Forex Today: Flash GDPs in Europe and US jobs in the spotlight

Pablo Piovano FXStreet

The persistent risk-off sentiment propelled the Greenback to multi-day highs on Monday, while investors have started to warm up ahead of key central bank events and crucial US data releases.

Here is what you need to know on Tuesday, July 30:

The USD Index (DXY) regained upside traction and rose to multi-day peaks near 104.80 amidst diminishing US yields. The Consumer Confidence gauged by the Conference Board takes centre stage on July 30 along the June JOLTs Job Openings, the FHFA’s House Price Index, and the weekly report on US crude oil inventories by the API.

EUR/USD came under renewed downside pressure and put the 1.0800 support to the test amidst the marked rebound in the Greenback. Germany’s advanced Inflation Rate is expected on July 30 seconded by preliminary Q2 GDP Growth Rate in Germany and the broader Euroland.

GBP/USD traded in an inconclusive fashion and ended Monday’s session barely changed near 1.2860. The next risk event on the UK docket will be the BoE interest rate decision on August 1.

Fresh selling pressure in the Japanese yen propped up the rebound in USD/JPY beyond the 154.00 barrier. Japan’s Unemployment Rate will be published on July 30.

AUD/USD resumed its decline and rapidly left behind Friday’s bullish attempt. On July 30, advanced Building Permits are only due in Australia.

Prices of WTI accelerated their downward trend and reached fresh seven-week lows near the $75.00 mark per barrel.

The Dollar’s rebound kept Gold prices depressed near $2,380 per ounce troy on Monday. Silver followed suit and retreated to two-month lows near $27.30 per ounce.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

GBP/USD hits multi-week tops around 1.3560

GBP/USD gathers fresh steam and advances to new three-month peaks near the 1.3560 zone on Friday. Cable’s sharp move higher comes after three daily drops in a row and follows the increasing selling pressure hurting the Greenback.

EUR/USD pops to fresh two-month highs, targets 1.1600

EUR/USD advances markedly, revisiting the upper 1.1500s for the first time since mid-June. The pair’s sharp uptick comes on the back of a strong retracement in the US Dollar amid BoJ intervention chatter and despite steady uncertainty in the Middle East.

Gold picks up pace, approaches $4,400

Gold rebounds toward the $4,400 mark per troy ounce on Friday, reversing the previous day’s pullback. The precious metal’s recovery comes as fresh and intense weakness keep weighing on the US Dollar, while traders keep assessing easing expectations of an imminent Fed interest rate hike and the situation from the Middle East.

Pi Network Price Forecast: PI extends consolidation as bulls eye $0.10

Pi Network (PI) price holds steady on Friday, maintaining a consolidating tone for three consecutive days. Mild retail strength in the PI token remains stable, with Open Interest above $9 million, while social buzz eases. PI token’s technical outlook is mixed, as bearish momentum wanes to neutral, with bulls eyeing the $0.1000 psychological level.

Weekly focus: Some relief in US inflation concerns

Actual inflation data for July came out as expected with a 0.1% m/m increase in headline CPI and 0.2% excluding food and energy. Annual headline inflation remains too high at 3.4% and means that wage earners are experiencing stagnating spending power at best, and core inflation is a bit higher than the inflation target of two percent would suggest.

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

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.