Forex Today: Dollar keeps running on fear

Valeria Bednarik FXStreet

What you need to know on Wednesday, August 18:

The dollar rallied on the back of risk-aversion, exacerbated by dismal US data. Retail Sales in the country fell by 1.1% in July, much worse than anticipated. Stocks plunged, although government bond yields posted modest intraday slides.

Commodity-linked currencies were the worst performers, with AUD/USD down to a fresh 2021 low of 07242. The USD/CAD pair peaked at 1.2648, its highest in almost a month.

Upbeat UK employment data fell short of backing GBP/USD that trades near a daily low of 1.3725. The EUR/USD pair is once again poised to challenge the 1.1700 threshold.

Gold edged lower after advancing to $1,795.52 a troy ounce, ending the day in the red at around 1,782. Crude oil prices also lost ground with WTI currently trading at around $66.40 a barrel.

During the upcoming Asian session, Australia will release the Q2 Wage Price Index, while the Reserve Bank of Australia will announce its monetary policy decision. later into the day, the US Federal Reserve will publish the Minutes of its latest meeting.

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Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

GBP/USD turns negative; slips back to 1.3530

GBP/USD comes under pressure and weakens toward the 1.3530 zone on Tuesday. Cable thus leaves behind two daily upticks in a row and retreats further from Monday’s multi-week tops past 1.3570 following humble gains in the Greenback and disheartening UK jobs data.

EUR/USD comes under pressure near 1.1570

EUR/USD could not sustain the earlier bullish attempt toward the proximity of 1.1600 the figure, coming under fresh downside pressure and revisiting the 1.1580-1.1570 band as the NA session draws to a close on Tuesday. The better tone in the US Dollar in the latter part of the day weighs on the pair amid steady volatility in the Middle East. Looking forward, the release of the FOMC Minutes takes centre stage on Wednesday.

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HYPE extends gains as Hyperliquid urges SEC action on pre-IPO futures framework

Hyperliquid (HYPE) retains a broad bullish outlook, trading above $59.00 on Tuesday. The decentralized exchange (DEX) native token marks the second consecutive day of gains as bulls return, eyeing a short-term breakout above $60.00.

Fiscal concerns and doubts on Fed independence send US yields to long-term highs

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Why is Crude Oil priced for a reopening the ships haven't made?

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