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Hello everyone, today XM Foreign Exchange will bring you "[XM Official Website]: Big Data and Canadian Federal Reserve Interest Rate Resolution is stofoco.coming." Hope it will be helpful to you! The original content is as follows:
Earlier on Wednesday, financial markets became relatively calm as investors prepared for key events. During the European period, the initial euro zone gross domestic product (GDP) value for the second quarter will be closely watched. The U.S. Economic Calendar will release ADP employment changes in GDP data for July and second quarters. More importantly, the Bank of Canada (BoC) and the Federal Reserve (Fed) will announce monetary policy decisions.
After an impressive rebound on Monday, the U.S. dollar index maintained bullish momentum and hit its highest level since late June on Tuesday, above 99.00. Earlier Wednesday, the U.S. dollar index pulled lower, fluctuating around 98.80. At the same time, U.S. stock index futures rose and fell, reflecting the market's cautious attitude. It is widely expected that the Fed will maintain its policy setting after its July meeting. The statement wording and stofoco.comments from Chairman Jerome Powell could impact market expectations for a rate cut in September and drive the valuation of the dollar.
Although Chinese and American officials did not announce major breakthroughs after two days of talks in Stockholm, both sides pointed out that the meeting was constructive. Officials have agreed to seek an extension of a 90-day tariff truce, Reuters reported. U.S. Treasury Secretary Scott Bescent said President Donald Trump will decide whether to extend the truce.
In the Asian period, Australian data showed that the Consumer Price Index (CPI) rose 0.7% month-on-month in the second quarter. The reading was released after a 0.9% increase in the first quarter, below market expectations of 0.8%. The Australian dollar/USD still faces moderate bearish pressure after four consecutive days of declines, trading onNearly 0.6500.
The USD/Canadian climbed to its highest level in five weeks on Tuesday, close to 1.3790, before entering the consolidation phase. It is widely expected that the Bank of Canada will keep its policy interest rate unchanged at 2.75%.
Euro/USD stabilized around 1.1550 early on Wednesday after a sharp decline in the week. German data showed that GDP grew by 0.4% in the second quarter, better than the market's expectations of 0.2%.
GBP/USD traded in a narrow channel above 1.3350 after a slight decline on Tuesday.
After trying to find direction on Tuesday, the US dollar/yen remained under bearish pressure on Wednesday and traded in the negative territory around 148.00.
After four consecutive days of decline, gold rebounded and rose about 0.4% on Tuesday. Gold stabilized around $3,330 in early European session.
Oil prices have risen, attracting attention due to potential supply shortages. Previously, Trump set a simplified version of the Ukrainian armistice period for Moscow. Brent crude futures rose $0.14, or 0.2%, to $72.40 a barrel.
Euro: The focus is still concentrated on the 55-day moving average (currently 1.1536). Continuous breakthroughs there will indicate that the decline from 1.1829 has been corrected for the full rise from 1.0176. Subsequently, it is expected to fall further to the 38.2% retracement level of 1.0176 to 1.1829, or 1.1198. Nevertheless, EMA's strong rebound will remain bullish in the near term. Above 1.1598, the small resistance level will first turn neutral.
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