USD: FX markets in holding pattern awaiting fresh catalyst – Scotiabank

Source Fxstreet

Currency markets are generally quiet as we move into Tuesday’s NA session. All of the G10 currencies are trading in a relatively tight range, with the exception of GBP as it underperforms on the back of a weaker domestic employment release. Markets are waiting for a catalyst as the US and China continue their second day of talks in London, and preliminary reports appear constructive, Scotiabank's Chief FX Strategist Shaun Osborne notes.

USD quietly consolidating as markets await resolution of US/China talks

"The holding pattern is apparent across most asset markets, as we note a tight consolidation in US equity futures at fresh local highs — and just two percent shy of their record from mid-February. The US 10Y yield has pulled back modestly from the 4.50% level it had reached in the aftermath of last week’s payrolls, and the German 10Y yield is fading back to the lower end of its recent range and drifting toward 2.50%."

"In commodities, oil prices are well supported as WTI ignores recent OPEC developments and concerns about Saudi-driven oversupply to extend its recovery above $65/bbl to reach fresh local highs. Copper prices are quietly consolidating at the upper end of their recent range as gold prices consolidate in the middle of the flat range that has defined its price action since reaching its record high in April."

"In terms of data, the US NFIB small business optimism release delivered a better than expected recovery, printing its first m/m gain following a steady run of deterioration since December. The US calendar is empty ahead of Wednesday’s CPI release, leaving the focus squarely centered on headline risk as the Fed is in its quiet period ahead of next Wednesday’s policy meeting."

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
US Dollar Index holds losses near 98.50 ahead of Michigan Consumer SentimentThe US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is retracing its recent gains from the previous session and hovering around 98.50 during the Asian hours on Friday.
Author  FXStreet
7 Month 18 Day Fri
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is retracing its recent gains from the previous session and hovering around 98.50 during the Asian hours on Friday.
placeholder
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC nears all-time high, ETH eyes $4,000, XRP sets new recordBitcoin (BTC) price is trading above $120,000 on Friday, inching closer to its all-time high of $123,218. Ethereum (ETH) price has surged by over 20% so far this week, with bulls aiming for the $4,000 level next.
Author  FXStreet
7 Month 18 Day Fri
Bitcoin (BTC) price is trading above $120,000 on Friday, inching closer to its all-time high of $123,218. Ethereum (ETH) price has surged by over 20% so far this week, with bulls aiming for the $4,000 level next.
placeholder
WTI advances to near $66.50 following attacks on Iraqi OilfieldsWest Texas Intermediate (WTI) Oil price extends its gains for the second successive day, trading around $66.40 per barrel during the Asian hours on Friday. Crude Oil prices receive support from concerns over supply risks.
Author  FXStreet
7 Month 18 Day Fri
West Texas Intermediate (WTI) Oil price extends its gains for the second successive day, trading around $66.40 per barrel during the Asian hours on Friday. Crude Oil prices receive support from concerns over supply risks.
placeholder
Gold price extends range play amid mixed Fed rate cut cues; downside seems limitedGold price (XAU/USD) struggles to capitalize on the overnight bounce from the $3,309 area, or a one-week low, and oscillates in a narrow trading band during the Asian session on Friday.
Author  FXStreet
7 Month 18 Day Fri
Gold price (XAU/USD) struggles to capitalize on the overnight bounce from the $3,309 area, or a one-week low, and oscillates in a narrow trading band during the Asian session on Friday.
placeholder
Ethereum Road To $10,000: Replay Of May’s Playbook Predicts Another BreakoutAfter beating the resistance mounted at the $3,000 by bears for months now, the Ethereum price looks primed for a further breakout. Expectations currently are that the Ethereum price rally will
Author  NewsBTC
7 Month 18 Day Fri
After beating the resistance mounted at the $3,000 by bears for months now, the Ethereum price looks primed for a further breakout. Expectations currently are that the Ethereum price rally will
Related Instrument
goTop
quote