USD/JPY: the "American" is losing ground before Jerome Powell's briefing
The US currency is retreating from the local peak, updated within the current week.
Bidders refrain from new positions on the instrument, waiting for comments from the head of the US financial authorities. So, Jerome Powell will hold a briefing at the opening of the symposium in Jackson Hole, and investors hope to receive new signals on the further actions of the US Federal Reserve in further interest rate increases. At the moment, economists tend to unanimously assess the prospect of revising the key indicator in favor of raising it by 0.50% at the September summit, as well as by 0.75%. Traders also assume that the head of the financial department will assess the further prospects for an increase in the event of an energy crisis on the eve of the heating season.
- Resistance levels: 137.50, 138.50, 139.50, 140.50.
- Support levels: 136.50, 135.57, 134.54, 134.00.
NZD/USD: the pair develops a downward trend
Amid the correction of the US dollar, the NZD/USD trading instrument is testing the level of 0.6244.
As follows from the morning report published by Stats NZ (Statistics New Zealand), retail sales for June changed by -2.3%, being dominated by "bears" two quarters to a row, showing a drop of 0.9% earlier. In the present, 2/3 of the retail sales segment industries provided negative indicators. Thus, the demand for motor vehicles and components for them sank by 5.8%, electronic durable goods decreased by 6.1%. The growth leader, as before, remains the companies providing services for the delivery of catering goods, having increased 3.3% over the reporting period. Economists note the persistence of negative inflation pressure on the sphere of household activity, restraining the quotes of the New Zealand dollar to reverse the trend in favor of a systematic strengthening of quotations.
- Resistance levels: 0.6247, 0.6450.
- Support levels: 0.6162, 0.6058.
Silver prices
During the Asian trading session, the value of silver is growing moderately, reaching the 19.30 mark.
As follows from the latest report published by the CFTC (US Commodity Futures Trading Commission), the number of pure speculation contracts for the precious metal has strengthened to 3.5 thousand from the previous 2.9 thousand. The balance of supply and demand has undergone minor changes – the "bears" remain the first in open positions backed by cash, and the "bullish" positions are slightly less, amounting to 32,070 thousand to 37,836 thousand. from sellers. The current week shows a reduction in long positions by 0.647 thousand contracts, and the number of short ones decreased by 1,110 thousand contracts.
- Resistance levels: 19.50, 19.74, 20.00, 20.48.
- Support levels: 19.00, 18.68, 18.41, 18.00.
Brent overview
overcame the strong resistance mark of 100.00, updating the maximum on August 12, being at the level of 102.0 per barrel against the background of published data in the United States and comments from OPEC+ members on the correction of production levels.
According to API (American Petroleum Institute) statistics, the reserve in storage decreased by 5.632 million barrels, contrary to expectations of 0.450 million barrels and the previous result of 0.448 million barrels. As follows from a similar report from the EIA (Energy Information Agency), the level correction amounted to -3.282 million barrels, contrary to expectations of -0.933 million barrels, but surpassing the correction of the past at -7.056 million barrels. An additional factor supporting the oil price was the comments of OPEC+ representatives, who expressed their readiness to take decisive steps to reduce the production of raw materials if supplies of affordable "black gold" from Iran begin to world markets as part of the agreement between Western countries and official Tehran on the "nuclear deal".
- Resistance levels: 102.00, 110.00.
- Support levels: 96.24, 93.55.