Forex Today: Chief Powell and the RBA Minutes will be in the spotlight

The Greenback started the new trading week on the back foot amid steady concerns on the trade front, particularly surrounding US-EU discussions and Fed independence jitters.

Here's what to watch on Tuesday, July 22:

The US Dollar Index (DXY) receded to three-day troughs and broke below the 98.00 support amid a marked retracement in US yields across the curve. The Richmond Fed Manufacturing Index is due, seconded by the API’s weekly report on US crude oil inventories. In addition, Chief Jerome Powell and Bowman are due to speak.

The resurgence of the selling pressure on the Greenback lent EUR/USD extra impulse, prompting the pair to trespass the key 1.1700 barrier. The ECB will release its Bank Lending Survey ahead of the speech by President Lagarde.

GBP/USD regained composure and reclaimed the 1.3500 mark and beyond on the back of the intense selling bias in the US Dollar. The Public Sector Net Borrowing figures are due.

USD/JPY plummeted to three-day troughs, revisiting the low-147.00s as investors assessed results from Sunday elections in the japanese Upper House. Next on tap on the Japanese calendar will be the speech by the BoJ’s Uchida on July 23.

AUD/USD added to Friday’s rebound and reclaimed the 0.6500 hurdle and beyond in quite an auspicious start to the new trading week. The release of RBA Minutes will take centre stage.

WTI prices retreated to three-week lows near the $65.00 mark per barrel on Monday as investors looked past the recent EU sanctions on Russian oil while assessing the impact of tariffs on the demand for crude oil.

Gold prices advanced to four-week tops just above the key $3,400 mark per troy ounce, finding extra support on the selling bias around the greenback, declining US yields, and steady trade jitters. Silver prices followed suit, clocking multi-day highs to the boundaries of the $39.00 mark per ounce.