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GBP/USD renews monthly top above 1.3900 on softer USD, Brexit optimism
GBP/USD picks up bids to refresh multi-day high above 1.3900. US dollar tracks Treasury yields to the south amid Fed’s dovish tilt. EU softens legal threat over NI protocol on demand of UK’s Frost. UK scraps quarantine rules for fully vaccinated EU, US travelers.
US Dollar Index teases two-week low on stimulus optimism, Fed’s dovish tilt ahead of US GDP
US Dollar Index (DXY) remains pressured around 92.25 amid Thursday’s Asian session. The greenback gauge portrayed a three-day downtrend following the Fed’s rejection to discuss tapering, despite staying optimistic on economic transition. Recently weighing on the quote is the news concerning US President Joe Biden’s infrastructure spending bill’s movement in the Senate.
Gold aims for $1821 and $1825 as next bullish targets
The Fed once again came to the rescue of the bulls, lifting gold price from around the key support around $1792 to take on the upside beyond the $1800 mark. So far this Thursday, gold price is extending the post-Fed rally towards the critical SMA200 one-day at $1821.
DEEPER DIVE
Five factors moving the US dollar and not necessarily to the downside
For the dollar, that light at the end of the tunnel turned out to be a truck roaring at full throttle to run it down. The news of coronavirus vaccines sent stocks higher and the safe-haven dollar lower. Alongside decisive US elections and later some fiscal stimulus, there was no need to run for shelter, and the dollar suffered.
The Homeworking Revolution: Change accelerates for businesses, real estate and stock markets
The pandemic-fostered explosion of working-from-home will be a permanent change. COVID-19 has reinforced trends that were remaking the business office before the pandemic. Property valuation and tax revenue will flow from cities to suburbs and high-cost to low-cost states.
Top commodities to trade amid global reflation: Silver and copper to outshine gold price
Commodities witnessed an interesting end to a decade in 2020. Traders were caught off-guard by the unprecedented coronavirus crisis last year. Likewise, a strong recovery across the commodities board came as a surprise, bringing them in vogue and kick-starting a super cycle.
FXS Signals
CRYPTOCURRENCIES
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MATIC Price Prediction: Polygon looks to double in market value
MATIC price is currently grappling with a crucial resistance level, a breakdown of which could send it flying to a demand barrier that could trigger a reversal in the short-term downtrend. A 100% upswing to $1.727 is on the cards for Polygon.
New crypto tax measures will raise $28 billion to fund Senate bipartisan infrastructure deal
Cryptocurrency investors in the United States would be exposed to stricter rules as the Senate aims to collect more taxes. Digital asset businesses would be required to report crypto transactions of over $10,000.
SafeMoon Price Prediction: SAFEMOON contemplates 34% gains
SafeMoon price dropped roughly 20% between July 19 and July 20, slicing through the range low at $0.00000273. Despite the crash, the recent double bottom formation suggests an upswing is likely.
STOCKS
Gold Price Forecast 2021: XAU/USD looks to build on 2020 gains with central banks staying dovish
Gold price surged to all-time highs above $2,000 in 2020. Gold forecast remains bullish in 2021 as central banks keep committed to supporting recovery. XAU/USD price could push higher if it manages to break above $1,930.
ECONOMIC CALENDAR
WEEKLY FORECAST
EUR/USD: The ECB disappointed, will the Fed follow such a lead?
The European Central Bank failed to clarify its new forward guidance. The US Federal Reserve could hint at tapering before year-end. EUR/USD is technically bearish and could pierce the 1.1700 level.
GBP/USD: Britain's Big Bang gamble, Fed decision critical for next moves
GBP/USD has tumbled to five-month lows as covid fears grip markets. The Fed decision, Brexit news and covid developments are set to rock cable. Late July's daily chart is showing bears gaining ground.
USD/CAD Weekly Forecast: Governor Macklem excites the profit motive
The USD/CAD traded to the edge of a breakout this week, moving through 1.2500 with ease and closing above 1.2600 for the first time in two months.
XAU/USD bears await break below 100-day SMA at $1,796
Gold closed near the lower limit of the weekly channel. Additional losses are likely if XAU/USD breaks below the 100-day SMA. FOMC meeting and US Q2 GDP data highlight next week’s economic calendar.
Musk changes tune on BTC as adoption and miners continue to make headway
BTC continues to rise after briefly dipping below the $30,000 level. Musk reveals his opinions on the big crypto since Tesla stopped accepting BTC payments. Core Scientific mining firm announced its plans to list on the NASDAQ.
USD/JPY: Fed decision, covid in the Olympics and yields to shake the pair
USD/JPY has been trading in tandem with US yields, falling as fear grips markets. The Fed decision, US GDP and the rapid spread of the Delta variant are all eyed. Late July's daily chart is painting a mixed picture.
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