Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
Bullish bets on Chinese Yuan reach their maximum since December
Market participants increased their long positions in most Asian currencies versus two weeks ago. Bullish bets on the Chinese Yuan reached their highest value since December, as a Reuters survey disclosed on Thursday. It’s because the greenback languished close to multimonth minimums on political woes in the USA.
The survey was carried out between Tuesday and Wednesday. All responses were obtained before the Fed concluded its two-day gathering on Wednesday.
The key US bank maintained its benchmark lending rate and told it was keeping to its slow path of monetary tightening, though stressed both overall inflation as well as a measure of underlying price gains had went down. Apparently, the perceived dovish tone on inflation sent the greenback to a 13-month minimum versus a basket of currencies.
Long positions in the Chinese Yuan have rallied to their highest value since December. Meanwhile, the Korean won has demonstrated the most bullish bets since May.
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.