Forex News Roundup for 18th July, 2023
- Reports from Reuters highlight that the US dollar is at its lowest in one year, while the euro has touched its highest level in 17 months. The euro has climbed to $1.1256 against the dollar. On the other hand, the dollar index remains under pressure at around 103.30. The weakening of the dollar is bad news for countries heavily dependent on it for international trade and finance. The stronger euro has both positive and negative effects on different aspects of the economy, including inflation, trade, and travel.
- Recent reports suggest that gold prices are expected to increase in the near future. This is because the United States Dollar (USD) is losing strength. Thus, gold prices are rising. However, there may be some temporary fluctuations. But gold prices remain strong and are expected to see growth.
- The major forex currency pairs are trading within familiar ranges as attention turns to data from the United States and Canada. The US Dollar (USD) is moving within a specific range, with the US Dollar Index fluctuating around 104.00. The USD is facing pressure due to weak US data and positioning ahead of the Federal Reserve’s actions, leading to its lowest level in 13 days near 103.30. At the same time, the USD/JPY pair is gaining strength to reach 133.00 again.
- The analysis of silver prices indicates that bullish sentiment remains strong for XAG/USD. The price is currently consolidating in a positive phase, facing resistance at $26.00. If the price moves further to $25.00, the price of silver could increase in a bullish trend.
- According to Moody’s, China’s GDP is expected to grow by 5% in 2023 and 4.5% in 2024. This forecast indicates a positive outlook for China’s economic growth in the upcoming years.
- Gold prices are not significantly impacted by demand from China and India, according to Commerzbank. However, the strong demand in these countries acts as a stabilizing force for gold prices rather than driving them up.
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