USD/JPY: "American" develops positive dynamics
The US currency is trying to win back losses. According to economists, on the eve of the dollar was trading actively falling, indicating the reason for the dominance of "bears" in the publication of macroeconomic data in the United States on inflation, which showed a slowdown from the previous indicator of 9.1% to 8.5% in July, which exceeded market expectations. Thanks to the positive data, market participants revised forecasts for further steps of correction of the key indicator by the US regulator in favor of a decrease in growth rates at a meeting in September. Previously, it was expected that the US Federal Reserve would raise the percentage by 0.75%, but in the present, experts admit a revision at 0.50%, which will help the world's first economy to neutralize the processes of recession.
- Resistance levels: 133.00, 134.00, 134.54, 135.57.
- Support levels: 132.00, 131.00, 130.00, 129.39.
AUD/USD: The pair is trading in a bullish trend
The Australian currency is trading in a negative zone, moving away from its local maximum on June 10, reached earlier.
The Australian dollar is under moderate pressure amid the release of statistics, according to inflation forecasts. The data published at the University of Melbourne for August were revised in favor of a decrease to 5.9% from the previous 6.3%, which gives reason to hope for a reduction in the tough position of the regulator on the issue of further interest rate increases in favor of a softer one. Meanwhile, the RBA announced the launch of a project with the help of which testing will be carried out to integrate the digital version of cash (CBDC). The Ministry confirmed the involvement of experts from DFCRC (Corporate Research Center for Digital Finance), together with whom a practical approach to the use of a crypto tool and the use of its economic benefits, taking into account technological, legal and regulatory nuances, will be studied throughout the year. According to the statement of the head of the regulator Michel Bullock, the success of the project will enable entrepreneurs to implement their projects with the help of innovative technologies. The results of testing are announced for August next year.
- Resistance levels: 0.7107, 0.7150, 0.7202, 0.7250.
- Support levels: 0.7050, 0.7000, 0.6950, 0.6900.
NZD/USD: the instrument is held at the local maximum
During morning trading, the NZD/USD asset is testing the 0.6400 mark, being at the local maximum on June 10, reached earlier.
The New Zealand data released today did not provide the expected support for the instrument. Economists note an increase in the number of tourists visiting the country in June by 83.5%, contrary to analysts' expectations of a growth of 14.8%. Local easing of epidemiological measures makes it possible to hope that the economic tourism sector will become a driver of the flow of additional funds to the national budget, which was not the case last year due to strict quarantine restrictions.
- Resistance levels: 0.6400, 0.6433, 0.6500, 0.6535.
- Support levels: 0.6350, 0.6300, 0.6200, 0.6146.
Gold Prices
The cost of the bank metal shows negative dynamics, moving away from the local maximum on July 5, updated earlier.
The asset retreated again from the threshold of fundamental resistance at the level of 1800.00. The strengthening of the instrument during Wednesday's trading session showed very limited potential, despite the weakening US dollar due to the release of statistics on consumer prices in the US. Thus, according to data for July, inflation left record levels, previously updated 9.1% to 8.5%, which exceeded market expectations. This gave investors an incentive to revise the forecasts made the day before on the pace of interest rate hikes from the US Federal Reserve during the summit in September. Now economists agree that the basic indicator will be increased by only 0.50%. However, gold will remain under pressure in any outcome because the officials of the department – Neil Kashkar and Charles Evans actively advocate the continuation of "hawkish" methods in the process of tightening monetary policy in the future.