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On Tuesday, Gold rose to $1,365, buoyed by expectations that the Federal Reserve will not hike interest rates at its next meeting in September, after last week's soft U.S. growth data. Breaking $1,375, could lead the yellow metal to touch new highs. The U.S. dollar index declined to 95.

Britain's construction industry recorded its sharpest downturn since June 2009, as the sector came under pressure from economic uncertainty prompted by the UK’s vote to leave the European Union.

The UK Construction Purchasing Managers' Index (PMI) declined to 45.9 last month from 46.0 in June, the lowest reading since June 2009 and some way below the 50 mark that divides growth from contraction.

GBP ignored the UK Construction PMI reading and traded high at $1.5 vs. USD, in anticipation of the BoE Monetary Policy Decision.

Euro surged to $1.12 on Tuesday, thanks to soft U.S. growth data. It is likely that the euro continues to trade around the current range. This increase represents a positive indicator for the ECB.

On the other hand, a decline in U.S. equities forced US crude futures, which traded below the $40 level on Monday for the first time since last April, to give back its early gains by 2%.

The most important economic events:

  • USD ISM Services/Non-Manufacutring Composite (JUL): (GMT 16:00) – Important – Forecast (55.9) – Previous (56.5).

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The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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