Currency Analyst since 2010

July 26: Asian session

US dollar is ready to extend its decline versus its main counterparts for the third week. The reason is the same – expectations that the Fed will reassure investors at next week’s meeting that policy will remain accommodative. Today is light on economic data. America will release revised University of Michigan consumer sentiment index – a light upward change is expected.

EUR/USD rose yesterday to new 1-month high just below $1.3300. Today euro is in the $1.3280/90 area. GBP/USD is trading on the upside, just below $1.5300. Yesterday sterling reached $1.5433. USD/CHF edged lower to 0.9280.

USD/JPY dropped to 98.60. Japan June national core CPI rose by 0.4% (forecast: +0.3%, prior 0.0%), while Tokyo core CPI came in line with forecasts at +0.3% (prior: +0.2%). According to the Japan’s economy minister Amari, prices are increasing because of the consumption-driven economic recovery. On Sunday Japan is scheduled to release retail sales figures (forecast: +0.8%, highest since 2012).

AUD/USD extended the upside, strengthening to $0.9276. NZD/USD recovered to the yesterday’s highs around $0.8100. USD/CAD keeps testing uptrend support line. The pair’s trading in the 1.0275 area.


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