Forex Today: Focus shifts to the FOMC Minutes

The Greenback could not maintain its initial strong momentum, finishing the day with only a slight change from Monday’s closing levels. Meanwhile, investors remained watchful of events on the trade front after President Trump reignited concerns following tariffs on Japan and south Korea. Going forward, the FOMC Minutes are expected to be the focal point of attention.

Here's what to watch on Wednesday, July 9:

The US Dollar Index (DXY) advanced to multi-day tops, approaching the 98.00 hurdle amid rising US yields. The release of the FOMC Minutes takes centre stage, seconded by the weekly MBA Mortgage Applications and the EIA’s report on US crude oil inventories.

The EUR/USD recovered from its negative start to the week and stabilised above the 1.1700 barrier. The ECB’s Lane and De Guindos are due to speak amid an otherwise empty euro docket.

GBP/USD navigated a volatile range, easing to fresh two-week lows just to regain momentum and end the day around the 1.3600 neighbourhood. The BoE’s Financial Stability Report will be at the centre of the debate across the Channel.

USD/JPY added to Monday’s gains and rose to new multi-week highs near the 147.00 barrier. Machne Tool Orders will be the salient event in Japan.

The unexpected hawkish stance by the RBA provided support for the Aussie, propelling AUD/USD back above the 0.6500 mark after three consecutive days in the red. The final Building Permits and Private House Approvals prints are due seconded by speeches by the RBA’s Hauser and Hunter.

Prices per barrel of WTI rose to monthly highs near the $69.00 mark, backed by prospects of stronger demand and lower US production.

Gold prices remained on the back foot around the $3,300 region per troy ounce as investors continued to gauge news from the trade front, while the firm dollar and rising yields also weighed on the precious metal. Silver prices, in the meantime, added to Monday’s pullback, settling below the $37.00 mark per ounce.