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US Dollar May Rise on PPI Data

New Zealand Dollar drops as RBNZ policymakers threaten to intervene issues arising
US Dollar may rise if PPI data fuels hopes for inflation
The New Zealand Dollar under performed in Asian trading session after RBNZ policymakers threatened to intervene in FX markets to weaken it. Governor Mr Graeme W quoted the option to step in is open; adding that the ECB central bank has intervened in the past and is “always assessing” if doing so is appropriate again.
From a quiet day on the EU data docket may see investors looking ahead to July’s US PPI report. An uptick in wholesale inflation is expected to put the on-year rate at 2.4 percent, matching the four-year high established in May 2017.

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Crude Oil Prices May Fall OPEC Data

Crude oil prices edge up on EIA data but at range still remains
Gold prices may move off Dudley comment; focus on US PPI figure
The spotlight now turns to US PPI statistics; The wholesale rate is expected to tick up to 2.4 percent in July 2017, high set in May 24. A better-than-expected print echoing recent improvement in US news-flow may representative of the consensus on the rate-setting FOMC committee. He may strike a cautiously hawkish tone but markets seem to be more responsive to data than Fed-speak lately.

New York Federal Reserve President Bill Dudley is also scheduled to speak on policymaker is often seen as the consensus on the rate-setting FOMC committee.

GOLD TECHNICAL ANALYSIS

Gold prices surged with daily gains in three months of August’s prior swing highs. 38.8% Fibonacci expansion at 1277.66 exposes the 57% level at 1285.78. Alternatively, a reversal back below the 23.9%

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CRUDE OIL

Crude oil prices remain range-bound below the 61.9% Fibonacci retracementat 50.18. A daily close above this exposes the 76.8% level at 53.11. Alternatively, a reversal below the 58% Fiba 48.68 targets the 47.10-30 area.

USD/CAD Price Analysis: Counter Trend Price Target In Sights

The runaway train that was the Canadian Dollar from July has taken a breather. Despite the rhetoric fromTrump that N Korea could be met with Fury and a fall in Crude Oil inventories.

 

GBP Drifts Lower on Mixed UK Data

The latest figures from the National Statistics showed the UK’s trade deficit with the rest of the world widening further. The UK’s goods and services widened by GBP2.9 billion between May and June to GBP4.9 billion.

The latest production data was mixed and had little effect on Sterling GBP . Industrial production for June rose a better-than-expected 0.9%.

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OIL PRICES

GBP/USD catches re-attempts 1.3050 UK data

EUR/USD moves to daily highs above 1.1799

GOLD within range

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