Kiwi strongest in Asia, UK Prelim Q2 GDP – Key

FXStreet (Mumbai) – A data-quiet Asian session with mixed price actions witnessed across the FX board. The US dollar rebounded from two-week lows reached versus its major rivals on Monday, hence driving USD/JPY higher beyond 123.50 levels. While the Antipodean currencies also staged a solid comeback from multi-year lows completely ignoring broad USD strength.

Key headlines in Asia

China stocks rout extends, SSEC – 4%

Key events for the day ahead – Westpac

Dominating themes in Asia – centered on JPY, AUD, NZD

Absolutely dry Asian session with Asian equities extending their sell-off tracking negative close on Wall Street overnight amid China turmoil. While Chinese markets extended in the red for the third straight session, albeit recovered heavy losses seen at open. Shanghai composite index is losing nearly -1% at the moment.

On the FX space, the Kiwi led the rally in the entire antipodean complex, correcting higher towards 0.6650 levels after falling to fresh six-year lows recently. The Aussie clinched the 0.73 barrier, as traders locked-in gains on AUD shorts ahead of key FOMC decision due out on Wednesday.

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Gold posting gains, albeit below $1,100

FXStreet (Edinburgh) – The troy ounce of the precious metal is advancing on Monday, although it has returned below the $ 1,100 handle after climbing as high as $ 1,105 in early trade.

Gold firmer on weaker dollar

Today’s increasing offered tone around the US dollar is helping the yellow metal to regain part of the recent sharp pullback, which saw levels last seen in February 2010 near $ 1,070.

However, experts have already argued that the current rebound reflects technical reasons, leaving the broader bearish context unaltered. Ahead in the week, the next risk event for Gold prices will be the FOMC meeting on Wednesday.

Gold levels to watch

Gold is up 0.83% at $ 1,095.10 with the initial resistance at $ 1,131.70 (high Jul.20) followed by $ 1,144.00 (high Jul.17) and then $ 1,154.20 (high Jul.15). On the downside, a break below $ 1,072.30 (low Jul.24) would aim for $ 1,045.20 (monthly low January 2010).
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GBP/USD: Bulls in control, but maybe not for much longer

FXStreet (Guatemala) – GBP/USD is currently trading at 1.5569 with a high of 1.5596 and a low of 1.5489.

GBP/USD has been on the bid in a weaker dollar environment again, while we await the week to unfold with plenty of data to keep us on our toes. The main focus will come in the FOMC now that the durable goods orders have been reported, surprising to the upside, though but despite that, the dollar continues as offered and allows for the pound and euro to drift higher. In the case of sterling, markets are getting behind the bid in respect of a hawkish rhetoric from Carney and for the fact that a referendum on the EU has now been called for by Cameron over the weekend sooner than the proposed, “Before the end of 2017″ date. This should give the manufacturing and the business climate some temporary relief.

GBP/USD volatility to follow

The week ahead will be jam packed for the pair with both UK and US GDP, FOMC and US jobless claims. For the FOMC, this will be the last one before September where surveys suggest that 80% of the economists expect a rate hike from the Fed, but that is not to say that this will be indicated in this meeting around.

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