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Hello everyone, today Avatrade Aihua Foreign Exchange will bring you "[Aihua Ava Foreign Exchange Market Analysis]: The direct delivery of US dollars has climbed to around 97, and the market is paying attention to US tariff negotiations." Hope it will be helpful to you! The original content is as follows:
On July 7, the market turned to risk aversion early this week as investors evaluated the latest headlines around the U.S. tariff system. On Monday, the economic calendar will release the euro zone retail sales data for May. In the second half of the day, the Federal Reserve will release consumer credit changes in May.
U.S. President Donald Trump said over the weekend that they are about to finalize several trade agreements in the www.avaforexcn.coming days, adding that they will notify national tariff rates by July 9. www.avaforexcn.commerce Secretary Howard Lutnick explained that tariff rates will be set by July 9, but they will www.avaforexcn.come into effect on August 1. At the same time, Trump said that countries that are allied with the BRICS countries, a BRICS country, a intergovernmental organization www.avaforexcn.composed of Brazil, Russia, India, China, South Africa (founding member states), Iran, Egypt, Ethiopia and the United Arab Emirates, will impose an additional 10% tariff without exception. It is worth noting that the 17th BRICS summit is currently being held in Rio de Janeiro, Brazil.
Reflecting cautious market sentiment, U.S. stock index futures have recently fallen 0.35% to 0.6%. Meanwhile, the US dollar (USD) index remained at a positive area above 97.00 after closing slightly last week.
Basic foreign exchange market trend:
Euro/USD remained sluggish, trading in a negative value area around 1.1750 on Monday. Data from Germany earlier in the day showed that industrial production rose 1.2% month-on-month in May after a 1.6% contraction in April.
Australia/USD fell sharply, trading in nearly twoThe weekly minimum level is around 0.6500. The Reserve Bank of Australia (RBA) will announce monetary policy decisions on Tuesday during the Asian session. The market expects the RBA to lower its policy interest rate by 25 basis points to 3.6%.
The GBP/USD started the week under moderate bearish pressure and fell back to the 1.3600 area.
The USD/JPY gained traction as the dollar strengthened again, trading above 145.00 in early trading on Monday.
Bulle market fundamentals:
Gold prices hit a new daily low in the early trading session of the European session on Monday, and bears are now waiting to continue to break through the $3,300 mark before preparing for further declines.
Analysis of major currency trends:
Euro: The intraday bias of the euro/dollar remains neutral, and more consolidation may occur below 1.1829. The downward space should be included at 1.1630 resistance to support to bring a rebound. A firm breakthrough of 1.1829 will resume the rise from 1.0176 and aim at the 61.8% forecast from 1.0176 to 1.1572 from 1.1064 to 1.1927.
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