Forex News Roundup For July 18, 2023

  • The analysis of silver prices shows that positive market sentiment continues for the silver trading pair, XAG/USD. For now, the price is consolidating in a favourable phase. Yet it encountered resistance at $26.00. If the price surpasses $25.00, it could signify additional potential for silver to increase in value.
  • Commerzbank suggests that gold prices are not affected by the demand from China and India. Instead of causing significant price increases, the demand from these countries serves to stabilize the gold market.
  • China’s GDP is expected to grow by 5% in 2023 and 4.5% in 2024, according to Moody’s. This forecast is positive news for China’s economic growth.
  • Recent reports indicate that there is a higher possibility that the price of gold will soon increase even further. This is due to the weakening of the US dollar (USD), which raises the price of gold. Gold prices are still strong and are anticipated to rise even though there may be brief fluctuations.
  • According to Reuters reports, the US dollar is close to hitting a one-year low, while the euro has risen to its highest point in 17 months. In comparison to the dollar, the euro has increased to $1.1256. And the dollar index is still under pressure at around 103.30. Countries that rely heavily on the dollar for international trade and finance are affected by the dollar’s decline. Inflation, trade, and travel are some of the areas of the economy that are affected by the stronger euro.
  • Major currency pairs are trading in familiar ranges as investors focus on data from the United States and Canada. The US Dollar (USD) is currently staying within a specific range, with the US Dollar Index fluctuating around 104.00. The USD is under pressure due to disappointing US data and anticipation of actions from the Federal Reserve. As a result, it reached its lowest point in the past 13 days at approximately 103.30. Meanwhile, the USD/JPY pair is strengthening and aiming to reach 133.00 once again.