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Hello everyone, today XM Forex will bring you "[XM Forex Market Analysis]: The US dollar index consolidates around 98, and traders are waiting for more Fed interest rate cut signals." Hope it will be helpful to you! The original content is as follows:
August 19, intraday European markets on Tuesday, after a calm start to the week, trading trends in financial markets remained sluggish earlier on Tuesday. Later that day, data on new home starts and construction permits will be released in the U.S. Economic Calendar. In addition, investors will closely monitor Canada's Consumer Price Index (CPI) data.
The USD (USD) index, which tracks the performance of the dollar against a basket of six major currencies, closed in the positive area on Monday. Meanwhile, Wall Street's major stock indexes closed almost unchanged on the day as investors assessed the headlines of the meeting between U.S. President Donald Trump and Ukrainian President Vladimir Zelensky.
Zelensky said they had discussed security for Ukraine with Trump and European leaders, adding that they were ready to meet with Russian President Vladimir Putin. Earlier on Tuesday, U.S. Secretary of State Marco Rubio confirmed that they will work with European allies and non-European countries to provide security for Ukraine. In early European session Tuesday, U.S. stock index futures fell about 0.2%, indicating cautious market sentiment, while the U.S. dollar index stabilized around 98.00.
Australia data shows that Westpac consumer confidence index improved from 0.6% in July to 5.7% in August. The Australian dollar/dollar struggled to benefit from optimistic data, with European trading just below 0.6500 in early trading on Tuesday.
New Zealand's second-quarter producer price index rose 0.6% quarter-on-quarter. This figure qxkkl.cnes after a 2.9% increase in the first quarter, below market expectations of 1..4%. In early Asian session on Wednesday, the New Zealand Federal Reserve will announce monetary policy decisions. Prior to this critical event, the New Zealand dollar/USD stabilized above 0.5900.
The US dollar/Canadian dollar fell slightly on Monday and consolidated sideways around 1.3800 in early trading on Tuesday. Canada's annual CPI inflation rate is expected to drop from 1.9% in June to 1.7% in July.
Euro/USD fell about 0.4% on Monday, and continued to fall slightly in the early trading of Asian trading on Tuesday. After falling to 1.1640, the euro/dollar rebounded and finally traded around 1.1680.
After the weekly low of GBP/USD earlier on Tuesday, the GBP/USD hit a weekly low below 1.3500. The pair pulled higher in early European session, trading around 1.3520.
The US dollar/JPY is difficult to continue to work hard on Monday's gains, and it fell slightly to below 147.70 that day. In the early trading session of the Asian session on Wednesday, Japan's economic calendar will release the qxkkl.cnmodity trade gap data for July.
In early trading on Tuesday, gold consolidated sideways below $3,350.
Euro: Euro/USD remains consolidated below 1.1729, and the intraday deviation remains neutral for the time being. As long as the 1.1589 support level is held, it is expected to rebound further. Above 1.1729, the 1.1829 high will be retested. However, on the downward side, a firm breakthrough of 1.1589 will turn downward and fall again, continuing the correction pattern of 1.1829.
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