The week behind have some pivotal economic event that happened. Fed’s Powell will begin its testimony on the economybefore Congress on Wednesday. It will likely be the biggest economic event of the past week. We will get the important Consumer Price Index on Wednesday, Producer Price Index on Thursday and the Retail Sales data on Friday. The oil inventories releaseson Wednesday and Thursday may finally push the price of oil out of its over week-long trading range.
GBP/USD has started the week with considerable gains. In the North American trade session, the pair is trading at 1.2859, up by 0.67%. The USD/CAD is little flat in Monday trade, trading at 1.3222, down 0.04%. EUR/GBP has started the week with losses, the pair is trading at 0.8585, down 0.40% on the day. In stock market the equities had retreated from Friday’s record level as concerns over trade and protests in Hong Kong flared up. S&P 500 down by 0.2%, or 6.07 points. Dow up by 0.04%, or 10.25 points, while Nasdaq down by 0.13%, or 11.04 points. Crude oil and gold prices tend to fall by 0.63% to $56.88 per barrel and 0.49% to $1,455.80 per ounce respectively.
AUD/USD is trading sideways on Tuesday, trading at 0.6854, up 0.09% on the day. USD/CNY continues to have a quiet week, trading at 7.0030, down 0.09% on the day. NZD/USD has reversed directions on Tuesday and coughed up most of the gains made on Monday. The pair is trading at 0.6339, down 0.37% on the day. The safe haven Japanese yen was higher with USD/JPY down 0.2% to 109.08. The U.S. dollar index rose by 0.2% to 98.180. Earlier in the Tuesday session, both the Nasdaq and S&P 500 clinched fresh record intraday highs while the Dow ended unchanged. S&P 500 up by 0.16%, or 4.83 points. S&P 500 gains 0.16%, or 4.83 points. Crude oil prices and gold prices ended at USD 56.78 per barrel and USD 1,459.10 per ounce respectively.
U.S. stocks were mostly higher Wednesday as investors weighed a report on a sticking point to U.S.-China trade agreements. S&P 500 up by 0.07%, or 2.2 points while Dow gained 0.33%, or 92.1 points. Nasdaq exhibits losses down by 0.05%, or 3.99 points. 10-year Treasury yield down by 2.3 bps to 1.886% while crude oil prices and gold ended with gained, closed at USD 57.17 per barrel and USD 1,464.70 per ounce respectively. AUD/USD is flat in Wednesday, trading at 0.6845 and up by 0.06%. USD/CNY pair continues to hover close to the symbolic line of 7.00. NZD/USD has climbed sharply, trading at 0.6404 and up by 1.07% on the day. GBP/USD is flat trading at 1.2842 and down by 0.01%. USD/CAD pair was unchanged on Tuesday, currently trading at 1.3244, up 0.06%. EUR/GBP is trading sideways trading at 0.8572, up 0.04%.
The U.S. dollar inched up on Thursday in Asia. The U.S. Dollar Index inched up 0.1% to 98.280. AUD/USD pair fell 0.6% to 0.6799 while the NZD/USD pair traded 0.3%, giving back some of its gains yesterday. The USD/CNY pair was little changed trading at 7.0181, down 0.04%. The USD/JPY pair slipped 0.1% to 108.71. AUD/USD has sustained considerable losses trading at 0.6805, down by 0.50%. The S&P 500 edged up to a record closing high at the end of the day. The Dow was off just slightly as declines in shares of Cisco. Stocks briefly dropped more steeply after reporters disclosed that U.S. and Chinese officials were struggling to finalize a phase one trade deal. S&P 500 ended at gain of 0.08% or 2.59 points. Dow declined by 1.63 points or fell by 0.01%. Nasdaq also exhibits loss of 3.08 points or 0.04%.
After a senior administration official said that the trade deal with China was nearing and domestic economic data mostly topped expectations stocks closed at record highs on Friday. The Dow cleared 28,000 points for the first time ever, up by 0.8%, or 222.18 points. S&P 500 up by 0.77% or 23.73 points while Nasdaq rose by 0.73% or 61.81 points. 10-year Treasury yield rose by 1.9 bps to 1.834% while gold fell by 0.43% to $1,467.00 per ounce. AUD/USD has leveled off on Friday, after sharp losses a day earlier trading at 0.6792, up by 0.09%. USD/CNY has been range-bound for most of the week trading at 7.0113, down 0.10%. NZD/USD pair has steadied on Friday trading 0.6386 and rose by 0.09% while USD/JPY rose by 0.3% to 108.75. The EUR was little higher, trading at 1.1051 rose by 0.3%. GBP was trading at 1.2901, rose by 0.2%. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies fell by 0.2% to 97.863.
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