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The dollar hovers around 98.5, and the drama "fired Powell" is updated again
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Hello everyone, today XM Forex will bring you "[XM Forex Market Analysis]: The US dollar hovers around 98.5, and the drama "fired Powell" is updated again." Hope it will be helpful to you! The original content is as follows:
On July 21, early trading in the Asian market on Monday, Beijing time, the US dollar index hovered around 98.42. Last Friday, the dollar index fell back and finally closed down 0.155% to 98.46, amid dovish remarks by Fed Director Waller and a cooling of consumer inflation expectations. U.S. Treasury yields fell across the board, with the benchmark 10-year U.S. Treasury yields closing at 4.423%, and the 2-year U.S. Treasury yields closing at 3.88%. Thanks to the weakening of the US dollar and US bond yields, spot gold rose, hitting a high of $3361.2/ounce, and finally closed up 0.34%, closing at $3350.4/ounce; spot silver rose for three consecutive days and finally closed up 0.14%, at $38.2/ounce. As the market absorbs the new round of EU sanctions on Russian energy, international oil prices reverse V. WTI crude oil stood above the 67 mark during the session, once rising about 2% during the day, and then gave up all the gains during the day, and finally closed down 0.47% at $66/barrel; Brent crude oil closed down 0.45% at $68.59/barrel.
Analysis of major currencies
Dollar Index: As of press time, the US dollar index hovers around 98.42. The dollar was backed by strong U.S. economic data last week, which reduced the possibility of an immediate rate cut by the Federal Reserve. Technically, if the U.S. dollar index falls above 98.50, it will move towards a recent high around 99.00.
Analysis of gold and crude oil market trends
1) Analysis of gold market trends
On the Asian session on Monday, gold hovered around 3352.69. As tariff deadlines approaches with the U.S., uncertainty in trade negotiations may support safe-haven demand for gold. Traders will get more clues from a speech by Fed Chairman Jerome Powell later Tuesday. U.S. xmspot.commerce Secretary Howard Lutnick said on Sunday that August 1 is the deadline for countries to start paying tariffs to the United States. President Donald Trump's tariff deadline has changed since the announcement of high tariffs on trading partners on April 2, but White House officials now insist that August 1 is a clear deadline. Uncertainty and concerns about the new tariff rate could boost gold as it is seen as the ultimate safe haven asset in uncertain times.
2) Analysis of crude oil market trends
On the Asian session on Monday, crude oil trading around 66.13. The market continues to absorb conflicting signals from monetary policy development, geopolitical tensions and global demand indicators. Despite the presence of multiple supply-side catalysts and changing economic conditions, it is difficult for oil to establish clear directional deviations.
Forex Market Trading Reminder on July 21, 2025
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