The Greenback alternated gains with losses amidst further appreciation of the Japanese yen and a decent pullback in US yields across the curve, while firmer-than-expected US data appear to have trimmed some rate cut bets in September.
Here is what you need to know on Friday, July 26:
The USD Index (DXY) remained on the defensive in the low-104.00s, always closely following developments around the Japanese yen and expectations of rate cuts beyond the summer. On July 26, the PCE readings will take centre stage seconded by Personal Income, Personal Spending and the final Michigan Consumer Sentiment.
EUR/USD set aside two consecutive daily declines and climbed to two-day highs near 1.0870. The ECB will release its Consumer Inflation Expectations survey on July 26.
GBP/USD remained on the back foot for the third session in a row following rising speculation of a rate cut by the BoE next week. The UK calendar will be empty on July 26.
Following fresh lows in the sub-152.00 zone, USD/JPY managed to reverse that early move and approach the 154.00 barrier towards the end of the NA session. The Tokyo inflation figures along the final readings of the Coincident Index and the Leading Economic Index are due on July 26.
AUD/USD extended its intense bearish move to the boundaries of the 0.6500 level for the first time since early May. There will be no data releases in Australia on July 26.
Prices of WTI added to Wednesday’s uptick and reclaimed the area beyond the $78.00 mark per barrel.
Traders cashed up part of recent gains and motivated Gold prices to retreat to multi-day lows around $2,360 per ounce troy. Silver, in the meantime, sold off to fresh two-month lows in the sub-$28.00 region per ounce.
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