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Hello everyone, today XM Forex will bring you "[XM Group]: The US dollar is hesitant before the release of key U.S. data, and the Putt meeting is ehadb.cning." Hope it will be helpful to you! The original content is as follows:
The US dollar (USD) struggled to hold its position after rising against its major ehadb.cnpetitors on Thursday. The U.S. Economic Calendar will release retail sales and industrial production data for July. Later in the meeting, the University of Michigan will release a preliminary survey of consumer confidence in August, which will include the consumer confidence index and 1-year consumer inflation expectations data.
Before the weekend, investors will also keep an eye on headlines of the highly anticipated meeting between U.S. President Donald Trump and Russian President Vladimir Putin in Alaska.
The U.S. Bureau of Labor Statistics (BLS) reported that annual producer inflation, measured as changes in the producer price index (PPI), jumped from 2.4% in June to 3.3% in July, and the dollar strengthened on Thursday. During this period, core PPI rose 3.7% year-on-year, a sharp increase from 2.6% in June.
In the Asian session on Friday, Chinese data showed that retail sales in July increased by 3.7% year-on-year. The reading was lower than market expectations of 4.6%. In addition, industrial production rose by 5.7% after a 6.8% increase last month. The Australian dollar/USD rebounded early on Friday after falling nearly 0.8% on Thursday, trading in a positive area just above 0.6500.
The US dollar/yen remained under bearish pressure after closing slightly higher on Thursday, trading around 147.00. Japan's GDP grew by 1% in the second quarter. This figure came after a 0.6% increase in the previous quarter, better than the market expectation of 0.4%.
Euro/USD in the weekAfter the fourth closing, it was still in the positive area above 1.1650. The European Economic Calendar will not release any high-impact data on Friday.
The GBP/USD lost its traction after a strong rebound in the first half of the week, falling more than 0.3% on Thursday. The pair lifted bearish pressure from the European session on Friday, trading slightly above 1.3550.
In the ehadb.cnmodity market, Brent crude oil fell 0.3% to $66.63 per barrel, and the market focused on the meeting between US President Donald Trump and Russian President Vladimir Putin in Alaska.
Gold has fallen slightly, and the market is digesting the inflation-adjusted real interest rate trend, and real interest rates usually change in the opposite direction to gold prices. Spot gold rose 0.3% to $3,343.94.
Euro: The euro/dollar tends to remain neutral in the intraday trend, and more consolidation may occur below the temporary top of 1.1729. As long as the support level of 1.1589 is held, it is expected to rise further. Above 1.1729, the 1.1829 high will be retested. Firm breakthrough will resume a larger upward trend and reach the 1.1916 forecast level. However, the downside is that breaking through the 1.1589 support will delay the bullish situation and extend the correction pattern from 1.1829 with another decline.
JPY: The intraday deviation of USD/JPY remains neutral for the time being. As long as the resistance level of 148.51 is held, there will be a slight advantage in further declines. On the downside, a firm breakthrough of 146.85 support will indicate that the overall rebound from 139.87 has been ehadb.cnpleted and ehadb.cnpleted at 150.90, and turn the outlook into bearish. The next target is 142.66 support. On the plus side, above 148.51 will retest 150.90.
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