Dollar Rebounds as Euro, Pound Slip Ahead of Fed Minutes, Yen Near Intervention Zone 
China 618 Smartphone Sales Drop 13% as Higher Prices Hurt Demand, Huawei Gains Market Share 
Gold Price Today: Bullion Heads for First Weekly Gain as Weak U.S. Jobs Data Eases Rate Hike Fears 
European Stocks Hold Steady as Consumer Shares Rise, AI Tech Selloff Weighs on Markets 
Gold Price Rises as Softer Dollar and Fed Rate Expectations Boost Bullion Demand 
JPMorgan Cuts Gold Price Forecast, Sees Bullion Reaching $4,500 by End of 2026 
US Stock Futures Rise as Investors Eye Fed Minutes, AI Stocks, and Q2 Earnings 
This year, the price of the dairy, which is the major export commodity of New Zealand, has been recovering. In the last two auctions, the price has moved higher by 6.6 percent and 12.7 percent. While this has been supportive of the kiwi, the dairy farmers couldn’t lock in all of the gains due to rise in the value of the exchange rate.
The New Zealand dollar is currently trading at 0.734 area and if the dairy auctions turned out to be a good one, the kiwi is likely to clear off the resistance zone around 0.73 area decisively.
Trade idea: We expect the New Zealand dollar to trade strong against the USD. Making a base around 0.7 area, we expect the kiwi to move towards 0.8 area against the dollar. The rally may get extended towards 0.82.
