The US Dollar is rising, S&P 500 futures are dropping as the markets might have overestimated aggressive Fed easing bets. AUD/USD failed to breach 2018 descending channel resistance.
Gold prices inched towards uptrend resumption in anti-fiat trade as USD, bond yields and stocks tumbled on disappointing earnings from Netflix and CSX Corp after trade war fears rose.
The US Dollar rose as the British Pound and Euro weakened before risk aversion fueled a premium for liquidity as Donald Trump stoked trade war fears. AUD/USD could be reversing.
The USD may catch haven bids versus the Singapore Dollar, Indian Rupee if US economic conditions continue deteriorating as China’s economy slows to its weakest since at least 1992.
The AUD/USD may turn lower if China GDP data increases the urgency for the RBA to deliver another cut sooner, reversing gains after the USD weakened on dovish Fed commentary from Friday.
The USD rallied as anti-fiat gold prices fell on US CPI surprising higher, cooling frets about muted inflationary pressures. The Australian Dollar is eyeing Chinese trade balance.
Crude oil prices rose as Jerome Powell rekindled 50bps Fed July rate cut bets, taking out falling resistance. The AUD/USD and NZD/USD may rise but medium-term gains are suspect.
The British Pound declined as GBP/USD targeted April 2017 lows as economists forecasted UK growth contracting. Meanwhile, the Mexican Peso and Indian Rupee fell on political news.
The US Dollar extended its advance as aggressive Fed easing bets cooled, hurting the S&P 500. Apple shares were more at risk as Rosenblatt downgraded their stock to a “sell” outlook.
The US Dollar downtrend paused, saved by rising trend support, as Fed rate cut bets cooled on fading US-Mexico trade tensions. GBP sunk on largest contraction in manufacturing data since 2002.