Latest Forex Research
FX Daily Majors
Today’s highlights: GBPUSD’s break of key near-term support at 1.7095/85 sets a minor top, which should allow a deeper setback to 1.7008/1.6998.
We stay USD long
The message from the June FOMC statement and minutes and from Yellen’s July 2 IMF speech has been that the Fed is in no hurry to begin the rate hike process, notes BNP Paribas.
The Global Macro Pulse
G10 FX rates are little changed from New York levels. The RBA minutes generated no meaningful movement in AUDUSD,
Big drop in Gold is observed. Renewed OMX selling is a risk
EURUSD: Price action yesterday does not reveal any fresh current in the market. The 1.3576/13651 range has to be violated to indicate an increased chance for a directional move.
FI Eye-Opener: Dove hunting
Core bond yields climbed yesterday, more so in the US than in Germany. The German 10-year yield edged higher by less than a bp, while the US 10-year yield rose by around 3bp.
AUD/USD Analysis
Aussie witnessed a muted start this mornign as it opened at $0.9394, after a $0.9387 to $0.9403 range during the US hours.
Daily Market Technicals
The consolidation within the recent $1.3576-1.3651 region has seen a triangle develop on the dailies.
Bank of Japan on hold and confident about economy’s strength
Bank of Japan (BoJ) as expected did not announce any new easing measures in connection with today’s monetary meeting.
EUR/USD Analysis
Another muted session for the euro after it opened at $1.3619 this morning, and following last night’s $1.3608 to $1.3631 US trading range.
GBP/USD Analysis
The pair closed in NY Monday at $1.7084 after sterling had come under pressure into the US session on reported position adjustment ahead of today’s key