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Gold drifts lower after bulls fail to sustain above $3,400

Gold (XAU/USD) is edging lower on Friday after peaking at $3,409 earlier in the day, its highest level in two weeks amid a cautious market mood. At the time of writing, the metal is hovering near $3,395 at the start of the American session.

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USD/CNH: Expected to consolidate in a range of 7.1720/7.1900 - UOB Group

US Dollar (USD) is expected to consolidate in a range of 7.1720/7.1900. In the longer run, USD appears to have moved into a 7.1600/7.2240 range trading phase, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

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Possible tariffs on Gold imports into the US cause turmoil on the Gold market - Commerzbank

According to a report yesterday in the Financial Times, Gold bars weighing 1 kilogram and 100 ounces were classified as subject to tariff by the US Customs Border Protection agency on July 31, Commerzbank's commodity analyst Carsten Fritsch notes.

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USD/JPY: Any decline may not break below 145.8 - UOB Group

Sharp drop in US Dollar (USD) has scope to extend against Japanese Yen (JPY), but any decline may not break below 145.80, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

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GBP tests 1.3450 area a number of times overnight - Scotiabank

Pound Sterling (GBP) reached a marginal new short term high in overnight trade as Asian markets caught up to the hawkish turn of events at yesterday's BoE policy decision, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

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NZD/USD: Upward momentum is building - UOB Group

There appears to be sufficient momentum for New Zealand Dollar (NZD) to test 0.5980; a sustained rise above this level appears unlikely.

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EUR consolidates in 1.16-1.17 range for now - Scotiabank

The Euro (EUR) is trading a little lower overall on the day but is holding a net gain on the week, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

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AUD/USD: Major resistance at 0.6555 is likely out of reach - UOB Group

Bias for Australian Dollar (AUD) is on the upside; lackluster momentum indicates that the major resistance at 0.6555 is likely out of reach.

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BoE's Pill: MPC overall believes UK monetary policy is still restrictive

Bank of England (BoE) Chief Economist Huw Pill said on Friday that they need to question whether the recent pace of rate cuts is sustainable if price and wage-setting behaviour changes, per Reuters.

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CAD maintains ground against the USD ahead of jobs data - Scotiabank

The Canadian Dollar (CAD) is a marginal outperformer on the day among the major currencies (along with the MXN) by dint of holding relatively steady against the US Dollar (USD) as other currencies drift back ahead of the weekend, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret repor

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GBP/USD: Major resistance at 1.3515 is likely out of reach for now - UOB Group

Strong momentum suggests further Pound Sterling (GBP) strength; the major resistance at 1.3515 is likely out of reach for now. In the longer run, rapid increase in momentum could lead to GBP rising to 1.3515, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

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USD trades mixed as markets mull data, Fed outlook - Scotiabank

The US Dollar (USD) is ending the week mixed to slightly firmer overall though the broader trend in the DXY remains soft and sentiment retains a bearish undertone, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

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Gold Price Forecast: XAU/USD rejected at $3,400, is testing support at $3,380

Gold is retreating from two-week highs at $3,400 amid a firmer US Dollar.

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EUR/USD: Likely to edge above 1.170 - UOB Group

Euro (EUR) may retest, and potentially edge above 1.1700; it does not appear to have enough momentum to threaten 1.1720. In the longer run, EUR is likely to trade with an upward bias; it is unclear for now if it can reach 1.1720, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

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GBP: Peak dissent at the BoE - ING

Yesterday's 25bp rate cut by the Bank of England had a clear hawkish tinge, ING's FX analyst Francesco Pesole notes.

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USD: More dissent for the Fed - Commerzbank

Donald Trump nominated Stephan Miran as the new Fed governor on social media yesterday evening, weakening the US dollar, at least in the short term. Miran replaces Adriana Kugler, who resigned unexpectedly and prematurely last week.

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NZD/USD Price Forecast: Strives to break above 50-day EMA

The NZD/USD pair trades in a tight range around 0.5960 during the European trading session on Friday.

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USD: Trump gets his FOMC dove - ING

President Trump nominated Stephen Miran to fill the vacant FOMC seat until the end of January, pending Senate confirmation in September, ING's FX analyst Francesco Pesole notes.

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USD/JPY: Consolidation on the daily chart - OCBC

USD/JPY consolidated this week, in absence of fresh catalyst as markets await US CPI next Tuesday. Pair was last at 14784 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

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SEK seen outperforming NOK as geopolitical risk fades - ING

Scandinavian currencies should also do well if geopolitical risk is priced out, with Sweden's krona likely better positioned than Norway's krone due to opposite exposures to energy prices, ING's FX analyst Francesco Pesole notes.

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