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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange]: The money market is beginning to stabilize, and I will keep a close eye on Powell this week." Hope it will be helpful to you! The original content is as follows:
On August 18, major currency pairs fluctuated near the closing level last week, and market participants awaited a meeting with Ukrainian President Zelensky with U.S. President Donald Trump later that day. Monday's Economic Calendar will not release any advanced data.
After Trump met with Russian President Vladimir Putin on Friday, U.S. special envoy Steve Witkov said on Sunday that the two sides agreed that the United States would provide security to Ukraine. According to Vitkov, the agreement failed to enable Ukraine to achieve its goal of joining NATO, and Putin opposed it. According to ehadb.cnN, Trump's message to Zelensky will emphasize that Ukraine must agree to some of Russia's conditions, including Ukraine ceding Crimea and agreeing to never join NATO to end the war. The market took a cautious stance early on Monday, with U.S. stock index futures falling about 0.1%. Meanwhile, the US dollar (USD) index held its ground after closing in the negative area last week, consolidating sideways to slightly below 98.00.
Euro/USD rose slightly last week, and remained calm on Monday, around 1.1700. The EU Statistics Office will release June's trade balance data later in the session.
Australia/USD rose slightly on the day, higher than 0.6500 in early European trading. Westpac's August consumer confidence index data will be closely watched by market participants in early Asian trading on Tuesday.
The US dollar/Canada remains stable at around 1.3800, becoming the new week. Statistics Canada will release its July Consumer Price Index (CPI) data on Tuesday.
GBP/USD for two consecutive weeksAfter the rise, it seems that it has entered the consolidation stage around 1.3550. Investors will be watching the UK's July inflation report later this week.
The US dollar/yen fell about 0.4% last week, and the sideways were slightly above 147.00 in early Monday.
In terms of ehadb.cnmodities, gold rebounded 0.5% to $3,343 after falling 1.9% last week. Oil prices are under pressure as Trump suspends more restrictions on Russian oil exports. Brent crude fell 0.1% to $65.78 a barrel, while U.S. crude remained firm at $62.73.
Euro: The euro/dollar tends to remain neutral intraday, and more consolidation may occur below 1.1729. As long as the 1.1589 support level is held, it is expected to rebound further. Above 1.1729, the 1.1829 high will be retested. However, on the downward side, a firm breakthrough of 1.1589 will turn downward and fall again, continuing the correction pattern of 1.1829.
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