Forex Today: Investors’ attention now looks at Fedspeak

Source Fxstreet

The ECB left its policy rates unchanged, as expected, while President Lagarde also failed to surprise markets. The Greenback, in the meantime, regained some fresh oxygen on the back of higher yields ahead of Fed speakers on Friday.

Here is what you need to know on Friday, July 19:

A decent rebound encouraged the USD Index (DXY) to flirt once again with the 104.00 region amidst a pick-up in US yields across the curve. Absent data releases on the US calendar on July 19, the focus of attention will be on speeches by the Fed’s Daly, Bowman, Williams, and Bostic.

The resumption of the selling pressure motivated EUR/USD to give away part of recent gains and retreat to the 1.0900 neighbourhood. On July 19, the EMU Current Account results will be published, and the ECB will release its Survey of Professional Forecasters (SPF).

In line with the rest of the risk complex, GBP/USD abandoned the area of recent peaks and receded to the sub-1.3000 zone. Retail Sales in the UK will take centre stage on July 19 along with Public Sector Net Borrowing and the GfK Consumer Confidence.

The improvement in the sentiment around the Greenback and higher US yields prompted USD/JPY to regain some upside traction and surpass the 157.00 mark. Japan’s Inflation Rate will be at the centre of the debate on July 19 seconded by weekly Foreign Bond Investment figures.

AUD/USD dropped for the fourth session in a row following the still unabated bearish trend in the commodity complex and persistent demand concerns stemming from China. There are no scheduled data releases Down Under on July 19.

WTI prices managed to edge a tad higher and add to Wednesday’s gains amidst persevering demand concerns, the slowdown of the US economy and prospects of interest rate cuts by the Fed.

Prices of Gold remained on the back foot and retreated further after reaching a record high near the $2,490 mark per ounce troy on Wednesday. Silver followed suit and built on Wednesday’s losses, breaking below the key $30.00 mark per ounce.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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