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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Market Review]: The market stabilizes before the key central bank meetings, and the United States may take military action against Iran!". Hope it will be helpful to you! Original content is as follows:
Trading activity in financial markets became sluggish on Tuesday as investors remain optimistic about the easing of the Israel-Iran conflict. Economic prosperity data for the euro zone and Germany will appear in the European Economic Calendar. Later in the day, market participants will closely monitor U.S. retail sales and industrial production data in May.
The Wall Street Journal reported on Monday that Iran is seeking to end hostilities with Israel and resume negotiations on its nuclear program. Later in the day, G7 leaders attended the summit in Canada and issued a joint statement calling for a "easiness" to Iran on Monday. The G7 statement said member states have been making it clear that Iran will never possess nuclear weapons. Meanwhile, U.S. President Donald Trump left the summit early and returned to Washington. While speculation that Trump will re-engage in a ceasefire agreement between Israel and Iran, he clarified that this is not the case. Earlier on Tuesday, an Iranian senior army edoyoko.commander reportedly pointed out that the attack on Israel would intensify later in the day.
The US dollar index remained calm and had almost no changes after the closing of the first day of the week, slightly above 98.00. Meanwhile, U.S. stock index futures fell slightly. The Federal Reserve will announce monetary policy decisions on Wednesday.
The Bank of Japan (BoJ) announced on Tuesday that it would stabilize its short-term interest rate target within the range of 0.4%-0.5%, as widely expected. In its policy statement, the Bank of Japan pointed out that economic growth may slow down due to trade policies that slow overseas economy and decline in corporate profits. Bank of Japan Governor Kazuo Ueda after the meetingThe press conference reiterated that if prices and economic trends fit their prospects, they will continue to raise interest rates. Meanwhile, Bloomberg reported that U.S. President Donald Trump and Japanese Prime Minister Shigeru Ishiba failed to reach a trade deal during the G7 summit. Despite these developments, the USD/JPY fluctuated narrowly around 144.50 in early Tuesday.
The GBP/USD closed almost without any change at Monday's closing and continued to consolidate sideways above 1.3550. The Office for National Statistics (ONS) will release May inflation data on Wednesday. On Thursday, the Bank of England (BoE) will announce monetary policy decisions.
Euro/USD closed slightly higher on the first trading day of the week. Earlier on Tuesday, the pair was still in the consolidation phase and fluctuated up and down in a narrow wave range above 1.1550.
Crude oil prices fell sharply, WTI rose nearly 2% on the day, and the trading price was slightly higher than US$71.
Gold remained flat under $3,400 during the European period.
Euro: Euro/USD temporarily consolidates below the top of 1.1630, and intraday bias remains neutral. As long as the support level of 1.1372 is held, it is expected to rise further. Breakthrough of 1.1572 will continue the upward trend from 1.0176. The next target is a 61.8% forecast from 1.1064 to 1.1927 to 1.0176 to 1.1572. However, a breakout of 1.1372 support will indicate a short-term peak and turn down to get a deeper pullback.
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