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CBS News reported that the United States and Israel may engage in a large campaign against Iran, targeting Iran’s energy infrastructure, said multiple sources.The duration would be over the weekend ahead of next week’s Asian open in the financial markets. The article mentions that US sources revealed that Israel has been notified and “are coordinating with the United States.” The US “president has yet to give the final go orders for the strikes, the sources said.”Meanwhile, an Israeli official told CBS News, “Israel is unaware of a decision to restart full military operations, nor has been requested of Israel to…

The Kiwi Dollar extends its three-day rally, climbing above 0.5850 and is poised to challenge 0.5900 amid improving risk appetite and broad US Dollar weakness. The clearance of the 200-day Simple Moving Average (SMA) supports the bullish trend, as traders eye the May monthly high at 0.5995.NZD/USD Price Forecast: Technical outlookThe daily chart shows that market structure is becoming more constructive, indicating further upside in the NZD/USD pair. After surpassing the confluence of the 100- and 200-day Simple Moving Averages (SMAs) at around 0.5821/23, the pair is poised to hurdle the 0.5900 figure.Momentum has clearly shifted bullish. The Relative Strength…

The first full week of August will test whether the US Dollar can recover from its sell-off during the last week of July as investors shift their attention from central bank decisions to a fresh round of economic data. The spotlight will be on July’s Nonfarm Payrolls (NFP) report, while ISM surveys, ADP Employment figures and JOLTS Job Openings will offer additional clues on the strength of the US economy. In Europe, investors will assess whether inflationary pressure is beginning to ease through Producer Price Index (PPI), Retail Sales and Factory Orders data. Meanwhile, China will release key PMI and…

The USD/CHF bounces off weekly lows and meanders around 0.8080 after hitting a daily high of 0.8127, amid presumed intervention, with Nikkei reporting that the US Treasury Department has told currency market participants to prepare for additional intervention, following Thursday’s action by Japanese authorities to boost the Yen.USD/CHF Price Forecast: Technical outlookThe USD/CHF rebounded, reaffirming its upward bias. The market structure suggests the uptrend will continue as long as spot prices remain above the 50-day SMA and the July 10 cycle low of 0.8010.The Relative Strength Index (RSI) is turning bearish, aiming upwards, an indication that a recovery may be…

Gold price tumbles nearly 1.50% on Friday as the US Dollar recovers some ground after Japanese authorities intervened in the foreign exchange markets a day ago, driving the Greenback to a 30-day low before recovering, according to the US Dollar Index (DXY). The XAU/USD trades at $4,045.XAU/USD drops as Treasury yields, Fed dissents and inflation risks pressure BullionThe yellow metal is poised to finish the week with losses of over 0.11%, unable to decisively crack the $4,100 milestone.  At the same time, the DXY, which tracks the performance of the buck’s value against six currencies, is down 0.05%, at 99.91,…

Dubai: The UAE could account for more than half of the total Foreign Currency Non-Resident (Bank), or FCNR (B), deposits under the Reserve Bank of India’s special mobilisation window, driven by the Gulf country’s large Indian diaspora, bankers said.Attractive dollar deposit rates and leverage facilities, along with tax-free interest income, triggered the strong response despite representative office restrictions preventing many banks from servicing all prospective customers in the UAE, senior bankers in the region said.Also Read: Dollar inflows through special window to ease banks’ liquidity pressureWhile official, country-wise data is unavailable, bankers estimate that the UAE so far may have…

Thursday’s record Yen defence is the story everyone has written. Friday is the one that matters, because the Dollar has been sold in three separate lurches since the Tokyo morning, nobody has claimed any of them, and the US Treasury has told a number of banks through the New York Fed that it may enter the market and they should stand ready for further action. USD/JPY trades just under 159.00 late in the session, a Yen and a half beneath where the day began.The second round is the cheap oneThe pattern reads like an operation rather than a market. The…

The US Dollar Index (DXY) struggles to hold its early recovery on Friday as the fallout from suspected Japanese intervention and the possibility of direct action by the United States (US) keep the Greenback under pressure. At the time of writing, the index trades around 99.96, easing from an intraday high of 100.45 and hovering near its lowest level in six weeks. The DXY is also on track to close July in negative territory.The Greenback suffered a sharp sell-off on Thursday as the Japanese Yen (JPY) surged across the board. Reuters reported, citing a market source, that Japanese authorities likely…

Richmond Federal Reserve (Fed) President Tom Barkin said on Friday that it remains uncertain whether the current level of interest rates is sufficiently restrictive to bring inflation back to the Fed’s 2% target, according to an interview with The Wall Street Journal.Barkin also said he was unsure whether he would have joined the three Fed committee members who dissented in favor of a 25 basis-point rate increase at this week’s policy meeting. His comments come after the Fed left interest rates unchanged, while Governors Lorie Logan, Beth Hammack and Neel Kashkari favored an immediate hike.Key quotesIt’s a close call whether…

EUR/USD trades near the 1.1530 area during Friday’s American session, consolidating after a strong rally off intraday lows. The Euro found support from resilient Eurozone inflation data, although gains remain capped as hawkish Federal Reserve (Fed) rhetoric boosts the US Dollar.Preliminary data from Eurostat showed that the Eurozone Harmonized Index of Consumer Prices (HICP) rose 2.9% YoY in July, up from June’s 2.8% reading. Meanwhile, core HICP accelerated to 2.5% YoY, above both the previous 2.4% and economists’ forecasts, suggesting underlying price pressure remains persistent. On a monthly basis, headline HICP increased 0.2%, while core HICP was unchanged.Labor market figures…