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Commodity-linked currencies remain under pressure as geopolitical tensions in the Middle East continue to escalate. The United States has maintained strikes on targets in Iran, while the Tehran-backed Houthis have intensified threats to shipping in the Red Sea and near key oil transit routes.
Forex
Summary:USD/CAD held near 1.4100 after extending its recovery, with traders watching the key 1.4115 resistance level. Safe-haven demand for the US dollar continues to outweigh support for the Canadian dollar from higher crude oil prices.
XAUUSD (the Gold) remains choppy XAUUSD (the Gold) saw a lift as the yellow metal moved away from the critical 4000 support. As the market remains volatile, with all eyes on Iran's next move, prices look to break the 4100 level.
Silver Price Forecast: Recovery hits 20-day EMA roadblock
USD/CAD Price Forecast: Consolidates near 1.4100 as bulls await 200-SMA breakout on H4
Gold: Safe-haven demand offsets energy risks – ING
British Pound remains depressed against US Dollar following soft UK inflation data
Euro: Mild downside within defined range against US Dollar – UOB
USD/JPY Price Forecast: Likely to extend rally towards 164.00
The Pound to US Dollar (GBP/USD) exchange rate weakened on Wednesday after UK inflation cooled by more than expected in June, reducing expectations for further Bank of England policy tightening, while the US Dollar remained underpinned by cautious market sentiment. At the time of writing, GBP/USD was trading around $1.3374, slipping.
Fed and ECB policy meetings headline the week as DXY holds its uptrend. Explore the latest outlook for DXY, EUR/USD and GBP/USD.
Gold and silver rally ahead of the Fed and ECB meetings as central bank buying and industrial demand support precious metals. Explore today's outlook.
The Pound to New Zealand Dollar (GBP/NZD) exchange rate slipped to a one-month low on Tuesday after stronger-than-expected New Zealand inflation reinforced expectations for further Reserve Bank of New Zealand interest rate hikes. At the time of writing, GBP/NZD was trading around NZ$2.2939, down approximately 0.2% on the day.
Saudi Arabia Gold price today: Gold rises, according to FXStreet data
Philippines Gold price today: Gold rises, according to FXStreet data
United Arab Emirates Gold price today: Gold rises, according to FXStreet data
AUD/USD Price Forecast: Consolidates near 0.7000 as bulls await 38.2% Fibo. breakout
Pound Sterling Price News & Forecast: GBP/USD attracts some buyers, though it lacks follow-through
Pakistan Gold price today: Gold rises, according to FXStreet data
India Gold price today: Gold rises, according to FXStreet data
