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Euro strengthens against Canadian Dollar despite mixed German data

EUR/CAD edges lower after opening with a bullish gap, remaining in the positive territory and trading around 1.6180 during the European hours on Monday. The currency cross is holding its ground as the Euro (EUR) remains resilient despite mixed economic data from Germany.

Source  Fxstreet1785747242
Swiss Franc: inflation undershoots SNB outlook – Nomura

Nomura strategists note that Swiss Consumer Price Index (CPI) slowed to 0.4% year-on-year in July, helped by weaker car fuel prices and easing imported energy costs.

Source  Fxstreet1785746404
Euro: Fed uncertainty limits gains against US Dollar – ING

Chris Turner at ING argues EUR/USD should be performing better given solid Eurozone data, lower Oil prices and Japanese US Dollar (USD) selling, but notes possible US activity in EUR/JPY as a short-term drag.

Source  Fxstreet1785745830
Equities: AI reassessment shakes global markets – Deutsche Bank

Deutsche Bank strategists highlight a sharp reassessment of the AI (Artificial intelligence) trade with semiconductor and Korean equities suffering steep monthly losses despite strong YTD gains. European stocks outperformed as sector rotation and solid Eurozone growth supported broader indices.

Source  Fxstreet1785745325
Iran's Baghaei: No talks with US currently regarding Hormuz

The remarks from Iran's foreign ministry spokesperson Esmail Baghaei, released during the European trading session on Monday, indicates that Tehran is in no discussion with the United States (US) regarding the reopening of the Strait of Hormuz, a critical chokepoint to almost 20% of global energy su

Source  Fxstreet1785742812
Equities: Sector rotations shape summer performance – Danske Bank

Danske Research Team notes that equity indices have been broadly unchanged over the summer, but sector rotations have been significant. Higher Oil prices supported energy stocks, while within technology, software has outperformed and semiconductors have lagged.

Source  Fxstreet1785741102
Forex Today: Mood improves as US and Iran renew push for diplomatic solution

Here is what you need to know on Monday, August 3:

Source  Fxstreet1785740260
Germany’s Retail Sales falls by 1.1% MoM in June vs. -0.5% expected

German Retail Sales, a key measure of consumer spending, showed a downside in June. The consumer spending measure fell 1.1% month-on-month (MoM), according to official data released by Destatis, while it was expected to have declined 0.5%. In May, Retail Sales rose by 1.2% (revised from 1.1%)

Source  Fxstreet1785736921
Indonesian Rupiah holds gains as manufacturing PMI expands in July

USD/IDR remains subdued for the fourth successive day, trading around 18,040 during the Asian hours on Monday. The pair experiences notable downside pressure as the Indonesian Rupiah (IDR) strengthens in response to encouraging domestic economic indicators.

Source  Fxstreet1785736100
Asian stocks trade mixed as AI-led selloff and Yen rally counter Iran optimism

Asian shares were mixed at the start of a new week as losses in South Korea's KOSPI and Japan's Nikkei 225 counter improving risk sentiment due to easing Middle East tensions.

Source  Fxstreet1785734265
Australian Dollar remains stronger following China’s RatingDog Manufacturing PMI data

AUD/USD depreciates after opening at a bullish gap, remaining in the positive territory and trading around 0.7030 during the Asian hours on Monday.

Source  Fxstreet1785723688
New Zealand holds gains near 0.5900 despite weaker China PMI data

The NZD/USD pair holds positive ground near 0.5890 during the Asian trading hours on Monday. The New Zealand Dollar (NZD) remains firm despite the downbeat Chinese economic data.

Source  Fxstreet1785722834
China’s RatingDog Manufacturing PMI declines to 50.9 in July

China's RatingDog Manufacturing Purchasing Managers' Index (PMI) eased to 50.9 in July from 51.7 in June the latest data published by RatingDog showed on Monday. The market forecast was for a 51.5 reading.

Source  Fxstreet1785721571
Japan’s Mimura: Joint intervention could mark peak of US-Japan currency partnership

Atsushi Mimura, Japan’s Vice Finance Minister for International Affairs and top foreign exchange official, said that joint intervention could mark the peak of US-Japan currency partnership, Reuters reported on Monday.

Source  Fxstreet1785717953
Japan's Katayama: Conducted coordinated yen-purchasing intervention with US

Japan's Finance Minister Satsuki Katayama said on Monday that Japanese authorities conducted coordinated Yen-buying intervention with the United States (US) on Friday, adding that officials will not hesitate to carry out more foreign exchange (FX) intervention with Washington, Bloomberg reported. 

Source  Fxstreet1785717332

Australia S&P Global Manufacturing PMI registered at 52 above expectations (51.7) in July

Source  Fxstreet1785715378
Middle East War updates: Trump holds off Iran strikes on pledge Hormuz deal is close

Here’s a brief recap of the key developments in the Middle East war that occurred over the weekend, which are expected to have a significant impact on markets in the upcoming week.

Source  Fxstreet1785710277

United States CFTC Oil NC Net Positions up to 120.1K from previous 81.7K

Source  Fxstreet1785526677

United Kingdom CFTC GBP NC Net Positions dipped from previous £-55.6K to £-64.8K

Source  Fxstreet1785526671

Australia CFTC AUD NC Net Positions dipped from previous $-37.7K to $-40K

Source  Fxstreet1785526664

United States CFTC S&P 500 NC Net Positions declined to $-17.2K from previous $-16.8K

Source  Fxstreet1785526659

Eurozone CFTC EUR NC Net Positions declined to €-72.4K from previous €-41.3K

Source  Fxstreet1785526654

United States CFTC Gold NC Net Positions fell from previous $183.9K to $182.1K

Source  Fxstreet1785526647

Japan CFTC JPY NC Net Positions declined to ¥-163.4K from previous ¥-152.1K

Source  Fxstreet1785526636

United States CFTC Gold NC Net Positions: $-163.4K vs previous $183.9K

Source  Fxstreet1785526635
Fed's Barkin: It's a close call whether interest rates are high enough

Richmond Federal Reserve (Fed) President Tom Barkin said on Friday that it remains uncertain whether the current level of interest rates is sufficiently restrictive to bring inflation back to the Fed's 2% target, according to an interview with The Wall Street Journal.

Source  Fxstreet1785522276
Bank of Canada: Strong GDP lowers cut risk – TD Securities

TD Securities’ Robert Both and Emma Lawrence note that stronger-than-expected Canadian Gross Domestic Product (GDP) data support a brighter growth outlook but do not materially change their Bank of Canada (BoC) view.

Source  Fxstreet1785509953
Euro: Range seen around mid‑1.15s against US Dollar – Scotiabank

Scotiabank’s FX team notes EUR/USD is drifting toward 1.15 after a Fed‑driven rally, with euro area CPI broadly in line with expectations and French data briefly lifting the Euro. Rate expectations are stabilizing, with about 42 bps of tightening priced by December.

Source  Fxstreet1785508534
Canada: Growth outpaces forecasts – RBC

Royal Bank of Canada (RBC) economists Abbey Xu and Nathan Janzen note that Canadian Gross Domestic Product (GDP) rose 0.3% in May, with an advance estimate of 0.2% for June, indicating a solid second-quarter rebound after winter stagnation.

Source  Fxstreet1785507441
United States: Broad-based Q2 GDP strength beyond AI – TD Securities

TD Securities economists Eli Nir and Oscar Munoz highlight that Q2 United States (US) Gross Domestic Product (GDP) growth slowed to 1.5% q/q AR, but underlying private domestic final purchases accelerated to 3.9%.

Source  Fxstreet1785506720
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