GBP/USD keeps pullback from one-week high, holds lower grounds near daily lows. US dollar retreats as Fedspeak fails to praise inflation miss, China-linked news favor safe haven demand. UK ministers will meet major energy firms amid talks of tightening 25% levy on North Sea oil and gas operators. US Jobless Claims, PPI will also be important for intraday directions.

Asian equities have soared while Nikkei225 has pathways and has eased 0.65%. Signs of exhaustion in the inflation rate have cheered the risk-perceived assets. Oil prices have surpassed $90.00 despite a buildup of oil inventories last week.

AUD/USD remains pressured below 0.7100 amid fresh US-Sino trade concerns, surging China's covid cases and softening Australian inflation expectations. Investors reassess the US inflation data and its implications on the next Fed rate hike move. 

AUD/USD remains pressured towards 0.7050 amid early Thursday morning in Europe. The Aussie pair’s latest weakness could be linked to the US dollar’s consolidation of the US inflation-led slump. In doing so, the AUD/USD prices ignore the heavily optimistic signals marked by the options market.

That said, the one-month risk reversal (RR) of the AUD/USD jumped the most since early June 2022 on the daily basis, while flashing 0.190 figures at the latest. It should be noted that the Aussie RR, the difference between the call options and the put options, also rose for the sixth consecutive day by the end of Wednesday’s North American session.

On the same line, the weekly RR braces for the biggest positive readings in nearly three months while flashing the 0.370 mark by the press time.

It’s worth observing that Australia’s downbeat prints of Consumer Inflation Expectations for August, to...

USD/INR pares the biggest daily loss in four months around weekly low. Key SMAs, two-week-old resistance line challenge buyers amid bearish MACD signals. Weekly horizontal support holds the gate for bear’s entry.

EUR/USD has tumbled to near 1.2850 amid a significant recovery in the DXY. A lower US CPI print has trimmed the odds of hawkish guidance while rate hike odds are solid. This week, the US Michigan CSI data will be of utmost importance.

XRP price is taking a jab at the $0.381 hurdle for the fifth time. If successful, Ripple bulls need to toil to reach their destination at $0.439, aka a 15% rally. A failure to sustain above $0.381, followed by a breakdown of the $0.340 support level, will invalidate the bullish thesis. 

Gold price has slipped to near $1,785.00 as the DXY has advanced above 105.00. The precious metal has shifted into a healthy correction phase. A little higher consensus for Michigan CSI has supported the DXY bulls.

XRP price is taking a jab at the $0.381 hurdle for the fifth time. If successful, Ripple bulls need to toil to reach their destination at $0.439, aka a 15% rally. A failure to sustain above $0.381, followed by a breakdown of the $0.340 support level, will invalidate the bullish thesis. 

Market sentiment remains cautiously optimistic amid fears surrounding Fed’s aggression, China. Fedspeak appears mixed despite softer US CPI for July. Biden’s rethink on China tariff, covid case increase in Mainland China weigh on sentiment. S&P 500 Futures print mild gains, US 10-year Treasury yields remain sluggish.

US Dollar Index pares the biggest daily loss in five month, grinds higher around intraday top of late. Fed policymakers hesitate in cheering downbeat US inflation. Biden’s rethink on China tariffs, covid woes in the Dragon Nation challenge risk-on mood. US PPI, Jobless Claims could entertain intraday traders.

GBP/USD bulls are tiring following the overnight rally that was sparked by a miss in US Consumer Price Index. There are complications for the bulls at this point as they run into weekly resistance and there is a reversion pattern left behind on the daily chart that followed Wednesday's rally. The following illustrate the prospects of a move to the downside for the day ahead.

USD/CAD bounces off two-month low as US dollar licks post-inflation wounds. Headlines surrounding China, Fedspeak favors DXY’s corrective pullback. WTI crude oil grinds higher ahead of OPEC, IEA demand forecasts. US PPI, risk catalysts could entertain traders amid a light calendar.

Avalanche price shows classic ramping pattern accompanied with price ascension. AVAX price has breached the oversold level on the Relative Strength Index. If the technicals are correct, a breach of the $50 barrier could happen rapidly.

AUD/USD has slipped to near 0.7070 amid a downward shift in Aussie inflation expectations data. The Aussie inflation guidance data has landed at 5.9%, lower than the prior release of 6.3%. A meaningful decline in US CPI may trim Fed’s hawkish guidance.

China maintains strict control of the yuan’s rate on the mainland.

The onshore yuan (CNY) differs from the offshore one (CNH) in trading restrictions, this last one is not as tightly controlled.

Each morning, the People’s Bank of China (PBOC) sets a so-called daily midpoint fix, based on the yuan’s previous day's closing level and quotations taken from the inter-bank dealer.

AUD/JPY reverses the previous day’s gains amid cautious optimism, downbeat Aussie data. Australia Consumer Inflation Expectations eased to 5.9% from 6.3% in August. US tariff chatters, covid fears in China test buyers despite US inflation-led market optimism. Yields, risk catalysts are important for clear directions amid a light calendar.

EUR/USD remains indecisive after retreating from five-week high. Monthly horizontal line challenges pullback from 50% Fibonacci retracement of June-July downside. Buyers have a comparatively smoother road to journey than the one signaled for bear’s return.

China's islands and cities are battling COVID-19 outbreaks yet again. By the start of the week, there were at least nine cities and towns, with a combined population of about 7 million, said their residents must not leave where they live except for necessary reasons such as COVID tests, grocery shopping or essential job roles. They also suspended public transport services.

In recent trade, it has been reported that China's Sanya's cases are surging and the city of Yiwu has moved into lockdown. Meanwhile, China's capital Beijing and financial hub Shanghai reported zero new cases, local government data showed earlier this week. The southern technology hub of Shenzhen also recorded no new infections.

 

 

 

EUR/GBP has slipped lower after facing selling pressure around 0.8440. An unchanged German HICP at 8.5% has weakened the shared currency bulls. The US GDP is expected to remain vulnerable ahead.

Avalanche price shows classic ramping pattern accompanied with price ascension. AVAX price has breached the oversold level on the Relative Strength Index. If the technicals are correct, a breach of the $50 barrier could happen rapidly.

Gold price remains sidelined around one-month high, traders flirt with previous resistance. Fedspeak, US-China chatters join 61.8% Fibonacci retracement level to challenge XAU/USD bulls. Risk catalysts will be important, US PPI, Jobless Claims can entertain traders.

NZD/USD is stacking up for a downside correction with 0.6350 eyed as a potential support area that could be met should the bulls continue to throw in the towel following Wednesday's surge related to the US CPI data.