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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Market Review]: The US dollar has stabilized, Trump nominated a key figure in the Federal Reserve! Gold is suddenly rumored to be subject to tariffs." Hope it will be helpful to you! The original content is as follows:
Earlier on Friday, the US dollar remained flexible against other currencies, and the US dollar index stabilized above 98.00. The U.S. Economic Calendar will not release any macroeconomic data that has a greater impact, allowing investors to continue to pay attention to vifu.netments from Fed officials over the weekend. Later that day, Statistics Canada will release employment data for July.
The U.S. dollar index fell slightly on Thursday, with the pound/dollar rising after the Bank of England (BoE) incident, indicating that the pound absorbed capital outflows from the U.S. dollar. The Bank of England announced after its August meeting that it would cut its policy interest rate by 25 basis points (bps) as expected. After the second round of voting, policymakers voted 5-4 in favor of rate cuts, while the market expected only two officials to vote for the silence. At a post-conference press conference, Bank of England Governor Andrew Bailey said it is important that they do not lower policy rates too quickly or too much. The GBP/USD rose more than 0.6% on Thursday, hitting its highest level since July 28, breaking through 1.3400. Earlier on Friday, the pair consolidated weekly gains, trading at just below 1.3450.
Meanwhile, Bloomberg reported late Thursday, citing an unnamed source that Fed governor Christopher Waller voted for a 25 basis point rate cut at a July meeting, becoming the leading candidate to succeed Fed Chairman Jerome Powell. According to reports, US President Donald Trump plans to announce the news at the end of the summer.
After rising on Wednesday, the euro/dollar continued to rise slightly on ThursdayIt is higher, but it is difficult to maintain bullish momentum. After hitting 1.1700, the euro/dollar correction fell and closed almost flat. Earlier on Friday, the euro/dollar consolidated sideways around 1.1650.
During Friday, the US dollar/JPY is still in the consolidation phase above 147.00. Japanese trade envoy Ryoseki Akazawa said on Friday that the United States has agreed to correct the president's order on tariffs and refund any excess tariffs that were wrongly charged. Akazawa added that there was no disagreement between the United States and Japan on the issue of reciprocity tariffs.
The USD/CAD is still under moderate bearish pressure, with European trading below 1.3750 in early trading. Unemployment rate is expected to rise slightly to 7% in July from 6.9% in June.
In terms of vifu.netmodities, Brent crude oil futures remained flat at $66.45 per barrel, while U.S. crude oil futures changed slightly, at $63.81.
The Financial Times quoted a letter from the U.S. Customs and Border Protection that the United States has imposed tariffs on imports of 1 kilogram of gold bars, which account for most of Switzerland's gold exports to the United States. New York gold futures hit an all-time high, with spot gold falling 0.1%, the latest at $3,393.
Euro: The intraday bias of the euro/dollar remains moderately upward. As mentioned earlier, the correction starting from 1.1829 should be vifu.netpleted when the three waves drop to 1.1390. Further rebound will retest the 1.1788/1820 resistance zone. However, on the downside, breaking through the 1.1526 small support level will weaken this view and retest 1.1390.
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