Morning Market Review

EUR/USD

EUR is falling against USD during today's Asian session, retreating from local highs of March 10, updated at the beginning of this trading week. Uncertain macroeconomic statistics from Germany put some pressure on EUR yesterday. Producer Price Index in Germany in June showed zero dynamics on a monthly basis, while analysts had expected growth in manufacturing inflation by 0.2% MoM. On an annualized basis, the indicator decreased by 1.8% YoY after falling by 2.2% YoY, which also turned out to be worse than market expectations of –1.5% YoY. In turn, USD remains under pressure amid decisions on new measures to support the US economy, which are due later this week.

GBP/USD

GBP is trading with multidirectional dynamics during today's Asian session, consolidating near new local highs and the level of 1.2650, which were renewed thanks to the activity of the "bulls" the day before. A confident uptrend on the instrument was facilitated by technical factors, as well as by the weakness of USD. GBP, in turn, looks good enough against the background of the latest macroeconomic statistics, as well as moderate optimism about Brexit and the accompanying trade agreement between the UK and the EU. Today British investors are awaiting the publication of information on the placement of 30-year government bonds.

AUD/USD

AUD is showing moderate growth during today's morning trading session, trying to consolidate above the important resistance at 0.7000. On Tuesday, investors are focused on the minutes of the RBA meeting, as well as the speech of the Governor of the regulator Philip Lowe. The bank Governor began his speech with a description of a rather difficult situation in the labor market, which was sharply aggravated against the backdrop of the outbreak of the COVID-19 epidemic. Toward the end of his speech, Lowe tried to cheer up investors and noted that Australia coped with the challenges of the new time much better than many countries and remained open to investment and innovation.

USD/JPY

USD has shown moderate gains against JPY during today's Asian session, aiming to consolidate above 107.30. A number of technical factors contribute to the growth of the instrument, as well as restrained optimism about the coronavirus vaccine under development. Meanwhile, JPY gets moderate support from macroeconomic publications from Japan on Tuesday. The National Consumer Price Index in June showed an increase of 0.1% YoY, maintaining the dynamics of the previous month. Analysts had expected the indicator to slow down to zero. National CPI excluding Food and Energy increased by 0.4% YoY over the same period, which also turned out to be slightly better than analysts' expectations of +0.3% YoY.

XAU/USD

Gold prices are trading flat during today's Asian session, close to multi-year highs, which are constantly updated amid uncertain market conditions. Traders are seriously concerned about the continuing rise in the global incidence of coronavirus. In addition, investors expect the adoption of new measures stimulating economy by the world's leading regulators. In particular, the US government is expected to agree on a new package of assistance to the American economy this week, and the EU, meanwhile, managed to agree on the creation of a recovery fund in the amount of EUR 750B.

EUR/USD: EUR maintains strong growth

Current trend

EUR is trading flat against USD today, consolidating after another “bullish” surge the day before, which led to the renewal of record highs since October 2018. EUR is supported by the fact that a European economic recovery fund worth EUR 750 billion has been approved. A breakthrough on this issue looks especially attractive against the backdrop of difficult negotiations on the introduction of new economic incentives in the USA. No one expected that Democrats and Republicans would be able to agree quickly, but the problem is that only a little more than a week remains until the end of the current plan to support the American economy.

Today European investors are focused on the speech of the Vice President of the ECB, Luis de Guindos, as well as the publication of the July data on the dynamics of the level of consumer confidence in the eurozone.

Support and resistance

Bollinger Bands in D1 chart show stable growth. The price range is expanding, but it fails to catch the development of “bullish” trend at the moment. MACD indicator is growing preserving a stable buy signal (located above the signal line). Stochastic, having approached its highs, reversed into the horizontal plane indicating overbought EUR in the ultra-short term.

Existing long positions should be kept in the short and/or ultra-short term until the signals from technical indicators clear up.

Resistance levels: 1.1600, 1.1657, 1.1700.

Support levels: 1.1546, 1.1500, 1.1460, 1.1422.

Morning Market Review

EUR/USD

EUR is actively rising against USD during today's Asian session, hitting record highs since September 2018. The instrument is gaining about 0.55% and is trying to consolidate above the next resistance at 1.1700. EUR is supported by strong macroeconomic statistics on business activity from the eurozone countries, published last Friday. German Manufacturing PMI in July rose from 45.2 to 50 points, which was better than expectations. Services PMI in Germany jumped from 47.3 to 56.7 points against the forecast of growth only to 50.5 points. Composite PMI rose from 47 to 55.5 points in July, also beating its forecasts of 50.3 points. In the euro area, the Composite PMI consolidated above the 50-point mark, indicating a gradual recovery in the European economy after the crisis. At the beginning of the week, the European investors are focused on the report on business climate in Germany from IFO. Also, German Bundesbank Monthly Report is expected during the day.

