This is what you need to know to trade today tuesday august 9:
Market action remains relatively subdued on Tuesday as investors refrain from opening large positions ahead of Wednesday’s CPI consumer price index data. DXY dollar index trades in tight range above 106.00, US stock index futures flat in European morning and 10-year US Treasury yield moves sideways slightly below 2.8%. There will be no big impact data out of the Eurozone and the NFIB Business Optimism Index, Second Quarter Unit Labor Costs and the IBD/TIPP Economic Optimism Index will be released on the US economic docket.
In the meantime, The Chinese military has said it will continue its exercises around Taiwan on Tuesday.. However, this development does not seem to have an impact on risk sentiment.
After Monday’s modest rebound, the EUR/USD it trades up and down in a tight range near 1.0200 early on Tuesday. Citing a study by the Employment Research Institute (IAB), Reuters reported that the German economy was expected to lose more than $260 billion in value added by 2030 due to high energy prices and the ongoing war in Ukraine.
The GBP/USD rose above 1.2100 on Monday but erased much of its daily gains. At time of writing, the pair is trading near 1.2080. The deputy governor of the Bank of England, Dave Ramsden, said on Tuesday that I wouldn’t rule out the possibility that the BoE’s predicted recession will force it to reverse course on rates next year.
The pair USD/JPY failed to make a decisive move in either direction at the start of the week and closed the day flat near 135.00. The pair is still trading close to that level in the European morning on Tuesday.
The Prayed took advantage of falling US bond yields and rose to the $1,790 area before losing its traction on Tuesday. XAU/USD is now trading with modest losses near $1,780.
The Bitcoin It gained almost 3% on Monday and appears to have entered a consolidation phase near $24,000 on Tuesday. The ethereum it surged above $1,800 on Monday and hit its highest level since early June. ETH/USD is now trading unchanged on the day at $1,775.
Source: Fx Street
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