XAU/USD (Gold/US Dollar) – Strong Sell: Focused Currency Pairs and Technical Analysis (15-Minute Chart) for August 21, 2024
EUR/USD (Euro/US Dollar) – Buy EUR/USD is declining near 1.1120, retreating from its highest level since December. The market is focused on the release of the Federal Reserve’s (FRB) July meeting minutes today, with expectations that the FRB may cut rates in September. Germany’s Producer Price Index for July improved to -0.8% year-over-year, but the impact on the euro has been limited.
GBP/USD (British Pound/US Dollar) – Buy GBP/USD is stabilizing near 1.3000, slightly retreating from yesterday’s high. The market is watching closely for the possibility of the FRB initiating monetary easing in September. In the UK, this week’s release of the Purchasing Managers’ Index (PMI) and initial jobless claims data are being closely monitored.
AUD/USD (Australian Dollar/US Dollar) – Sell AUD/USD is flat around 0.6745, trading near its highest level since July 17. The market is cautious ahead of the release of the FRB’s July meeting minutes, with attention focused on the possibility of future rate cuts. Meanwhile, the Reserve Bank of Australia (RBA) has indicated that it is prepared to implement additional rate hikes if necessary, providing support for the Australian dollar.
USD/JPY (US Dollar/Japanese Yen) – Strong Buy USD/JPY is rebounding near 145.70, recovering from last week’s three-day decline. However, further gains are expected to be limited as the market awaits the release of the FRB’s July meeting minutes. The market is focused on the possibility of a rate cut, with growing expectations that the FRB may lower rates by 25-50 basis points in September.
XAU/USD (Gold/US Dollar) – Strong Sell Gold prices are stable around $2515.00, awaiting new catalysts ahead of the release of the FRB’s July meeting minutes. The market anticipates a 25 basis point rate cut by the FRB in September, with some analysts predicting a 50 basis point reduction.