GBP/USD

GBP strengthens against USD during today's morning trading, updating its highs since March 11. "Bullish" activity for the instrument is facilitated by the weak positions of USD. In turn, GBP was supported by the upbeat macroeconomic statistics from Great Britain released last Friday. Retail Sales in June grew by 13.9% MoM after an increase of 12.3% MoM in the previous month. Analysts had expected a slowdown in the index to 8% MoM. Markit Manufacturing PMI in July rose from 50.1 to 53.6 points, exceeding market forecasts of 52 points. Markit Services PMI rose from 47.1 to 56.6 points, which also turned out to be better than expectations of 51.1 points.

AUD/USD

AUD is recovering against USD during this morning session, again approaching record highs of July 22. The growth of the instrument proceeds against the background of a large-scale decline in USD at the beginning of the new week, practically across the entire spectrum of the market. In turn, AUD is supported by a noticeable increase in demand for it as a carry-trading currency, as well as by good macroeconomic statistics on business activity for July published on Friday. Commonwealth Bank Services PMI rose from 53.1 to 58.5 points, beating market expectations at 53.2 points. A similar index in the manufacturing sector rose from 51.2 to 53.4 points, which fell slightly short of the expected values of 53.6 points. Today, investors are focused on macroeconomic statistics from the US on the dynamics of durable goods orders in June. Interesting data from Australia will appear only on Wednesday, when the quarterly statistics on consumer inflation is released.

USD/JPY

USD is steadily declining against JPY during today's Asian trading, continuing to develop a strong "bearish" momentum that formed at the end of the last trading week. The instrument loses about 0.50% and is trying to consolidate below 105.50. USD remains under pressure from weak macroeconomic statistics and growing fears about the high level of uncertainty in the market. Friday's US data reflected a rise in the Markit Services PMI in July from 47.9 to 49.6 points, while the forecast was for an increase to 51 points. Manufacturing PMI in July rose from 49.8 to 51.3 points, which also turned out to be worse than market expectations of 51.5 points. Today, investors are focused on macroeconomic statistics from the US on the dynamics of durable goods orders in June. Analysts do not expect strong data to emerge, so USD may come under pressure again.

XAU/USD

Gold prices are actively growing during today's Asian session, renewing their record highs. The psychological level of 1900.00 was reached at the end of last week, but on Monday the instrument demonstrates the most active dynamics over the past few months. Gold is still supported by a high level of market uncertainty. The alarming situation with the dynamics of the incidence of coronavirus in the United States does not allow USD to start correction, while the worsening geopolitical risks between the USA and China is becoming a new driver for the growth of the instrument.

Morning Market Review

EUR/USD

EUR is again showing gains against USD during today's Asian session, returning to previous record highs, updated at the end of last week. Market activity remains moderate as investors are in no rush ahead of the publication of minutes from the US Federal Reserve's two-day meeting on Wednesday. Analysts do not expect any significant changes in the vector of monetary policy; however, the comments of officials are more important today than ever. There is a possibility that the Fed representatives will speak out on adjusting the target levels for inflation, given the alarming situation in the economy, as well as touch on the prospects for programs to support the economy, which are now being actively discussed in the Senate. Interesting statistics from Europe will appear only on Thursday, when Germany will report on the dynamics of GDP for Q2 2020, as well as publish the July statistics on unemployment and consumer inflation.

GBP/USD

GBP is showing ambiguous trading during today's morning session, close to the highs updated the day before. GBP retains a fairly confident "bullish" trend; however investors prefer to wait for the publication of the minutes of the Fed meeting. During the day, a block of macroeconomic statistics will be released in the UK, which, however, is unlikely to have a noticeable impact on the instrument's dynamics. One way or another, analysts expect the publication of the number of Mortgage Approvals in June (their number should increase by 33.9K). In addition, Consumer Credit data will be presented, as well as Net Lending to Individuals, which in May showed a decrease of 3.4B pounds.

