session on Thursday. The Aussie pair edges up as the US Dollar ticks lower despite escalating Middle East risks and hawkish Federal Open Market Committee (FOMC) Minutes of the June policy meeting. At press time, the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, trades 0.13% lower to near 100.92. The attacks on Iranian infrastructure by United States (US) military forces signal that the restart of the war would last long, a scenario that might keep oil prices higher and the appeal of safe-haven assets upbeat. According to Axios, the US Air Force bombed two railway bridges in Iran on Wednesday. Meanwhile, the FOMC Minutes showed on Wednesday that policymakers are concerned about upside inflation risks a

The post Euro holds modest gains above 1.1400 vs USD as Mideast tensions cap appeared on BitcoinEthereumNews.com. The EUR/USD pair attracts some buyers for the second straight day, though it lacks follow-through and remains confined within the previous day’s range during the Asian session on Thursday. Spot prices currently trade around the 1.1420 area, up less than 0.10% for the day, and remain at the mercy of the US Dollar (USD) price dynamics. The USD Index (DXY), which tracks the Greenback against a basket of currencies, remains on the defensive below the weekly top, touched on Wednesday, amid reduced expectations for Federal Reserve (Fed) rate hikes. Against the backdrop of last week’s soft US Nonfarm Payrolls (NFP) report, the Minutes of the June 16-17 FOMC meeting revealed that policymakers noted high uncertainty about the outlook on interest rates. However, Fed officials  indicated that some policy firming would likely be warranted to return inflation to 2%. According to the CME

The post US Dollar Index shrugs at unanimous Fed hold that reads anything but unanimous appeared on BitcoinEthereumNews.com. The US Dollar Index (DXY) spent Wednesday travelling in circles, grinding around 101.00 after the Minutes of the June 16-17 Federal Open Market Committee (FOMC) meeting crossed the wires at 18:00 GMT, capping a session in which traders had already faded another round of Middle East friction. The muted price action undersells the document. A unanimous 12-0 vote to hold the target range at 3.50% to 3.75% papers over a Committee that agrees on very little beyond the decision itself. Read more: FOMC Minutes leans toward higher-for-longer narrative One vote, three arguments Every voter backed June’s hold, and the post-meeting statement shrank to a few terse lines anchored by a bare commitment to delivering price stability. The Minutes reveal what that unity cost: a few participants saw a live case for raising the target range at the meeting itself, and settled for the