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.

EUR/USD deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.