4 Global Market Updates- 29 July, 2022

 

In this article, we have covered the highlights of global market news about the CAD/USD, GBP/USD, Gold Price and Silver Price.
CAD/USD will go decisively below 1.2800 as US PCE and Canada GDP are anticipated

The US dollar index (DXY) has extended its losses after breaching the five-day-old support around 106.00, and the USD/CAD pair is preparing for a hostile move as it hovers near the psychological support of 1.2800. The asset has been trading sideways during the Asian session and is anticipated to become imbalanced to the negative as concerns about a US recession have been raised by lower-than-expected US Gross Domestic Product (GDP) figures.

The US Bureau of Economic Analysis estimated the annual Gross Domestic Product (GDP) at -0.9% on Thursday, a better result than the previous contraction of -1.6% but still below projections of 0.5%. The US economy has been contracting steadily, which has caused the DXY to plunge sharply. The asset just printed at 105.85, a new three-week low.

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