New Zealand Dollar slips ahead of RBNZ rate decision

The post Gold edges lower to near $4,100 on renewed US–Iran tensions appeared on BitcoinEthereumNews.com. Gold price (XAU/USD) loses ground to around $4,100 during the early Asian session on Wednesday. The precious metal faces new selling pressure after the US vows a response against Iran following reports of attacks on three oil tankers in and around the Strait of Hormuz. Traders await the release of the Federal Reserve’s (Fed) June meeting minutes later on Wednesday. “US Central Command forces have begun launching a series of powerful strikes against Iran to impose heavy costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway,” Centcom said on Tuesday. The US military added that the strikes were in response to Iranian attacks on three commercial vessels that were transiting the Strait of Hormuz. Renewed tensions threaten to further destabilize relations between Washington and Tehran after both countries inked an interim peace de

The post Australian Dollar drops as Hormuz strikes spark US Dollar rush appeared on BitcoinEthereumNews.com. The Australian Dollar retreats to two-day lows during the week, down 0.39%, as the US Dollar surges amid rising tensions in the Middle East. At the time of writing, the AUD/USD trades at 0.6928, having reached a daily high of 0.6961. AUD/USD falls as Middle East tensions revive safe-haven Dollar demand Tensions around the Strait of Hormuz had increased, as the frail US-Iran agreement entered a second round of hostilities on Tuesday. During the overlap between the Asian and European sessions, newswires reported that two vessels were attacked. In the meantime, Washington retaliated, reimposing sanctions on Iran’s Oil and the US CENTCOM reported that they were hitting Iranian weapon launch sites, air defences, and that more strikes are expected to last for hours, the AP reported. Therefore, market mood shifted sour, and the Greenback is advancing, about to challenge two-day highs.

The post Chinese Yuan: Range trade holds with modest downside against US Dollar – UOB appeared on BitcoinEthereumNews.com. UOB’s Quek Ser Leang notes that the US Dollar against the Chinese Yuan has stayed within the previously flagged range, with only modest upward momentum despite a push toward 6.8000. He still sees USD/CNH confined between 6.7750 and 6.8080 over the next 1–3 weeks, with nearby support at 6.7900 and 6.7850 and major resistance at 6.8080. Dollar stays capped in defined range “24-HOUR VIEW: Yesterday, we were of the view that USD “is likely to trade in a range between 6.7800 and 6.7930.” We were incorrect, as USD rose to a high of 6.7998. Despite the advance, upward momentum has not increased much. However, USD could potentially rise above 6.8000. The major resistance at 6.8080 is unlikely to come under threat. Support is at 6.7900, followed by 6.7850.” “1-3 WEEKS VIEW: Last Wednesday (01 Jul, spot at 6.7920), we highlighted that the recent USD “strength has come to an

The post Euro watches its best arguments sink in the Strait of Hormuz appeared on BitcoinEthereumNews.com. The Euro spent Tuesday assembling the sort of case that should buy a currency a bid: hawkish-leaning remarks from an unlikely corner of the European Central Bank (ECB), a softening American payrolls proxy, and a Federal Reserve (Fed) regional president content to say nothing new. The market read the file, shrugged, and sold the single currency anyway, fading it from an early peak just shy of 1.1450 to a 1.1406 close, its weakest finish since last Wednesday. The Strait of Hormuz then finished the job, with late-session headlines confirming fresh Iranian strikes on commercial shipping and an American military and sanctions response that handed the Dollar a haven bid into the close. What began as quiet positioning ahead of Wednesday’s Federal Open Market Committee (FOMC) minutes ended with the pair pinned near its low and Brent Crude Oil sharply higher. A hawkish dove, a soft payroll

The post GBP/JPY Price Forecast: Struggles at 217.00, recoils towards 216.50 appeared on BitcoinEthereumNews.com. The GBP/JPY reverses course on Tuesday, loses 0.24% as the Japanese Yen recovered some ground against most G8 FX currencies, except for the US Dollar. At the time of writing, the cross-pair trades at 216.51 after reaching a multi-year high of 217.22. GBP/JPY Price Forecast: Technical outlook The bullish bias remains intact as the GBP/JPY printed a year-to-date (YTD) high at 217.22, which could open the door for further upside. However, it was a false breakout, as the cross pair tumbled below the previous YTD peak at 216.46, opening the door for a test of 216.00. Fears of a possible Bank of Japan (BoJ) intervention in the foreign exchange markets could prompt traders to book profits. For a bullish continuation, buyers must clear the 217.00 figure, followed by the high of the day (HOD) fof 217.22 ‒ also the high of the year, which clears the way to challenge 218.00. On furthe

The post Singapore Dollar: Upside risk stays contained against US Dollar – UOB appeared on BitcoinEthereumNews.com. United Overseas Bank’s (UOB) Quek Ser Leang notes USD/SGD closed almost unchanged near 1.2924, but short-term momentum has turned slightly lower. Leang expects intraday price action to stay within 1.2900–1.2935, while over the coming weeks the risk of a break below 1.2890 is increasing, with another firm support at 1.2875 and strong resistance at 1.2955 capping the topside. Downward bias with range constraints “24-HOUR VIEW: Yesterday, we indicated that USD “is likely to trade in a range between 1.2900 and 1.2935.” While USD traded within a higher range than expected (1.2913/1.2938), it closed largely unchanged at 1.2924 (+0.04%). While there has been a slight increase in downward momentum, this is likely to lead to USD trading in a lower range of 1.2900/1.2935 rather than a sustained decline.” “1-3 WEEKS VIEW: We have expected USD to trade in a range since early last wee

The post New Zealand’s RBNZ expected to hike rates in another uncertain, close-call vote appeared on BitcoinEthereumNews.com. The Reserve Bank of New Zealand (RBNZ) is widely expected to raise the Official Cash Rate (OCR) by 25 basis points (bps) from 2.25% to 2.50% on Wednesday, snapping a three-consecutive-meeting pause.  Economists are deeply divided about how the Kiwi central bank will proceed this time after the last decision to hold the cash rate steady was a very close call, increasing the chances of higher volatility around the decision.    The RBNZ interest rate announcement is due at 02:00 GMT, accompanied by the Monetary Policy Review (MPR) and the Minutes of the meeting, followed by Governor Dr. Anna Breman’s press conference at 03:00 GMT. The New Zealand Dollar (NZD) faces a key test this week as the RBNZ looks to hike the OCR against a backdrop of still-elevated inflation concerns, soft domestic economic activity, and sharply lower global Oil prices. What to expect from t

The post Forex Today: US Dollar steadies as Williams keeps inflation caution alive appeared on BitcoinEthereumNews.com. Here is what you need to know on Wednesday, July 8: The US Dollar Index (DXY) trades near the 101.00 area, recovering modestly after two days of running in place as investors digest softer US labor data and cautious comments from Federal Reserve (Fed) officials. The latest ADP Employment Change 4-week average eased to 21K from 24.25K, pointing to slower private hiring momentum. However, the Greenback maintained its ground as New York Fed President John Williams said that inflation remains too high, but added that monetary policy is well-positioned and future decisions will depend on incoming data. US Dollar Price Today The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Swiss Franc. USD EUR GBP JPY CAD AUD NZD CHF USD 0.23% 0.24% 0.00% -0.04% 0.34% 0.34% 0.38% EUR -0.23% -0.01% -