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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Official Website]: Trump once again threatens tariffs, and the US dollar index is stable above $98." Hope it will be helpful to you! The original content is as follows:
On August 26, the US dollar stabilized after violent fluctuations in the US early on Tuesday. In the second half of the day, the US Economic Calendar will release the July durable goods orders and the World Federation of Large Enterprises August consumer confidence index data.
The dollar faces bearish pressure again after U.S. President Donald Trump announced on TruthSocial that he had fired Fed director Lisa Cook and shared a letter to her. “I’ve been sure there’s enough reason to remove you,” Trump told Cook.
Cook said in a statement shared by her attorney, "President Trump claimed that he fired me 'for legitimate reasons' when there is no reason in the law, and that he has no right to do so," Cook said, adding that she will continue to perform the duties of the Fed's governor. After this development, the dollar rebounded. As of press time, the US dollar index was almost flat at 98.40 on the same day.
At the same time, Trump has issued another tariff threat, causing the market to take a cautious stance. He said countries that tax U.S. digital service providers will face "subsequent additional tariffs." In addition, Trump told reporters that China must give American magnets or they will charge them "200% tariffs or something." U.S. stock index futures fell about 0.3% in early European trading.
Euro/USD fell more than 0.8% on Monday and erased most of the gains recorded on Friday. In early European session Tuesday, the pair fluctuated in a narrow channel above 1.1600.
The pound/dollar turned down on Monday, with the daily line falling by about 0.5%. The currency pair is 1The .3450 is in the consolidation stage and the European period begins.
The Reserve Bank of Australia (RBA) released minutes of August's monetary policy meeting on Tuesday, which showed that board members unanimously agreed that further cash rates may need to be lowered in the vejck.cning year. The Australian dollar/USD struggled to gain traction on Tuesday, trading below 0.6500.
After a sharp decline on Friday, the US dollar/JPY accumulated bullish momentum and rose more than 0.5% on Monday. After being at a disadvantage in the Asian session, the pair reversed its direction, with the last slightly higher of the day, slightly below 148.00. Japanese Finance Minister Kato Katsushika said earlier in the day that he was "shocked by the foreign exchange trend, including the moves driven by speculators."
Gold benefited from risk aversion sentiment and pushed higher in early Tuesday. As of this writing, gold was trading close to $3,380, a two-week high.
Euro: The intraday bias of the euro/dollar has turned neutral again and is currently down. As long as the support level of 1.1582 is held, it is expected to rise further. Breakthrough 1.1741 will resume the rebound from 1.1390 and retest the 1.1829 high. The firm breakthrough there will continue a larger upward trend. However, a decisive breakthrough of 1.1582 will expand from 1.1829 to the correction pattern and fall again with a target of 1.1390.
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