13.09.2019: Will US statistics curb dollar's fall? (EUR, GBP, CHF, GOLD)
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Yesterday, the European Central Bank held a monetary policy meeting, and traders are waiting for three more important rate-setting events to take place in the coming week. These will be the meetings of the Federal Reserve, the Bank of England, and the Bank of Japan. Expectations of their results are having a negative impact on the US dollar. Besides, the appetite for risk increased amid signs of possible resolution of the US-China trade conflict which also put the American currency under pressure.
The euro benefited from the dollar’s weakness. Investors are assessing the effect of the ECB Governing Council meeting where the regulator took a number of stimulus measures. The euro approached the psychological level of 1.1100 against the American currency. A break above this mark may result in a further rise to the next resistance level at 1.1150.
Meanwhile, the GBP/USD pair has finally broken out of the trading range and advanced above 1.2400 for the first time since July 26. The pound sterling managed to gain ground amid the speculation about intentions of the European Union to extend the deadline for Brexit.
Today the USD/CHF pair declined towards the lower boundary of the weekly trading range near 0.9870. The bearish trend has been persisting for the second session in a row. It is still unclear whether the current pullback will prompt dollar bulls to open buy deals at a cheaper price or the franc will rise further.
At the same time, gold prices recovered and rose above the key psychological level of 1,500 dollars per ounce. The precious metal is hovering above the weekly highs that were reached in the previous trading session.
Yesterday gold approached the daily peak at 1,524, reacting to the ECB meeting results. At the same time, the commodity lost momentum shortly after that amid positive news about the US-China trade war. Subsequently, gold suffered active sell-off at highs. The news provided support to the US Treasuries yields and put gold under pressure, but the precious metal recovered amid the weak US dollar.
The US retail sale data is scheduled for release. Meanwhile, we continue to monitor the developments on the financial market. See you on our channel!
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