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Global markets trade cautiously as the US Dollar remains under pressure ahead of key US economic data. The Dollar Index holds below the 97.00 level after reports that China urged limits on Treasury holdings, weighing on broader USD sentiment. Major currency pairs are largely stabilizing, with the Euro consolidating near 1.0900, the Japanese Yen attempting to extend its recent rebound, and the Australian Dollar underperforming following a drop in domestic consumer confidence.
The US Dollar Index continues to trade below the 97.00 handle as markets digest renewed concerns over foreign demand for US Treasuries, particularly after China urged limits on future holdings.
Geopolitical Risks: China’s call to curb Treasury exposure has revived structural concerns around long-term USD demand.
US Economic Data: Traders remain cautious ahead of key US releases, limiting fresh Dollar buying.
Monetary Policy: Expectations of a slower Fed normalization path continue to cap USD upside.
Trend: Bearish bias remains intact below 97.50
Resistance: 97.30, then 97.80
Support: 96.60, followed by 96.00
Forecast: Further downside pressure is likely while below 97.50.
Market Sentiment: Cautiously bearish
Catalysts: US CPI, Treasury auction demand, Fed commentary
EUR/USD consolidates around the 1.0900 zone, holding onto recent gains as the pair benefits from sustained US Dollar weakness ahead of major US economic data.
US Economic Data: Delayed or softer US data has reduced near-term USD support.
Monetary Policy: Diverging expectations between the Fed and ECB continue to favor the Euro.
Trade Policy: Reduced global trade tensions have provided mild support to risk-sensitive currencies.
Trend: Bullish above 1.0850
Resistance: 1.0950, then 1.1000
Support: 1.0850, followed by 1.0780
Forecast: Upside risks persist while price holds above 1.0850.
Market Sentiment: Moderately bullish
Catalysts: US inflation data, ECB speaker comments
AUD/USD remains under pressure near the 0.7100 level after weaker Westpac Consumer Confidence data dampened sentiment toward the Australian Dollar.
US Economic Data: Broad USD softness has limited deeper downside in the pair.
Domestic Data: Falling consumer confidence has raised concerns about Australia’s growth outlook.
Monetary Policy: Markets remain cautious on how long the RBA can maintain a hawkish stance.
Trend: Sideways to mildly bearish
Resistance: 0.7180, then 0.7250
Support: 0.7080, followed by 0.7000
Forecast: Consolidation with downside risks toward 0.7000.
Market Sentiment: Neutral to bearish
Catalysts: RBA guidance, Australian labor data, China-related headlines
The Japanese Yen is attempting to extend its recovery from a two-week low, with USD/JPY easing as risk sentiment stabilizes and haven demand returns modestly.
Geopolitical Risks: Lingering global uncertainty has supported Yen demand.
Monetary Policy: Markets continue to price in gradual policy normalization from the BoJ.
US Yields: Softer Treasury yields have reduced USD/JPY upside momentum.
Trend: Corrective bearish
Resistance: 149.80, then 150.50
Support: 148.60, followed by 147.80
Forecast: Further pullback possible while below 150.00.
Market Sentiment: Cautiously risk-off
Catalysts: US yield movements, BoJ-related headlines
USD/CNH appears vulnerable near the 6.9060 region as the pair trades within a descending channel, reflecting ongoing policy support for the Yuan.
Monetary Policy: Chinese authorities continue to provide guidance to stabilize regional FX.
Trade Policy: Reduced external pressures have helped anchor the Yuan.
US Dollar Dynamics: Broad USD softness adds to downside pressure.
Trend: Bearish
Resistance: 6.9150, then 6.9400
Support: 6.8900, followed by 6.8600
Forecast: Risk remains skewed to the downside while below 6.9150.
Market Sentiment: Yuan-supportive
Catalysts: PBoC fixings, China policy signals, US data
Overall, the focus remains firmly on upcoming US data as investors assess the durability of recent Dollar weakness. While major currencies show signs of stabilization rather than decisive breakouts, downside risks for the USD persist, particularly against Asian currencies where policy dynamics continue to influence flows. Until clearer signals emerge from US economic releases, markets are likely to remain range-bound with a cautious bias.
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