The second week of July 2019 was a wait and see game with the FX Market poised cautiously for the FED Chairman’s congressional testimony, and investors gravitating towards safe haven commodities. Forex Broker comparison service FXBrokerFeed brings you the latest releases, and briefs from the FX Broker Market, featuring EUR / AUD dovish rally and investors’ oily choice.
Oily Market Week
FXBrokerFeed reports that the market sentiment for commodities as safe haven continued unabated during the week with oil prices on the upsurge after shrugging off earlier low-demand forecasts by OPEC.
The FED Chairman Powell’s dovish congressional testimony drove the dollar downwards to further spur risk appetite for crude. Brisk activity by equally dovish investors pushed daily oil prices to crest a 60.39-95 resistance to sustain rally for the week.
FXBrokerFeed observes that uncertainty on US/China tariff outcomes, and geopolitical wrangles pitting US and Iran, still linger as potential disruptors of a market weighed down by a sluggish global economy.
EUR/AUD Pair Booster
FXBrokerFeed reports that the Aussie dollar steadied with support from favorable Westpac consumer confidence survey figures for July. Additionally, anticipated rate cuts by the FED and by the ECB for Eurozone replicated a dovish cascade for the Aussie economy.
According to FXBrokerFeed the AUD intraday pivot against the EUR at 1.6259 interbank rate was down from a Thursday high of 1.6448 bullish trend.
And rise of China’s June inflation figures at 2.7% prevailed to brighten the economic forecast, considering that China is the main trading partner, importing most of Australia’s export commodities.
FXBrokerFeed contends that any geopolitical tensions or trade wars involving Australia’s B2B partners’ China, Europe or America could easily mutate to become a contagious sneeze that impacts directly on its economic wellbeing.
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Release ID: 88895854