Fundamental analysis for July 24, 2015

24 July, 2015

The dollar index basket (USDX) had increased. The pair EUR/USD had decreased amid the oil market "bearish" trend. Nevertheless, the pair increased by the end of the day.

On the contrary, the pair GBP/USD had grown amid the Bank of England moderately positive minutes where the GDP second and the third quarter growth estimates were increased. The US Energy Department reported the crude oil inventories increase which would contribute to the quotations and will have a negative impact on the British pound as the UK is an exporter of hydrocarbons to the European Union. It should also be noted that there is a negative trend throughout the commodity market that will support the US currency. The pair fell by the end of the trades.

The day the pair USD/JPY had increased amid the June US secondary market housing sales positive release. The sales rose up by 3.2% in June compared to the previous month and it occurred despite the mortgage interest rates growth. American consumers feel confident enough, just willing to buy housing in spite of the credit growth. Then the pair consolidated.

According to the US Labor Department the initial jobless claims number became less than 26 thousand having fallen to 255 thousand. It is the minimum since 1973.


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Golld turned around and reversed

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Gold prices remained in a consolidation phase

Sellers led the spot to 1250 the other day but failed to break below the level. The price remained sandwiched between 1250 - 1255...


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Pound reached its monthly high

The pound remained in an upward channel on Tuesday. The price pulled back from its upper limit...

Brent maintained its ask tone

Sellers continued driving the benchmark lower after a brief pause at 50.80 dollars per barrel...


Gold prices remained in green

The bullish market structure remained in place on Thursday...

Gold prices traded in green

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Brent found a solid support after two day decline

Oil prices slightly rose on Friday morning due to the dollar's retreatment. However, Brent further growth was limited on the news that Russian oil production for February did change comparing to January...

  


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