EUR/USD: "European" is trading without a single dynamic
Euro shows mixed trading dynamics, being at the level of 1.0200. Traders are in no hurry to increase trading activity in anticipation of new signals for market movement.
To date, there are no publications that can encourage investors to restore activity in the market. Analysts note that key publications on inflation in the US, China and Germany for July will be released on Wednesday. According to preliminary estimates, economists expect a decrease in the growth rate of consumer prices in the United States to 8.7% from the previous level of 9.1%, giving the regulator the opportunity to raise the interest rate by 0.75% during the September meeting. Regarding Germany, the forecasts remain neutral, since analysts do not see any reasons for strong changes in the inflation rate from the previous 0.9% monthly and 7.5% for the year. But the PRC has risks of showing an increase in inflation to 0.5% from the previous 0.0% on a monthly basis and to 2.9% from 2.5% for the year.
- Resistance levels: 1.0200, 1.0253, 1.0300, 1.0350.
- Support levels: 1.0150, 1.0100, 1.0050, 1.0000.
USD/CHF: the market expects consumer price statistics from the USA
During the trading of the Asia-Pacific countries, the USD/CHF instrument is testing the 0.9550 mark, waiting for additional signals of further growth.
The Swiss franc has received restrained support thanks to national macroeconomic statistics. Thus, the published indicators on the eve showed zero dynamics of changes in unemployment, which now stands at 2.2%, which remains a strong indicator for the country. For the Swiss Central Bank, the reason for tightening monetary policy continues to be rising inflation, which has successfully consolidated above the threshold of 3.0%, which does not prevent investors from now putting into the value of the franc probable increases in basis points within the framework of the announced meeting of the regulator on September 22. It is expected that then the US Federal Reserve will tighten monetary policy.
- Resistance levels: 0.9650, 0.9700, 0.9762, 0.9847.
- Support levels: 0.9520, 0.9469, 0.9400, 0.9300.
GBP/USD: the dollar started the week with a correction
The British currency shows mixed dynamics, being at the level of 1.2080. The GBP/USD instrument is attempting to restore positions with the onset of the current week, after a strong fall the day before, where the US dollar gained a positive momentum due to the release of data on the strong employment market in July.
At the same time, the Postal service of England (Royal Mail), which also provides a range of banking services to the subjects of the Kingdom, notes the active withdrawal of funds from personal accounts by residents of the UK in a record figure of 801.0 million pounds, which is 20% higher than the same period last year. Representatives of Royal Mail associate such indicators with the active use of transport for movement within the country and the intention of customers to transfer their savings into cash for more detailed planning of their travel budgets within the current difficult situation in the national economy. This year, more than 68% of Britons who took a vacation spoke in favor of the need to keep fiat money in their hands. But economists note that this trend is temporary, because there is an irreversible process of popularization of digital tools both in the matter of investment and when paying for goods and services.
- Resistance levels: 1.2133, 1.2236, 1.2292, 1.2400.
- Support levels: 1.2054, 1.2000, 1.1933, 1.1854.
Gold Prices
Quotes of the precious metal are trading with multidirectional dynamics in the session on Tuesday, trying to overcome the solid resistance level of 1800.00.
Earlier, the asset made attempts to cross this psychological level, enlisting the support of corrective sentiment against the US dollar. At the same time, market participants took a wait-and-see attitude ahead of the release of the main data on the US inflation rate by the middle of the week. The key expectations of economists are inclined in favor of the retreat of inflation from record thresholds, thereby justifying the policy of the "hawks" from the US Federal Reserve. Under favorable circumstances of the macroeconomic background, the "American" will significantly strengthen its position, and investors can focus their attention around the risks of a recession in the United States. Economists note that the reduction in consumer price pressure will signal the US regulator to continue the course of tightening monetary policy.
- Resistance levels: 1775.00, 1784.31, 1800.00, 1816.62.
- Support levels: 1752.87, 1730.00, 1720.00, 1700.00.