AUD/USD

AUD has seen marginally gains against USD during today's Asian session, trading near record highs revised a week ago. Buying activity on the instrument is constrained by expectations of the publication of the minutes of the two-day Fed meeting, which, as analysts hope, will clarify the prospects for monetary policy in the near future. The macroeconomic statistics released in Australia today puts additional pressure on the instrument. Trimmed Mean CPI in Q2 2020 decreased by 0.1% QoQ after growing by 0.5% QoQ over the previous period. Analysts had expected an increase of 0.1% QoQ. At the same time, Consumer Price Index in Q2 2020 collapsed by 1.9% QoQ after rising by 0.3% QoQ earlier. Analysts expected a decrease of 2% QoQ.

USD/JPY

USD shows flat dynamics of trading during today's morning session, remaining near the local lows since mid-March, updated the day before. USD remains under significant pressure amid growing uncertainty associated with increased political risks, as well as the further spread of the COVID-19 epidemic in the country. Today, the activity of "bears" is somewhat reduced, which is associated with the expectation of the publication of the Fed meeting minutes. Analysts do not expect changes in the key interest rate, but they are eager to hear the comments of officials, since at present the country is clearly not coping with the number of economic challenges it faces. Interesting statistics from Japan will appear only on Thursday, when June data on the dynamics of Retail Sales and the volume of investments in the Japanese economy over the past few weeks are released.

XAU/USD

Gold prices are consolidating during today's Asian trading, retreating from record highs, updated the day before. The emergence of corrective dynamics from historical highs is associated with the expectation of the publication of the results of the US Federal Reserve meeting on Wednesday. In addition, technical factors also contribute to the development of the "bearish" trend, as the instrument has been actively increasing for eight trading sessions in a row. In turn, gold is still feeling significant support in the market. The increasing geopolitical risks, the unstable state of the American economy, as well as high uncertainty about the COVID-19 epidemic are pushing the asset to become a new reserve currency.

XAU/USD: general review

Current trend

Gold prices are showing moderate gains again in trading in today's Asian session, recovering from the correctional decline the day before. On Thursday, the instrument retreated from its record highs and interrupted the historic rally to the level of 2000.00 amid technical factors and corrective sentiment on the US stock markets. In turn, with the opening of the American trading session on Thursday, the pressure on USD began to increase after the publication of disappointing statistics on the annual dynamics of US GDP for Q2 2020. Political risks also intensified after Donald Trump posted a proposal on his Twitter to postpone the presidential elections in the USA due to the difficult epidemiological situation in the country.

Support and resistance

Bollinger Bands in D1 chart show stable growth. The price range is widening from above, clearing the way for the "bulls" to new all-time highs and the target level of 2000.00. MACD indicator is growing preserving a weak buy signal (located above the signal line). For a long time now, Stochastic has been near its highs, trying to reverse into a downward plane. As before, the indicator points at the greatly overbought instrument in the ultra-short term.

It is necessary to wait for clarification of the situation in the market to open new positions. Some of the long positions should be kept for some time.

Resistance levels: 1980.84, 2000.00.

Support levels: 1955.00, 1935.00, 1910.00, 1895.06.

WTI Crude Oil: oil prices show flat dynamics

Current trend

WTI crude oil prices are trading flat after a moderate increase at the beginning of the week. The growth of quotations on Monday was caused by rather positive statistics on the corresponding sectors of the economy in Europe and Asia Pacific region. In turn, the further rising of the instrument was restrained by fears of an increase in the incidence of COVID-19, as well as growing supply of oil at the market. Since August, the volume of oil production cuts by OPEC+ members has been decreasing from the previously determined 9.7M barrels per day to the current 7.7M barrels.

Today, investors are focused on the publication of the API report on oil reserves for the week ending July 31. The previous report showed a sharp decline of 6.829M barrels.

Support and resistance

Bollinger Bands on the daily chart have been showing lateral trend for a long time. The price range almost does not change; however, it is quite consistent with the observed dynamics in the market. The MACD indicator is going down, maintaining a weak sell signal (located below the signal line). Stochastic, on the other hand, is showing moderate growth in response to the emergence of “bullish” trend on Monday.

To open new trading positions, one should wait until the signals from technical indicators are clarified.

Resistance levels: 41.00, 41.41, 42.00, 42.31.
Support levels: 40.00, 39.15, 38.47, 38.00.

XAG/USD: prices update record highs

Current trend

Silver prices are actively climbing during today's morning trading, updating record highs since April 2013 and trying to consolidate above the level of 27.00. A new rally for the instrument was due to the weak macroeconomic publications from ADP on employment in the US, which could lead to a slowdown in the recovery of the American economy.

