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Economic Indicator

Forex Today: Focus remains on Powell and Fedspeak

Source Fxstreet

The Greenback maintained its constructive start to the week and lifted the USD Index (DXY) further north of 105.00 as investors digested Powell’s prudent first testimony and maintained their attention on upcoming Fedspeak and key US data.

Here is what you need to know on Wednesday, July 10:

The USD Index (DXY) rose past the 105.00 hurdle and flirted with the interim 55-day SMA amidst a decent uptick in US yields. The second semi-annual testimony by Chair J. Powell to the Congress is due on July 10, along with weekly Mortgage Applications, Wholesale Inventories and speeches by the Fed’s Bowman and Goolsbee.

EUR/USD remained on the defensive and put the 1.0800 region to the test once again amidst further recovery in the Greenback. The euro docket is empty on July 10.

GBP/USD added to Monday’s losses and broke below the key 1.2800 level in response to the modest comeback in the US Dollar. On July 10, the BoE’s Pill is due to speak.

Extra recovery in the US Dollar and the move higher in yields underpinned the daily uptick in USD/JPY to three-day highs near 161.50. Producer Prices will be in the spotlight on July 10 in Japan.

AUD/USD managed to overcome the Dollar’s bounce and advanced marginally, keeping the trade well above 0.6700 the figure. Australian final Building Permits and the speech by the RBA’s Simons are expected on July 10, while Chinese inflation data will also be of interest around AUD.

Prices of WTI dropped for the third session in a row and revisited multi-day lows near the $81.00 mark per barrel, as Hurricane-driven supply concerns dwindled and geopolitical jitters remained subdued.

Prices of Gold clung to daily gains around $2,360 per ounce troy despite the firmer Dollar and higher yields. In the same line, Silver left behind Monday’s marked pullback and regained some composure just past $31.00 per ounce.

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

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