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US Dollar Index consolidates losses, headed to lowest weekly close in 14 months

The US Dollar Index continued to decline during Friday’s American session and erased Thursday’s gains. It is about to post the third weekly decline in a row and the lowest close since April of last year. DXY unable to find support The dominant trend continues to point to the downside. On Wednesday, after the FOMC statement, the green...

21:23 28 July /2017 Forex

Fed's Kashkari: Need to address low-inflation issue with interest-rate policy Eren Sengezer

Speaking to a business group in Woodbury, Minnesota, Minneapolis Fed President Neel Kashkari said that the balance sheet reduction should be gradual and that they need to address the low-inflation issue with interest-rate policy.Key quotes (via Reuters):

21:23 28 July /2017 Forex

AUD/USD consolidates gains below 0.80, marches towards third straight positive weekly close Eren Sengezer

After reaching its daily peak at 0.8007 on greenback weakness, the AUD/USD pair erased a small portion of its daily gains and is now moving calmly at 0.7990, still up 0.25%, or 20 pips, on the day.Unless the pair makes a sharp drop in the last few hours of the week, it's going to record its highest weekly close in more tha...

20:23 28 July /2017 Forex

Japan: North Korean ICBM missile reached an altitude of about 3,000 km - Kyodo/NHK

The Japanese government has confirmed North Korean missile was an ICBM and it reached an altitude of about 1,864 miles or 3,000 kilometers, NHK and Kyodo reports.

19:46 28 July /2017 Forex

US: Tax cuts still possible despite failure to repeal Obamacare - Wells Fargo

Analysts from Wells Fargo, still expect the tax cut to materialize in the US, despite the recent failure of the Trump administration in the Senate to repeal and replace Obamacare.Key Quotes: “At the start of the year, there were three large agenda items that the Trump administration and Republican members of Congress sought to tackle: repealing and replacing the ACA, enacting swee...

19:23 28 July /2017 Forex

NY Fed: GDP Nowcast stands at 1.9% for Q3 of 2017

"Today’s advance estimate of GDP growth for 2017:Q2 from the Commerce Department was 2.6%, higher than the latest New York Fed Staff Nowcast of 2.1%," the Federal Reserve Bank of New York announced on Friday.Key highlights:

19:23 28 July /2017 Forex

Gold rallies to fresh 6-week highs around $1270 amid risk aversion Eren Sengezer

The ounce troy of the precious metal gathered strength against the greenback in the last hours, pushing the XAU/USD pair to its highest level since June 14 at $1270.30. At the moment, the pair is trading at $1269, up nearly $10, or 0.8% on the day.The precious metal found some extra demand in the session as investors start...

19:23 28 July /2017 Forex

GBP/USD back above 1.3100, near 2017 highs Matías Salord

The pound gained momentum against the US dollar during the American session. The greenback lost strength after the US GDP report. GBP/USD back above 1.3100The pair has been moving all day with a bullish bias, moving at a slow pace. After the beginning of the American session rose further and p...

19:23 28 July /2017 Forex

IMF: USD real effective exchange rate overvalued by 10-20% Eren Sengezer

"The International Monetary Fund said that the U.S. dollar was overvalued by 10 percent to 20 percent, based on U.S. near-term economic fundamentals," Reuters reported on Friday. Key quotes (via Reuters):

19:23 28 July /2017 Forex

USD/JPY drops sharply after N.Korea missile launch news Eren Sengezer

The USD/JPY pair came under a renewed pressure amid breaking news suggesting that North Korea launched a missile which may have landed in Japan's exclusive economic zone. At the moment, the pair is trading at 110.70, losing 0.5% on the day."North Korea fired a projectile that appeared to be a missile shortly before midnigh...

19:00 28 July /2017 Forex

North Korea reportedly fires a missile - Kyodo

According to the Japanese government, cited by Kyodo, North Korea has fired what appears to be a missile. South Korea's military has confirmed that it was fired at 23:11 local time.Japan's PM Shinzo Abe has said that missile test may have landed in Japanese's exclusive economic zone. South Korea and Japan will hold emergency meetings following the test.Update (15:38 GMT): in the F...

18:46 28 July /2017 Forex

Japan: North Korean missile could be another ICBM

Japanese government has said that North Korean missile flew for about 45 minutes, indicating it could be another ICBM (Inter-Continental Ballistic Missile), BNO News reports.

18:46 28 July /2017 Forex

USD/CAD approaches 25-month lows as loonie strengthens with oil Eren Sengezer

The USD/CAD pair, which was already under pressure after Canada released a robust GDP growth in May, continues to push lower in the session and moves closer to the 25-month low of 1.2412 that was set on Wednesday. As of writing, the pair was trading at 1.2425, losing 1.03%, or 125 pips, on the day.In addition to the Canadi...

18:46 28 July /2017 Forex

Oil: WTI hits 8-week highs near $50

Crude oil prices were rising on Friday. The West Texas Intermediate was rising more than 1% and reached at $49.70, the highest level since late June. WTI eyes $50Price is up for the fifth day in a row. Since the beginning of the week, it rose 8.60%. A decline of the US dollar, inventories data and slowing shale output in the US off...

18:23 28 July /2017 Forex

US GDP: Back to trend - Wells Fargo

Analysts from Wells Fargo, explained that today’s US Q2 GDP bounced back, with the help of solid consumer spending and business investment.Key Quotes: “After the perennial residual seasonality issues and despite a negative inventory contribution, second quarter GDP returned to trend at 2.6 percent, annualized.”“Underlying momentum for the economy is better gauged by real final sal...

17:46 28 July /2017 Forex

EUR/USD remains near session highs above 1.17 as greenback weakens Eren Sengezer

After the initial spike to 1.1753 post GDP data release in the early NA session, the EUR/USD pair eased to 1.1715 before regaining traction. As of writing, the pair was trading at 1.1735, up 0.5%, or 58 pips, on the day.The US Dollar Index...

17:46 28 July /2017 Forex

US: Consumer confidence remained largely unchanged - UoM Eren Sengezer

"Consumer confidence remained largely unchanged at the same favorable level recorded at mid-month," the University of Michigan announced on Friday after revealing that the preliminary reading for the Index of Consumer Sentiment improved to 93.4 in July from 93.1.Key quotes:

17:23 28 July /2017 Forex

US stocks mildly weaker, Amazon weigh on Nasdaq

On the last trading day of the week, US stocks witnessed a slightly weaker opening and extended a sharp retracement that started midday on Thursday.Amazon's profit miss took a toll on technology shares, with tech-heavy Nasdaq Composite Index underperforming the broader indices and losing 0.3%, or 20-points to 6,362. Meanwhile, the Dow Jones Industrial Average lost around 17-points to 21,779 and th...

17:00 28 July /2017 Forex

USD/CHF recovers towards 0.97 after quick drop on US GDP Eren Sengezer

After dropping to 0.9646 with the initial reaction to the macro data from the U.S. and turning flat on the day, the USD/CHF started to recover its losses and is now trading at 0.9702, up 0.58%, or 55 pips, on the day.Today's data released by the Bureau of Economic Analysis showed that the preliminary GDP growth in the U.S....

17:00 28 July /2017 Forex

EUR/USD retreats from post-US GDP swing highs, still above 1.1700 handle Haresh Menghani

The EUR/USD pair faded post-US GDP knee-jerk spike to 1.1753 level and quickly retreated around 30-40 pips from session tops. The pair spiked back closer to multi-month tops touched in the previous session after the US GDP rep...

16:46 28 July /2017 Forex