Market Commentary for Today

GOLD - The GOLD price has recovered after yesterday’s trading session, trading above 2401.779 and approaching 2431.705. We look positively into the bullish run as traders and analysts anticipate an FOMC rate cut for this September meeting with a 100% chance. Can things still go south despite that positive outlook？ Yes, it may depend on FOMC's reaction toward data this week. Moreover, if the FOMC does not cut rates this week, the chances for a September rate cut remain.

SILVER -The Silver market has also recovered in price after yesterday’s trading, showing strength and momentum to potentially reach 29.018. We continue to anticipate a bullish run for SILVER but remain cautious and prudent of price runs from where markets are.

DXY -The Dollar failed to break above 104.607 and did not sustain its gains after data yesterday as the 10-year T-note yield dropped to a 4.155-month low, weakening its interest rate differentials. Currently, the notes are still falling, creating lows in the market.

GBPUSD - The Pound has stayed trading between the 1.2800 structure and 1.28508. We anticipate a potential shift in market momentum coming into this market soon as traders anticipate the BOE to start easing in monetary policy in the coming months alongside the FOMC. However, it is also possible that the BOE may cut rates this month. With that said, we may see aggressive reactions in this market as volatility will come in soon after the data release.

AUDUSD - The Aussie dollar remains consolidated with price as the data release comes in this morning. We anticipate the news to push prices lower as CPI q/q remains unchanged and y/y data comes out as expected. This market expectation removes the rate hike expectations for market strength at this coming August meeting for the RBA.

NZDUSD - The Kiwi recovered after yesterday’s trading, returning above 0.58984, and may potentially run toward 0.59288. We continue to anticipate more strength to come into the market for the Kiwi in the near term.

EURUSD -The Euro is held up by 1.08048 as markets price in expectations for the FOMC decision to come out later this Wednesday. We remain prudent of price reactions for this market.

USDJPY -The Yen is currently finding strength ahead of the BOJ decision regarding rates to be released this morning or sometime today. Markets expect with a 70% chance that the BOJ will issue rate hikes, increasing the Yen's strength. We recommend waiting for the actual data release before placing a trade to secure accounts.

USDCHF - The USDCHF has run down, showing strength for the CHF ahead of the data release later. We remain watching this price as we expect further discounts to come into this market as the dollar's weakness comes into play.

USDCAD - The USDCAD has currently risen to trade above 1.38402 but has consolidated since. While we do expect the price to rise further due to CAD weakness, investors are uncertain as to how this market will react after data shows a weaker dollar as both economies experience weakness. We may continue to see this market consolidate for some time until analysts choose a more decisive path for this market.