Dollar Mostly Subduedfxcue.com

(fxcue news) - The U.S. dollar turned in a weak performance on Monday amid political uncertainty in the U.S. after President Joe Biden decided to drop out of the presidential race and endorsed his Vice President Kamala Harris as the Democratic candidate for the post. Traders also reacted to the People's Bank of China's decision to cut its 7-day reverse repo rate to 1.7% from 1.8%. The central bank said the action is to strengthen counter-cylical adjustments to better support the real economy. This week, the focus is on the personal income and spending data for June, which is due out on Friday. The data includes readings on inflation said to be preferred by the Federal Reserve. The data could have a significant impact on the outlook for interest rates, with the Fed currently widely expected to lower interest rates by a quarter point in September. The dollar index, which was down at 104.20 in the European session, climbed to 104.42 around noon before easing to 104.33, netting a marginal loss. Against the Euro, the dollar edged down marginally to 1.0889, and against weakened to 1.2931 against Pound Sterling. The dollar dropped against the Japanese currency, fetching 157.07 yen a unit, compared to the previous close of 157.35 yen. The dollar firmed to 0.6642 against the Aussie, gaining about 0.8%. Against Swiss franc, the greenback, the dollar gained slightly to CHF 0.8895, and against the Loonie, it firmed to C$1.3760 a unit.

Dollar Mostly Subdued

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Trader

EURUSD trading, selling for profit

In the morning session of the Asian market, buying spot gold resulted in profits, while selling GBP/USD resulted in profits.

The price of gold has risen again, with 2 buy orders yielding profits and short-term sell orders yielding profits at high levels, perfect.

Suggestions for spot gold trading operations: Sell when the price rises close to 2680, sell when it unexpectedly rises above 2690, and buy when the price falls close to 61 or 54. I bought near 2650 in the morning yesterday and sold near 2670 and 2673 in the evening.

In terms of short-term trading strategy for Japanese gold, it is recommended to focus on buying with a pullback and selling with a rebound as a supplement. The short-term focus should be on the 2680-2685 resistance line above, and the short-term focus should be on the 2655-2650 support line below.

The price of gold remains strong, and we broke even today.

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Dollar Mostly Subdued

Sensex

Asian Shares Decline As Biden Withdraws From Presidential Race

CAC 40 Rebounds As China Cuts Interest Rates

Dollar Mostly Subdued

TSX Snaps 3-day Losing Streak

Sensex

Commodity Currencies Slide

DAX Rebounds As Markets Watch US Political Developments

Please sign in

Trader

EURUSD trading, selling for profit

In the morning session of the Asian market, buying spot gold resulted in profits, while selling GBP/USD resulted in profits.

The price of gold has risen again, with 2 buy orders yielding profits and short-term sell orders yielding profits at high levels, perfect.

Suggestions for spot gold trading operations: Sell when the price rises close to 2680, sell when it unexpectedly rises above 2690, and buy when the price falls close to 61 or 54. I bought near 2650 in the morning yesterday and sold near 2670 and 2673 in the evening.

In terms of short-term trading strategy for Japanese gold, it is recommended to focus on buying with a pullback and selling with a rebound as a supplement. The short-term focus should be on the 2680-2685 resistance line above, and the short-term focus should be on the 2655-2650 support line below.

The price of gold remains strong, and we broke even today.

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