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Forex Today: Weak risk appetite continues

Forex Today: Weak risk appetite continues

Analysts continue to believe that the Israel/Gaza war will remain subdued as President Biden arrives in Israel tomorrow, giving risk assets a weak recovery.

➡️ As the war in the Middle East remains contained and President Biden decides to visit Israel on Wednesday, we continue to see small declines in safe-haven assets such as the US dollar, crude oil and gold . US stock market futures were also slightly higher. Even Asian indices such as the Nikkei 225 And the HSI I'm on the rise.

➡️ Minutes from the latest RBA meeting were released showing an hawkish tone, with the emphasis remaining on upside inflation risks. This has seen the AUD gain in recent hours.

➡️ The Israeli Shekel continued to weaken, hitting a new 8-year low against the dollar yesterday, with the USD/ILS currency pair trading above 4 shekels to the dollar.

➡️ Trend traders in the Forex market will be more interested in having a long position on USD/JPY , which continued to strengthen. In the short term, the Australian dollar is the strongest major currency, while the New Zealand dollar is the weakest.

➡️ Yesterday the price of Bitcoin saw a sudden surge to nearly $30,000 due to a false report that the SEC had approved a proposed Blackrock Bitcoin ETF. The SEC could approve the first Bitcoin ETF within the next few weeks.

➡️ New Zealand's CPI (inflation) data was slightly lower than expected, coming in at 1.8% on a quarterly basis, compared to the rate of 1.9% expected. This had the effect of weakening the Kiwi slightly.

➡️ Canadian Retail Price Index (inflation) and US Retail Sales data will be released today.

 

Credit by DailyForex.com

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