Gold: FED Powell speech
Gold is making a correction after hitting the previous support level, overall gold is near to the lower high of the descending channel.
Gold Prices touched near the resistance level of 1792$, and Today, FED Powell speech was scheduled.
If Speech came about tapering, then Gold will fall as much as possible. If reverses, then Gold will be supported by US Dollar and makes higher.
And Chinese economy makes slower and more cities put under lockdown shows worries of Economy.
And Gold prices directions this week based on US retail sales and industrial production numbers.
US DOLLAR: Retail sales and industrial data scheduled this week
USDCAD breaks the horizontal resistance area and hits the higher high of the minor ascending channel.
USDCHF made 61% retracement and it’s at the retest zone of the minor descending channel, in long view, USDCHF formed a symmetrical triangle.
US Dollar Index moved lower from 93 to 92.500 last week after the US Consumer confidence report missed expectations.
And this week, retail sales, industrial and manufacturing production are available in the schedule, and more delta variant spread causes more trouble for Global countries.
Now US Dollar and JPY see as Haven currencies in the third phase of Covid-19.
Due to this scenario, Why US Dollar roles show dominant performance in the market.
And the third phase of Covid-19 will be severe and makes nations double-dip recession once again, as Investors expected.
This week Jerome Powell speech is scheduled, and the outcome of rate hikes or tapering speech will boost the US dollar.
Joe Biden speech on Afghanistan Crisis
US Joe Biden said Overall Global level terrorists threatening to pass is a worry for all, this is not the right time to withdraw US troops from Afghanistan. Without Afghan troops, US Military will not stand against the Taliban, But the US made the right decision now on the withdrawal of Troops from Afghans after 20 years.
Any reflections from the Taliban on US troops will reflect the same to them, Due to this scenario markets were all around the world gets little shrink on Afghanistan crisis.
Now US Dollar makes more demand as One country faced a crisis this time.
EURO: Q2 GDP rate
EURUSD retested the broken symmetrical triangle and fell back again to the horizontal support.
EURAUD continues the uptrend and hits resistance area.
Eurozone GDP came at 2.0% in the second quarter, and reading came with expected numbers. On annualized basis GDP rate expanded by 13.6% in Q2 vs 13.7% expected but missed expectations.
And Employment change beat estimations of -0.3% and came at 0.5% in Q2 in the second quarter.
EURUSD shows no improvement based on mixed jobs growth.
UK POUND: Employment data shines
GBPUSD has brokne the minor descending channel and standing now near to the minor support, if it breaks, it will fall to the next support.
GBPCHF is moving in a downtrend range.
UK Jobs data released this morning shows better reading than expected.
The unemployment rate fell to 4.7% versus 4.8% forecast, and Employment change came at 95K added versus 75K forecasted, Average Earnings including bonus came at 8.8% versus 8.6% forecasted.
And now Investors sadness is gone away as Employment levels post good numbers.
By September month All furlough schemes given in pandemic time were closed as Economy recovery shows Full pace.
Before the Furlough scheme closing, Investors required more shining in the shape of Employment readings, Now came at positive reading, if continues in coming quarters, UK Pound will shine.
Canadian Dollar: Oil Prices declines
CADCHF is ranging between the resistance and support areas.
Canadian Dollar shrugged off 1% from highs and reached the bottom level of previous support 86.800.
Oil Consumption is slower in major countries and Lockdown reimposed is a major reason for Oil Demand being slower.
And Canadian Dollar has become weaker; as Canadian Country is an Oil Revenue nation, the oil demand is lower.
And Today US FED Jerome Powell Speech is scheduled and more hint of tapering or Hike rates is possible for Supporting US Dollar.
But No Hints makes no moves in US Dollar, and Canadian Dollar makes Flourish.
Now Australia and New Zealand imposed more lockdowns and China second largest GDP country-imposed lockdown so Oil importing nations suffered from the economic slowdown, and the Oil supply is higher in OPEC+ Nations.
Japanese Yen: China retail sales declined
CHFJPY is moving between the channels.
Japanese Yen remains outperformed against USD, EUR, GBP, AUD, NZD and CAD, CHF due to more delta variant spread at the Global level. Japanese Q2 GDP numbers jumped to higher reading last day after 6-month declines.
Even If the COVID-19 situation worsens by Delta variant, JPY is performing as strong, and it servers as hoping currency for parking funds by investors.
And last day, China retail sales also printed at lower numbers; So Many investors hoping for JPY to invest from Riskier currencies.
Australian Dollar: RBA meeting minutes
AUDUSD has broken the horizontal support and starts to move in an descending channel.
RBA Meeting Minutes happened today, and RBA Governor said no shift of monetary policy settings soon; we provide accommodative policy settings to the economy, as delta variant spread more in Sydney and 8th-week lockdown persists in many areas of Australia.
And Financial conditions remain stable, and Rate hikes will not be done before 2024.
Some members in RBA like to delay tapering settings as the economy going in Worse condition; above 16 ages of the population got 26% fully vaccinated.
And now China also facing More Delta variant cases and more lockdown in cities.
Due to this, Australian Exports will be affected by Iron ore prices, and other products will be remained affected by revenues.
New Zealand Dollar: 3-day lockdown punched Kiwi Down
NZDUSD hits the support area again, wait for breakout or reversal.
only one case of Delta variant detected in Auckland, New Zealand Country, So PM Jacinda Ardern makes 3days lockdown for Whole nation to control it before spread.
Now Investors hope of 100% chances of Rate hikes to 25Bps in Tomorrow meeting have Vanished, and now only 85% of chances in Poll to raise interest rates in the meeting.
Since February, New Zealand faced the first covid-19 case; this is why the nationwide 3-day lockdown appeared, and no more travel was allowed inside the domestic side.
New Zealand Dollar dropped to 1% after News arrived.
Agricultural prices are higher as Westpac views
Agricultural commodity prices are near record highs as Export sectors show more shine in Meat and Dairy products.
Westpac economists said Meat would be turned to higher in 2021 end.
Rest of 2021, Westpac expected meat and Wool prices would see further gains and Beef and Lamb running at record highs.
And in the coming months, these prices will decline once the economy recovered in All over the Globe.
From 2022 we expected the Agricultural supply to seem to be uniform and Prices were to be stable. More stable prices are seen in 2022 as the economy gets stability from the pandemic.
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