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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Market Analysis]: The US dollar continues to be under pressure, and gold bulls start the first round of counterattack." Hope it will be helpful to you! The original content is as follows:
On June 30, during the European session on Monday, the US dollar (USD) index continued to fall on the last day of June after falling more than 1.5% in the previous week. The economic calendar will include inflation data in Germany and the Dallas Fed manufacturing index in the United States. Several policy makers from major central bank governors will also deliver speeches throughout the day.
U.S. Treasury Secretary Scott Bessent said over the weekend that the dollar fell this year was a normal volatility, adding that the United States still has a tough dollar policy. The U.S. dollar index has fallen about 12% since the beginning of 2025, with the last trading price at its lowest level since March 2022, at about 97.00. Meanwhile, U.S. stock index futures rose 0.4% to 0.6% in early trading on Monday, reflecting a risk-positive market atmosphere.
The British government announced in a press release on Monday that the UK-US trade agreement has officially www.wzhdjgj.come into effect. British automakers can now export to the United States at a reduced 10% tariff quota, and the British aerospace industry will impose a 10% tariff on goods such as engines and aircraft parts.
Following last week's rebound, the GBP/USD remained relatively calm and was trading sideways above 1.3700.
Euro/USD rose slightly above 1.1700 in early trading on Monday. ECB President Christine Lagarde will give an introductory speech at the opening reception and dinner of the ECB Central Bank 2025 Forum in Sintra, Portugal.
The US dollar/JPY continues to face bearish pressure, trading on European session on Monday144.00 below. Japan's chief trade negotiator Ryoseki Akazawa said on Monday that he would continue to work with the United States (US) to reach an agreement while defending national interests.
The Canadian Treasury said in a statement earlier Monday that it would cancel the digital service tax to advance broader trade talks with the United States, noting that Canadian Prime Minister Mark Carney and President Donald Trump agreed that the parties would resume negotiations by July 21 to reach an agreement. The USD/Canadian dollar fell slightly at the beginning of the week, trading around 1.3660.
Following a sharp decline on Friday, gold opened down this week, hitting its lowest level since late May below $3,250, and then rebounded to $3,300.
Euro: The intraday bias of the euro/dollar is still on the upward trend. The current rebound should be from 61.8% forecast targets of 1.0176 to 1.1572 from 1.1064 to 1.1927. On the downside, a secondary support level below 1.1679 will make the intraday bias towards neutral and lead to consolidation. But the downside space should be controlled above the 1.1452 support level to bring another rebound.
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