USD Continues To Fall Forward Of FED Bulletins

USD Continues To Fall Forward Of FED Bulletins

It’s been one other tough day for the Buck as values proceed to slide throughout the majors. With the July FED Bulletins solely about an hour away

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It’s been one other tough day for the Buck as values proceed to slide throughout the majors. With the July FED Bulletins solely about an hour away, losses vs the euro, British pound, and Swiss franc have highlighted the foreign exchange motion. Nevertheless, some attention-grabbing financial information means that the USD could also be able to rebound.

Except for a month-over-month plunge in MBA Mortgage Purposes (July 24), in the present day’s numbers look fairly good. Listed below are just a few of crucial:

Occasion                                                          Precise                Projected           Earlier

Items Commerce Steadiness (June)                  $-70.64B                   NA                  $-75.26B

Pending House Gross sales (MoM, June)            16.6%                   15.0%                   44.3%

Pending House Gross sales (YoY, June)                6.3%                   -10.2%                   -5.1%

The important thing takeaway from this group are the Pending House Gross sales reviews from June. These figures bode effectively for American actual property and recommend that demand stays robust. On the vitality entrance, EIA Crude Oil Shares (July 24) got here in at -10.612 million barrels. That is an epic shift from final week’s 4.892 million and reinforces summer season seasonality. At this hour (12:30 PM EST), WTI crude oil is hanging robust simply above $41.25.

Let’s check out the place the EUR/USD stands simply forward of in the present day’s FED Bulletins.

EUR/USD Posts Big Pre-FED Month-to-month Positive aspects For July

It doesn’t take a rocket scientist to see the extent of July’s good points for the EUR/USD. Charges have damaged out to the bull and are on the doorstep of 1.1800.

EUR/USD, Monthly Chart
EUR/USD, Month-to-month Chart

For the close to future, there’s one degree on my radar for the EUR/USD:

  • Resistance(1): 62% Fibonacci Retracement, 1.1821

Backside Line: Given the present fundamentals, there’s little motive to consider that the EUR/USD’s bull run is over. Barring a serious revelation throughout this afternoon’s FED presser, a check of month-to-month topside resistance is extraordinarily probably.

Till elected, I’ll have promote orders queued up from 1.1819. With an preliminary cease loss at 1.1857, this commerce yields 38 pips on a normal 1:1 threat vs reward ratio.



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