MORNING BRIEFING
[source] (image.https://www.thebalance.com/day-trading-tips-for-beginners-on-getting-started-4047240) The dollar hit a six-month high after Fed Chairman Jerome Powell said markets already understood the Fed's message about gradually rising interest rates. Therefore, the market should not be surprised by the way forward if economic development is in line with expectations. The dollar index has gained 3.7% for nearly four weeks. The Aussie dropped to its lowest level in 11 months as it widened the rate difference between the Fed and RBA. The Fed's interest rate is projected to 2%, while the RBA remains at 1.5%. Other factors that suppress the aussie are poor domestic economic data and declining iron ore prices, Australia's flagship commodity. The Aussie has plummeted 8% since January. Despite the oversold condition, the outlook is still bearish. The price of US gold gets support from Washington's decision to step down from a nuclear deal and impose new sanctions on Tehran, adding to uncertainty in the already unstable Middle East. This factor maintains the prestige of gold as a safe haven. But with the dollar position is still high, it is difficult for gold to climb further. Oil prices rose after President Trump announced the US quit Iran's nuclear deal, causing uncertainty in the Middle East. With the decision, sanctions will be reinstated on Tehran which will affect oil supplies. Iran is the world's fourth largest producer, with the largest consumers in Asia and Europe. While wary of Iran-related developments, the market awaits backup data from the Energy Information Administration (EIA). FOCUS EURUSD: 1.1800-1.1900 USDJPY: 108.70-109.70 GBPUSD: 1.3450-1.3650 USDCHF: 0.9970-1.0070 AUDUSD: 0.7400-0.7500 XAUSUSD: 1306-1322 OIL: 68.00-71.00