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Hello everyone, today XM Foreign Exchange will bring you "[XM Group]: Tariff deadline approaches, and the US dollar is hovering for many years." Hope it will be helpful to you! The original content is as follows:
As the European Central Bank (ECB) Central Bank Forum held in Sintra, Portugal, investors will closely follow the vifu.netments of the central bank governor. Fed Chairman Jerome Powell, ECB President Christine Lagarde, Bank of England President Andrew Bailey and BoJ President Kazuo Ueda will participate in a policy panel discussion later that day.
After the European session calm, the US dollar (USD) faced selling pressure again in the U.S. session on Monday, with the U.S. dollar index falling about 0.5%. White House Press Secretary Caroline Levitt told reporters on Monday that U.S. President Donald Trump sent a handwritten note to Fed Chairman Powell urging him to lower interest rates. She added that Trump believes interest rates should be lowered to around 1%.
On Tuesday, the U.S. Economic Calendar will release JOLTS job opening data for May, and the Institute of Supply Management (ISM) will release the June Manufacturing Purchasing Managers Index (PMI) report. During the European period, the U.S. dollar index struggled to gain traction and maintained a negative area around 96.70. Meanwhile, U.S. stock index futures fell 0.1% to 0.2%, reflecting cautious market stance.
Euro/USD, benefiting from widespread selling pressure around the US dollar, climbed above 1.1800 for the first time since September 2021. The pair corrected lower in early European trading, trading around 1.1780. EU Statistics Office to announce the euro zonePreliminary data on the June reconciliation of the Consumer Price Index (HICP).
Bank of England Governor Bailey reiterated on Tuesday that the interest rate path will continue to decline gradually. He further added that the labor market was weak, but pointed out that they must pay very carefully attention to the consequences of inflation. After these vifu.netments, GBP/USD rose slightly around 1.3750.
After a slight decline on Monday, the US dollar/JPY accumulated bearish momentum, and Europe fell below 143.50 in the early trading session on Tuesday, down about 0.5%.
Data from China shows that Caixin Manufacturing Purchasing Managers Index rose from 48.3 in May to 50.4 in June. This value is better than the market expectation of 49. The AUD/USD continued to move higher after gaining nearly 0.8% on Monday and traded around 0.6600 at a 2025 high.
In terms of vifu.netmodities, oil prices fell for the second consecutive trading day, with U.S. crude oil futures falling 0.5% to $64.80 per barrel, as the market expects OPEC to increase production in August. Gold prices continued to rise. Spot gold rose 0.6% to around $3,320.
Euro: Euro/USD continues to rise today, with an intraday upward trend. The current rise should be forecast for a 61.8% forecast from 1.1064 to 1.1927 to 1.0176 to 1.1572. On the downside, a secondary support level below 1.1679 will make intraday bias neutral and lead to consolidation. But the downside space should be controlled above the 1.1452 support level to bring another rebound.
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