Oil Prices Dip Slightly Amid Focus on Russian Sanctions and U.S. Inflation Data 
Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes 
European Stocks Rally on Chinese Growth and Mining Merger Speculation 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
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U.S. Treasury Yields Expected to Decline Amid Cooling Economic Pressures 
Lithium Market Poised for Recovery Amid Supply Cuts and Rising Demand 
US dollar Index-
The US dollar index is consolidating in a narrow range between 106.13 and 105.42 for the past week. It hit a high of 106.05 and is currently trading around 105.71.
Fed chairman said in an ECB forum that “The last reading and the one before it, to a lesser extent, suggest that we are getting back on the disinflationary path.” He also cautioned against premature rate cuts and never mentioned any timeline for rate cut.
Markets eye FOMC meeting minutes, US ADP employment, and ISM services PMI data for further direction.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 59.90% from 56.30% a week ago.
Major resistance- 106.20/107
Major support- 105.20/104.45
EURUSD-
EURUSD pared some of its gains as inflation cooled down. It hit a low of 1.07099 and is currently trading around 1.07393.
Eurozone annual inflation cools down to 2.5% YoY in June 2024 from 2.6%, in line with the estimate.
Major resistance-1.0800,1.0865
Major support- 1.0700,1.0660
Yen-
The pair holds above 161.50 ahead of the FOMC meeting minutes. Any close above 162 confirms further bullishness.
Major Resistance- 162,163
Major support- 159.80,15
Canadian Dollar
The pair lost its shine on strong oil prices. The Canadian manufacturing PMN was unchanged at 49.30. Any break above 1.3800 confirms further bullishness.
Resistance- 1.3765, 1.3800
Major support- 1.3660,1.3600
