Forex Today: Focus remains on US data and comments from central bankers

The Greenback remained on the back foot, surrendering initial gains and refocusing on the downside as market participants kept assessing the ceasefire in the Middle East as well as the cautious message from Chair Powell.

Here's what to watch on Thursday, June 26:

The US Dollar Index (DXY) clocked its third daily pullback in a row, returning to the area of multi-year lows near 97.70 amid a mixed performance of US yields across the board and further improvement in the sentiment around the risk complex. The final Q1 GDP Growth Rate is due, seconded by Durable Goods Orders, the Chicago PMI, Pending Home Sales, Wholesale Inventories, and the usual weekly Initial Jobless Claims. In addition, the Fed’s Barkin, Hammack and Barr are all due to speak.

EUR/USD rose to fresh YTD highs above 1.1650 on the back of the U-turn in the US Dollar. Absent data releases on the domestic calendar, investors’ attention will be on the ECB’s De Guindos, Schnabel, and Lagarde.

GBP/USD extended its advance to new 2025 peaks north of 1.3655 in response to extra losses in the Greenback. The CBI Distributive Trades is due alongside speeches by the BoE’s Bailey, and Breeden.

Following two consecutive days of losses, USD/JPY regained some upside momentum and approached the 146.00 hurdle. The weekly Foreign Bond Investment figures will be the sole release on the Japanese calendar.

AUD/USD move further up and reclaimed the 0.6500 barrier following extra downside pressure on the US Dollar. Next on tap in Oz will be the Housing Credit prints, and Private Sector Credit figures on June 30.

WTI prices failed to regain some balance and receded slightly on Wednesday, keeping the trade near the $65.00 mark per barrel, down more than $12 since monthly peaks.

Gold managed to chart humble gains around $3,330 per troy ounce following the decent decline in the Greebnback, alleviated geopolitical concerns and the cautious tone from the Fed. By the same tocken, Silver prices left behind Tuesday’s downtick and rose markedly past the $36.00 mark per ounce.