Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Indices

Forex Today: Key US data prompt some caution

Source Fxstreet

The FX universe traded mostly within a range bound theme, as investor assessed the political front in the US, while cautiousness kicked in ahead of important data releases due later in the week.

Here is what you need to know on Tuesday, July 23:

The USD Index (DXY) saw its recent uptick somewhat curtailed, faltering once again around the 200-day SMA near 104.40. Existing Home Sales, the Richmond Fed Manufacturing Index and the weekly report on crude oil inventories by the API are all due on July 23.

EUR/USD regained some acceptable traction and managed to revisit the 1.0900 neighbourhood. On July 23, the European Commission will publish its Consumer Confidence gauge. In addition, the ECB’s Lane will also speak.

GBP/USD picked up pace and reversed two daily pullbacks in a row, shifting its attention back to the 1.3000 region. The next data release of note in the UK will be the preliminary PMIs for the month of July on July 24.

The erratic performance in the greenback and higher US and Japanese yields left USD/JPY with modest losses around the 157.00 zone. The advanced Jibun Bank PMIs are next in “The Land of the Rising Sun” on July 24.

AUD/USD extended its bearish move further south of 0.6700 the figure on the back of lower commodities and disheartening news from China. Coming up next on the Australian docket will be the Judo Bank flash PMIs.

Demand concerns and easing geopolitical fears weighed on WTI and dragged prices to fresh lows below the $78.00 mark per barrel.

Gold prices remained on the defensive and broke below the key $2,400 mark per ounce troy. Same performance saw Silver prices retreat for the fourth straight day and print new monthly lows near $28.70 per ounce.

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

Recommended Articles

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

Sep 23, Wed

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Hurricane Isaias has shut in a quarter of Gulf oil output — can WTI clear $92 before Thursday's EIA report?WTI trades at $90.80 after rebounding roughly 3% from Wednesday's $87.96 low as Hurricane Isaias — the Atlantic season's first — forces producers to shut in about 25% of US Gulf of Mexico output. Brent holds at $103.41. The first official read on the disruption arrives with the EIA weekly petroleum report on Thursday 15 October — here are the key levels and both scenarios.

Author Irene Q.

Oct 09, Fri

WTI trades at $90.80 after rebounding roughly 3% from Wednesday's $87.96 low as Hurricane Isaias — the Atlantic season's first — forces producers to shut in about 25% of US Gulf of Mexico output. Brent holds at $103.41. The first official read on the disruption arrives with the EIA weekly petroleum report on Thursday 15 October — here are the key levels and both scenarios.

US September CPI preview: inflation set to hit 3.7% — will the Fed hike in December?US September CPI lands Wednesday with headline inflation seen at 3.7% y/y and core at 0.2% m/m. December hike odds sit near 70% — here are the scenarios, the calendar and the key levels.

Author Irene Q.

Oct 10, Sat

US September CPI lands Wednesday with headline inflation seen at 3.7% y/y and core at 0.2% m/m. December hike odds sit near 70% — here are the scenarios, the calendar and the key levels.

Gold posts first weekly gain in three weeks — can $4,200 hold through CPI?Spot gold closed at $4,194.645, up 1.47% — its first weekly gain in three weeks — and COMEX futures settled back above $4,200 at $4,220.30. Here are the drivers, the levels and the scenarios into Wednesday's CPI.

Author Irene Q.

Oct 10, Sat

Spot gold closed at $4,194.645, up 1.47% — its first weekly gain in three weeks — and COMEX futures settled back above $4,200 at $4,220.30. Here are the drivers, the levels and the scenarios into Wednesday's CPI.

Brent swings $105.63 to $102.33 as Gulf risk meets an 'energy ceasefire' — can $100 hold into CPI?Brent spiked to $105.63 in Asian trade on fresh Middle East supply incidents, then reversed to $102.33 after the US announced a Russia-Ukraine 'energy ceasefire' and 300,000+ tonnes of Russian diesel headed to global markets; WTI fell through $90. Here are the drivers, the levels and the scenarios into Wednesday's US CPI.

Author Irene Q.

22 hours ago

Brent spiked to $105.63 in Asian trade on fresh Middle East supply incidents, then reversed to $102.33 after the US announced a Russia-Ukraine 'energy ceasefire' and 300,000+ tonnes of Russian diesel headed to global markets; WTI fell through $90. Here are the drivers, the levels and the scenarios into Wednesday's US CPI.

Related Instrument