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ForexLive European FX news wrap: Dollar weaker as August kicks off


Securities:

Markets:

  • AUD leads, USD lags the day
  • European stocks up; S&P 500 futures down 0.2%
  • US 10-year yields are stable at 2.654%
  • Gold up 0.4% at $1,772.89
  • WTI crude down 1.8% to $96.82
  • Bitcoin down 3.9% to $23,015

It’s a brand new month but the dollar continues to be under pressure as it was at the end of last week. Post-FOMC selling continues with key levels under pressure on the day. USD/JPY briefly slipped below 132.00 but is still down 0.7% at 132.20 for now. A few other key levels at play as highlighted above:

“Cable is trading up 0.6% at 1.2250 and challenging a firm daily close above 1.2200 as well as the 50.0 Fib retracement level at 1.2213. Meanwhile, USD/CAD is currently testing its 100-day moving average at 1.2773 Next, AUD/USD is looking for a firm daily break above 0.7000 to open the way to testing the Fib retracement level of 61.8 at 0.7053 and the June 16 high at 0.7069 Elsewhere, EUR/USD is approaching the 50.0 Fib retracement level at 1.0283 a key resistance since the middle of last month .”

Stocks look more tentative with European indices slightly higher, but US futures are a little softer. We’ll see how Wall Street takes things, but we could see last week’s optimism spread further.

The bond market isn’t hinting at much, although a potential technical break in 10-year Treasury yields is still imminent. Yields were little changed on the day, although Italian bonds had cause for celebration, as noted here.

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