In turn, some support for USD is provided by positive expectations regarding the formation of a new package of measures to support the US economy in Congress by the end of this week. A vote for the introduction of new stimulus measures may take place as early as next week. Another support factor for USD is noticeable improvement in the situation with the dynamics of the coronavirus incidence in the USA, as well as a number of promising forecasts for the development of a vaccine against COVID-19 in the near future.

Support and resistance

Bollinger Bands in D1 chart show stable growth. The price range is expanding; however, it fails to catch the development of "bullish" sentiments. MACD indicator is growing preserving a stable buy signal (located above the signal line). Stochastic retains steady upward direction, but is located near its highs, which indicates overbought instrument in the ultra-short term.

Existing long positions should be kept until technical indicators are clarified.
Resistance levels: 28.00, 28.70.

Support levels: 27.00, 26.17, 24.92, 24.00.

GBP/USD: the pound is consolidating

Current trend

GBP is showing insignificant growth against USD during today's Asian session. After a noticeable correctional decline on August 7, the "bulls" are trying to recover again, although there are not many reasons for the return of the uptrend at the beginning of the week. The short-term strengthening of USD on Friday was facilitated by the publication of the US labor market report for July. The data turned out to be noticeably better than expectations, but they still could not reverse the global trend towards USD depreciation.

In turn, GBP was moderately supported on Friday by the news of the UK's readiness to conclude a trade agreement with Japan by the end of August. Investors are obviously more interested in a trade deal with the EU, but the establishment of other trade ties in one way or another strengthens the position of the UK after Brexit.

Support and resistance

Bollinger Bands in D1 chart show active growth. The price range is narrowing, reflecting the emergence of ambiguous dynamics of trading in the short term. MACD reversed into a descending plane, having formed a new sell signal (located below the signal line). Stochastic retains a steady downtrend and is currently at the center of its area.

The development of a full-fledged correctional decline is possible in the short and/or ultra-short term.

Resistance levels: 1.3100, 1.3200, 1.3300.
Support levels: 1.3000, 1.2900, 1.2812, 1.2766.

Morning Market Review

EUR/USD

EUR declines against USD during today's Asian session, updating local lows of August 3. The instrument loses about 0.2%, preparing to test the level of 1.1700 for a breakdown. USD was again supported by President Donald Trump, who announced the preparation of a bill to reduce the capital gains tax. However, closer to the end of the afternoon session, the market still returned to negative dynamics. The euro, in turn, received support after the publication of the results of the ZEW study. ZEW Economic Sentiment in the euro area in August rose from 59.6 to 64 points, which turned out to be significantly better than market expectations of 59.9 points. ZEW Economic Sentiment in Germany for the same period soared from 59.3 to 71.5 points, while forecasts assumed its decline to 58 points.

GBP/USD

GBP declines against USD in today's Asian session, testing the level of 1.3000 for a breakdown. British investors remain focused on Tuesday's publications from the UK, as well as the data on US producer inflation for July. Claimant Count Change in the UK in July showed a record increase of 94.4K, while in June applications showed negative dynamics at the level of –28.1K. Experts expected the growth by 10K only. Claimant Count Rate fell by 2.2% in July after rising by 7.3% a month earlier. At the same time, the ILO Unemployment Rate in June (for 3 months) remained at the level of 3.9%, despite the projected growth to 4.2%.

AUD/USD

AUD shows negative dynamics paired with USD at trading on Wednesday, developing a corrective impulse formed at the end of the last trading week. The decline in the instrument proceeds against the background of some strengthening of USD, which reacts to the actions of Donald Trump. Earlier, the US president extended the payment of an increased unemployment benefit as a temporary support measure, as Democrats and Republicans have so far failed to reach consensus on negotiations on a new economic aid package. The day before, Trump announced work on a bill that provides for a reduction in the capital gains tax, which also triggered the emergence of a short-term impulse for growth. The pressure on AUD on Wednesday is exerted by weak macroeconomic statistics from Australia. Westpac Consumer Confidence in August showed a sharp decline of 9.5% after falling by 6.1% in the previous month. Wage Price Index in Q2 2020 slowed down from +0.5% QoQ to +0.2% QoQ, which was worse than market expectations at +0.3% QoQ.

USD/JPY

USD is showing moderate growth against JPY during today's Asian session, updating the local highs of July 24. The day before, the instrument rose sharply in response to a number of optimistic news from the US. In particular, investors welcomed Donald Trump's new initiative to reduce some of the taxes for businesses, and also took a lead from the stabilization of the dynamics of the incidence of COVID-19 in the USA. USD was also supported by the data on producer inflation from the USA. Producer Price Index excluding Food & Energy in July increased by 0.5% MoM and 0.3% YoY, which turned out to be significantly better than market expectations of 0.1% MoM and 0.0% YoY. Today American investors await the publication of the July statistics on consumer inflation, as well as the release of Monthly Budget Statement in the USA.

