Forex Today: Dollar resumes advance, more gains ahead
|What you need to know on Tuesday, August 10:
The dollar was under mild pressure throughout the first half of the day, resuming its advance during the American session to post fresh highs against most major rivals. The greenback moved alongside US government bond yields, which managed to recover after an intraday knee-jerk. The yield on the 10-year US Treasury note topped 1.32%.
Asian stocks’ indexes finished the day with gains, but their European and American rivals were unable to follow the lead. Only the Nasdaq Composite was able to post modest gains.
European data was tepid, pushing EUR/USD lower. The pair settled in the 1.1730 area, approaching March’s low at 1.1703.
The GBP/USD pair trades around 1.3850, while AUD/USD hovers around 0.7330. USD/CAD stands near 1.2580, while USD/JPY holds steady in the 110.20 price zone.
Gold edged lower, finishing the day at $1,730 a troy ounce. Crude oil prices ended the day unchanged, trimming modest losses ahead of the close.
Brexit may return to the spotlight, to the detriment of the pound. Nigel Farage, former leader of the UK Independence Party, said that Britain should take control of the migrant crisis, calling for the EU and particularly France collaboration on the issue. Farage said that the only way to end people illegally crossing the Channel is to send migrants back to France
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