Dollar index (Dxy00) On Tuesday, -0.55% fell and posted 1 -weekly. The dollar retreated on Tuesday after President Trump announced a temporary ceasefire between Israel and Iran, which curbed the demand for a safe-havan for the dollar. In addition, Tuesday’s fast rally in shares reduced the demand for liquidity for the dollar. The dollar weakened on Tuesday after an unexpected decline in the June US Consumer Confidence Index of the Conference Board.
Fed Chair Powells, New York Fed president Williams and Atlanta Fed President Bastic, Hawkish commentary from Hawkish commentary on Tuesday, who said that they are not in a hurry to cut interest rates.
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Us Apr S & P Corelogic Commite-20 Home Price Index increased +3.42% y/y/y, +3.90% y/y weakened and weaker than expectations of Y/Y and the smallest growth in 1-3/4 years.
The June US Consumer Confidence Index of the Conference Board fell unexpectedly from -5.4 to 93.0, which was weak with the expectations of 99.8 growth.
The survey of US June Richmond Fed Manufacturing Terms increased unprecedentedly to +2 -7, which is stronger than the expectations of a decline of -10.
Fed Chair Powell’s comments indicated that it is no hurry to cut interest rates, when he said, “The effects of tariffs will depend on their final level, and for some time, we are well deployed to wait to learn more about the possible course of the economy before considering any adjustment of our policy stance.”
Atlanta Fed Chairman Bick said that the fed does not need to cut interest rates, companies plan to increase prices in response to high import taxes later this year and still stable with the job market.
New York Fed president Williams stated that it is “completely appropriate” for the Fed to keep the interest rates stable, while they analyze the full impact of policy changes on job markets and inflation.
After July 29-30 FOMC meeting, markets are giving exemption to the market 19% for cutting -25 BP rate cuts.
EUR/USD (^Eurusd) On Tuesday, +0.39% rose and posted 3–1/2 years high post. Tuesday’s dollar weakness benefited the euro. The Euro was also reported that Thegerman Jun Ifo Business Climate Climate Index rose to a height of 13 months. In addition, on Tuesday, the high level of 1-week into a 10-year German bund yield strengthened the interest rate of euro. Euro D Galahau, a member of the ECB’s Governing Council, benefited the Euro on Tuesday as he said that the ECB could still cut interest rates within the next six months.
The German June IFO Business Climate Index rose to a 13 -month high of 88.4 to stronger than the expectations of 88.0.
ECB Governing Council member Wilroy D Galahau said. “If we look at the current assessment of the markets so far, the expectations of inflation remain moderate. If it is confirmed, it may lead to further housing in the next six months.”
In the July 24 policy meeting, the ECB is giving exemption to the possibility of 8% for cutting -25 BP rate cut by ECB.
USD/JPY (^Usdjpy) Tuesday -1.01%fell faster. Yen ralled on optimism on Tuesday that the cost of falling energy costs would promote the Japanese economy, as the prices of raw is reduced by more than -6% 1-1/2 weeks. After the yield of 10 years T-Note, the profit in yen on Tuesday reduced by 1-1/2 months.
August gold (Gcq25) Tuesday -61.10 (-1.80%), and July silver (Sin25) Below -0.455 (-1.26%) closed down. On Tuesday, precious metals fell rapidly, in which the gold post took place at a 2 -week low. Reducing Bhurajnic Risk has led to a rally in the global equity markets and has inspired long liquidation pressure in precious metals on Tuesday on the declaration of a ceasefire in the Israeli-Iran conflict. Fed Chair Powell, New York Fed president Williams and Atlanta Fed President Bick’s Hawkish comments on Tuesday added precious metals to their losses, who indicated the Fed that there is no hurry to cut interest rates.
After slipping at the bottom of the 1-week of 1-week, precious metals were recovered from their worst level on Tuesday. In addition, Dowish comments from ECB’s Governing Council member Wilroy de Galahau on Tuesday were supporters of precious metals, when she said ECB could still cut interest rates within the next six months. The prices of buying gold funds in the form of gold holding in ETF continue to support, reaching a high level of 1-3/4 years on Monday.
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