XAU/USD

Gold prices are showing a steady decline, retreating from record highs. The day before, the instrument fell by more than 3.5% in response to the emergence of new legislative initiatives from US President Donald Trump, who proposed to lower the capital gains tax. In addition, expectations of progress in the discussion of a new economic aid package in the US Congress contributed to the decline in the value of the asset. Finally, the markets have widely discussed the statement of President of the Russian Federation Vladimir Putin, who announced the registration of the world's first vaccine against COVID-19, called Sputnik V. It is expected that the mass production of the new vaccine may begin in September, but the drug will enter civilian circulation only closer to the end of all testing stages, that is, in January 2021.

Brent Crude Oil: the price consolidates

Current trend

Oil prices dropped slightly yesterday and are developing flat dynamics during the first hours of the Friday session. The instrument is still near the level of $45 per barrel but the “bulls” have not yet succeeded in consolidation above this resistance.

This week, some support to the quotes was provided by the data of the report of the US Department of Energy, which recorded another reduction in the stocks of oil and petroleum products in American warehouses. So, for the week of August 7, the figure fell by 4.512 million barrels after falling by 7.373 million barrels in the previous period. Analysts expected a decrease of only 2.875 million barrels.

In turn, pressure on the instrument intensified after OPEC's statements that the cartel expects a decrease in energy demand in 2020 by 9.06 million barrels per day. A month ago, OPEC was counting on a decline of 8.95 million barrels per day.

Support and resistance

On the daily chart, Bollinger bands are moving flat. The price range expands slightly from above, letting the “bulls” renew local highs. The MACD indicator is slightly declining, maintaining a poor sell signal (the histogram is below the signal line). Stochastic, reacting to attempts to grow the instrument in the middle of the week, reversed upwards.

To open new trading positions, it is better to wait until the signals from technical indicators are clarified.

Resistance levels: 45.00, 45.87, 46.49, 47.50.
Support levels: 43.94, 43.00, 41.50, 40.00.

Morning Market Review

EUR/USD

EUR is gaining ground against USD during today's Asian session, developing an uptrend in the short term and recovering to its previous record highs updated on August 6. The growth of the instrument is facilitated by technical factors while there are not many new drivers in the market. From the macroeconomic statistics published on Monday, only a nondescript NY Empire State Manufacturing Index can be noted, which in August fell sharply from 17.2 to 3.7 points, while investors expected its correction to 15 points. Today, investors are focused on statistics from the US on the dynamics of retail sales. In addition, with the opening of the US session, traders will pay attention to the data on the housing market for July. Interesting data from the eurozone will appear only on Wednesday, when the July statistics on consumer inflation will be published, as well as a meeting of the Economic and Financial Affairs Council will be held.

GBP/USD

GBP is trading higher against USD during today's morning session, gradually recovering to its previous local highs since early March. USD is under pressure from not the most confident macroeconomic statistics from the United States, as well as the continuing high incidence of coronavirus in the USA. GBP, in turn, reacts negatively to the attempts of the UK authorities to keep the incidence rate within the current values. Earlier it became known that citizens who return to the UK from overseas travel will be forced to be on lock down.

NZD/USD

NZD is trading negatively against USD during today's Asian session, reversing downwards again after a tentative rally earlier in the week. The instrument loses about 0.25%, testing the level of 0.6540 for a breakdown. Macroeconomic statistics released on Monday in New Zealand and the USA turned out to be mixed, but did not bring any noticeable changes to the market dynamics. Business NZ Performance of Services Index in July fell from 54.1 to 53.2 points. The US disappointed investors with the decline in the NY Empire State Manufacturing Index, which fell sharply in August from 17.2 to 3.7 points (the forecast assumed a slight decline to 15 points). Today traders are awaiting the release of the New Zealand Global Dairy Price Index data for July.

USD/JPY

USD is significantly declining against JPY during today's Asian trading, continuing to develop a strong "bearish" trend that formed at the end of the last trading week. JPY managed to demonstrate growth on Monday, ignoring the publication of weak macroeconomic statistics from Japan. The data reflected a sharp decline in Japan's GDP dynamics in Q2 2020 by 27.8% YoY after a 2.2% YoY contraction in the previous period. Market forecasts turned out to be quite accurate, but still suggested a slightly less active decline by 27.2% YoY. On a quarterly basis, the Japanese economy lost 7.8% QoQ against the forecast of –7.6% QoQ.

