Forex Market Report - 12th July 2024
Our forex market report offers an overview of critical economic and financial events that impact the global forex markets. Traders should closely monitor developments to fine-tune their trading strategies accordingly.
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1. U.S. Economic Data
- CPI Report: The latest Consumer Price Index data shows a modest increase, signaling potential inflationary pressures.
- Unemployment Claims: Weekly jobless claims have unexpectedly risen, suggesting possible slowdowns in the labor market recovery.
- Retail Sales: June's retail sales data indicates stronger-than-expected consumer spending, providing a boost to the economic outlook.
2. European Central Bank (ECB) Actions
- Interest Rate Decision: ECB is maintaining its current interest rates, focusing on supporting economic recovery amidst slow inflation.
- Policy Meeting Insights: The ECB is considering additional stimulus measures if inflation remains below target in the coming months.
- Eurozone Economic Projections: Updated projections show a slight downgrade in growth expectations due to ongoing geopolitical uncertainties.
3. Asian Market Developments
- China’s Trade Balance: Recent data shows a significant trade surplus, driven by strong export performance and reduced import growth.
- Japan’s Economic Stimulus: The Japanese government has announced a new stimulus package aimed at combating deflation and boosting economic growth.
- Australia’s Employment Data: Australia's latest employment report reveals an increase in job creation, with a notable rise in full-time positions.
4. Commodity Market Movements
- Oil Prices: Crude oil prices have climbed due to heightened geopolitical tensions and supply concerns in major producing regions.
- Gold Market: Gold prices are experiencing volatility as investors react to fluctuating interest rate expectations and inflation data.
- Agricultural Commodities: Prices of key agricultural commodities like wheat and corn are rising due to adverse weather conditions impacting harvests.
5. Currency Fluctuations
- USD Strength: The US Dollar is showing strength against major currencies, driven by better-than-expected economic data and hawkish Fed signals.
- EUR/USD: The Euro is under pressure due to slower economic recovery in the Eurozone and potential for further ECB stimulus.
- GBP Volatility: The British Pound is experiencing fluctuations amid Brexit-related uncertainties and mixed economic indicators from the UK.
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U.S. President Trump signed an order delaying “reciprocal” tariffs from July 9 to August 1 and warned of steep hikes from that date, escalating trade tensions. U.S. stocks closed sharply lower, with the Dow down 0.94%, the S&P 500 falling 0.79%, and the Nasdaq dropping 0.92%. Tesla also tumbled after Elon Musk announced plans to launch a new political party.
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Gold Struggles for Direction as Risk Mood Sours | 7th July, 2025
On July 7, gold slips below $3,350 as the USD strengthens and traders take profit amid tariff-related jitters. Silver lingers under $37. EUR/USD and NZD/USD retreat on weak sentiment, while USD/CAD rises above 1.3900 as oil weakens. Markets brace for key data including US CPI and Eurozone retail sales, with Fed speeches also in focus.
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ATFX Market Outlook 7th July 2025
U.S. dollar weakened against major currencies after President Trump’s landmark tax cut bill was passed, amid mounting pressure on countries to strike trade deals with Washington. As markets brace for the July 9 tariff deadline—targeting countries like Japan that have yet to reach agreements—the dollar index slipped 0.1% to 96.92.
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