Forexlive Americas FX news wrap 23 Jul: USD continues fall vs JPY but rises vs other CCYs

July 23, 2024 at 10:40PM

Oil: Private survey of inventory shows headline crude oil draw larger than expected

Earnings after the close led by Alphabet and Tesla. Tesla misses. Alphabet beats

US stocks close lower ahead of Tesla and Alphabet earnings

GOP Nominee Trump: I will go ahead and debate Harris. Happy to do more.

Crude oil futures settle at $76.96

Macron:Outgoing majority has lost elections,but French want non-far right to work together

Reuter/Ipso Poll: Harris 44% Trump 42% among registered voters

BOC rate decision and lower oil price help to push USDCAD higher. Technicals more bullish.

Jeffries and Schumer officially endorse VP Harris as the Democratic nominee

U.S. Treasury auctions off $69 billion of 2-year notes at a high yield of 4.434%

Crude oil prices drop to $76.51, down 2.4%

Major European indices close mixed. German DAX higher. France CAC and UK FTSE lower

Secret Service Director Cheatle resigns according to sources.

EU consumer confidence flash for July -13 vs -13.4 estimate

US existing home sales for June 3.89M vs 4.00M estimate

Richmond Fed July manufacturing index -17 vs. -7 expected

Kickstart the FX trading day for July 23 w/a technical look @ EURUSD, USDJPY and GBPUSD

Reuters Poll: 70 of 100 economists see a rate cut in September

Philadelphia Fed nonmanufacturing business outlook for July -10.0 versus +15.1 in June

The JPY is the strongest and the AUD is the weakest as the NA session begins

Forexlive European FX news wrap 23 July – The US Dollar remains in the driver’s seat

The USD fell vs the JPY as the USDJPY continued its move to the downside today and looks to test its key 100 day MA and low from last Friday at 155.36.

Against all other major currencies, the USD was stronger.

The weakest of the major currencies were the AUDUSD and the NZDUSD as they continue to be sold on the back of slower growth in China.

For the AUDUSD it reached an intraday low price of 0.6611. That is just short of its 100 day MA tarke at 0.6607. In the new trading day, the 100 day MA will be a key barometer for both the buyers and the sellers. Stay above and a bounce toward 0.66316 will be eyed. Moving below will be the first break since May 8th and should lead to even more downside probing

For the NZDUSD, it is also trading to its lowest level since early May. It fell below its 100-day MA last week up at 0.60573 (currently at 0.5955). The close risk level for shorts in that currency pair would be a move back above the broken 61.8% retracement of the move up from the April low at 0.59927. Watch that level for sellers if the sellers are to remain in control.

The USDCAD traded higher today on the back of oil continuing its move lower. The price of oil fell for the 4th consecutive day, as traders react to slower growth in China. The BOC will also announce its latest interest rate decision tomorrow at 9:45 AM ET. The market is expecting a 25 basis point cut in the target rate to 4.50% from 4.75% and that too may be contributing to recent softness in the USDCAD. Technically, the pair is looking to test topside swing area resistance between 1.3784 and 1.3803. Getting above would be more bullish. A move below 1.3734 would disappoint recent buyers.

Today the Richmond Fed Manufacturing index came in weaker than expected at -17 vs -7 expected. Existing home sales was also weaker than expected has inventories increased but so did prices (new record).

US yields were little changed today. The US treasury sold $69B of 2-year notes without a problem thanks to strong/record demand from foreign buyers.

Stocks closed modestly lower after trading higher for most of the day. The Dow fell -0.14%, the S&P fell -0.16% and the Nasdaq fell -0.06%.

This article was written by Greg Michalowski at www.forexlive.com.

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