XAU/USD

Gold prices are relatively stable during today's Asian session and are consolidating near 1990.00 after the active growth of the instrument the day before. The demand for the metal rose again at the beginning of the week, responding to the weak macroeconomic background in the US and Japan. In addition, investors are still rather skeptical about the new economic aid package being developed by US lawmakers. Additional risks are generated by the upcoming US presidential elections, which, obviously, will be held in a tense atmosphere. In turn, it should be noted that some support for USD on Monday was provided by the news that the US and China decided not to consider the results of the implementation of the first phase of the trade agreement concluded at the beginning of the year. Due to the outbreak of the epidemic, China was unable to fulfill its obligations to purchase agricultural products from the USA, but it had quite objective reasons for that.

Morning Market Review

EUR/USD

EUR is showing slight gains against USD during today's Asian session, recovering from a strong decline the day before, which was triggered by the publication of the last month FOMC Meeting Minutes. The protocols disappointed investors with negative forecasts and the lack of proposals for any specific measures to implement economic and fiscal stimuli. The FOMC members continue to believe that the current epidemic carries long-term risks and can significantly reduce the pace of recovery in certain sectors of the US economy. Wednesday's weak macroeconomic statistics from the euro area put additional pressure on EUR. Consumer Price Index in the euro area fell by 0.4% MoM in July after rising by 0.3% MoM a month earlier. Analysts expected a reduction of 0.3% MoM. Core CPI fell by 0.3% MoM, accelerating the decline from –0.2% MoM.

GBP/USD

GBP is trading with ambiguous dynamics against USD during today's Asian session, located at the level of 1.3100, which was reached against the background of the active decline in GBP the day before. GBP retreated from its all-time highs on Wednesday, in response to the publication of the FOMC Meeting Minutes, which helped strengthen USD amid growing worrisome market sentiment. In turn, the macroeconomic statistics from the UK, published yesterday, provided GBP with quite tangible support, thanks to which the instrument renewed its highs. Consumer Price Index in July rose by 0.4% MoM, accelerating from 0.1% MoM in June. Analysts had expected decline by 0.1% MoM. In annual terms, inflation reached 1% YoY, which also turned out to be better than the neutral forecasts of 0.6% YoY. Retail Price Index in July also increased from 0.2% MoM to 0.5% MoM against the forecast of 0.1% MoM.

AUD/USD

AUD is trading ambiguously against USD during today's Asian session, consolidating after the correctional decline the day before. The instrument has retreated from record highs since February 2019 amid the publication of the FOMC Meeting Minutes from last month. As expected, the minutes did not bring anything concrete to the market, but disappointed investors with negative forecasts and assessments by the Committee members. First of all, there are still risks of a further slowdown in the American economy amid the epidemiological situation. It is not the first time that the protocols have highlighted the need for new economic and fiscal stimulus, but US lawmakers still cannot agree on the amount of potential assistance to the weakened economy. Today, investors are on the publication of data on the dynamics of jobless claims in the USA.

USD/JPY

USD demonstrates flat trading dynamics against JPY during the morning session, consolidating near 106.00. The active growth of USD, provoked by the emergence of the ambiguous FOMC Meeting Minutes, quickly dried up, and now investors are looking for new drivers for growth. Some pressure on JPY is exerted by the nondescript statistics from Japan on Thursday. Foreign Investment in Japan Stocks for the week ending August 14 rose from JPY 165.5 billion to JPY 371 billion. At the same time, Foreign Bond Investment over the same period fell sharply by JPY 182.2 billion after an active growth by JPY 1.442 trillion over the past week. The most interesting macroeconomic statistics from Japan will appear on Friday, when data on the national Consumer Price Index for July, as well as on the PMI in the manufacturing sector from Jibun Bank for August are released.

XAU/USD

Gold prices are recovering during today's Asian session, partially offsetting the sharp drop the day before. By the end of Wednesday, the instrument showed a confident decline in response to the growth of USD after the publication of the controversial FOMC Meeting Minutes. Investors were disappointed with the published minutes, as they again did not contain any specific measures to stabilize the economic situation in the country. Committee members agreed on the need for more aggressive fiscal stimuli, but US lawmakers have yet to overcome existing differences. The question of the possibility of introducing negative interest rates, judging by the protocols, was not raised at all.