Gold: US Domestic data shows positive bias
Gold is consolidating at the horizontal support after breaking the minor ascending channel
Gold prices are lowered from the Higher highs reached last week as US Dollar stronger moves in the market.
FED Members are continuously pitching tapering assets by end of 2021 makes investors’ minds in Bullish setup in the US Dollar market.
US JOLTS Job openings marked higher helped for September meeting for positive note.
Any How, FED keeps patience feels hot for investors’ minds and aggressive tapering is not healthy for the current US economy, because Delta cases are not controlled in the US.
Gold prices are decline as profit booking from August month buyers and October month we see upside moves from Gold.
EURO: ECB meeting Forecast
Expanding Triangle pattern has formed in the EURNZD 4-hour Timeframe chart
In ECB meeting, the European Central bank may do tapering assets to EURO 60 billion per month from EURO 80 billion per month.
Domestic data failed to impress the Eurozone and Inflation target within 2% target maintained.
Jobless rate and Jobless claims are the main targets for the tapering issue and the Delta variant is slowly increasing, Vaccination’s rate is moved to a Faster pace to avoid spread earlier.
US Domestic data makes disappointed last week but US Dollar moving to a lower high as Faster pace makes Euro weak this week.
ECB decision on tapering by the end of the year is the main theme in today’s meeting.
Australian Dollar: China CPI and PPI data forecast
GBPAUD bounces back from the support area
Chinese CPI data shows 0.8% last month and missing 1.0% expectations last month, PPI Producer price index rose to 9.5% in the same period beating estimates of 9.0% in last month.
China cut reserve liquidity ratio for banks last month, the same scenario repeating this month will impact the Chinese economy to further weakness.
Upcoming CPI and PPI readings will help the Australian Dollar to Higher move, China faces rising CPI makes worry for the economy slow down and consumers feel the heat for buying products.
On the Factory side Raw materials prices increasing impact the output cost to rise by Factories, more inventories to store to compensate demand of Retailers.
Delta variant causes a more sluggish economy for China than in 2020.
US DOLLAR: NY FED President Williams Speech
USDCHF is retesting the broken descending triangle pattern
Newyork Fed President John Williams said FED will do tapering once the employment rate and Jobless claim to settled to a lower rate.
FED keeps patience for doing tapering or rate hikes based on the US economy doing well in the near term.
The US has surpassed 3 lakh cases of Delta variant and 20k deaths so far, but still, no more lockdowns were announced by US Government.
The US passed the first phase of Doses to 80% and the second phase of Doses are started.
If Vaccinations are proper in the second dose, then the US economy will achieve the Goals.
December month will see Tapering by FED is expected as NY Fed President Williams said.
US Dollar moves higher as Tapering hopes in the near term and counter pairs make lower.
UK POUND: Bank of England Governor Speech
GBPCAD hits the resistance area of the ascending Triangle pattern
GBPCAD has completed moving to the target of the minor ascending triangle pattern in the 1-hour timeframe
Bank of England Governor Andrew Bailey said more supply disruptions and staff shortages make the economy slows down.
Michael Saunders one of nine members of MPC votes said Bank of England may be forced to hike interest rates if Inflation rates are shooting up higher.
Business houses in Ireland felt over rising prices due to Brexit shows costs for Them.
UK Pound feels lower as US Dollar makes higher in the market as hopes of tapering in US FED side.
Japanese Yen: Positive data of GDP in Japan
AUDJPY is falling from the lower high of the downtrend line
USDJPY is going to break the symmetrical triangle pattern soon
Japanese Yen feels higher in the market as Japanese GDP came higher last day against lower expectations. Still, the nation is in lockdown with a third wave and the Nation performing well on the manufacturing and industrial production side.
US Dollar also performing well as Mixed bag of US Data, Japanese economy minister said extended lockdown to September end.
More stimulus and More Vaccinations are only key drivers for Japanese recovery as Japan’s chief Ruling party leader Kishida said.
The slower pace of Vaccinations made the Japanese Yen lower from the start of the year.
Swiss Franc: SNB Vice chairman speech
EURCHF is making a correction from the lower high of the dowtrend line
GBPCHF hits the lower high of the downtrend line
Swiss National Bank Vice Chairman Fritz Zurbrugg said the Swiss Franc will be stronger if SNB increases the size of the Balance sheet in upcoming meetings.
Dallas FED President Robert Kaplan said more caution is needed to handle delta variant this time and more vaccinations will support avoiding the spread of the Virus. He also revises downward growth to Q3 GDP.
St. Louis FED President Bullard said FED will do reducing the bond purchase program once recovery is seen in Job Growth.
FED’s Reserve Beige Book shows US Economic Growth lost its growth from July to August month, Due to delta variant mixed bag of Domestic data shows.
Bank of Canada: BoC meeting outcome
USDCAD is trying to form the Head and Shoulder pattern in the daily chart
EURCAD is moving between the Ascending Channel range
Bank of Canada Monetary policy meeting that happened yesterday shows no surprise in the market, keeps rates unchanged and continue with the same C$2 billion asset purchases per week.
Canadian Dollar makes lower after no tapering assets seen in Bank of Canada side, other counter pairs against CAD are sharply higher as positive tone.
Oil prices are a range-bound market as Saudi Arabia cuts prices of Oil for Asian countries makes the Canadian Dollar slowdown in the market.
New Zealand DOllar: Delta variant controlled in NZ
EURNZD reached the support area in the 1-hour timeframe
New Zealand Dollar faced headwinds for Downwards as Profit booking in the market, Next, the RBNZ meeting in October will see rate hikes is expected.
Delta variant is increasing in New Zealand but controlled effectively by proper Vaccinations and Domestic data gives a good picture on all sides.
Chinese PPI and CPI data will impact Imports from New Zealand.
US Dollar strong come back from lower made negative for New Zealand Dollar in short term.