Forex Today: Global PMIs take centre stage

The risk-off sentiment prevailed on Tuesday, motivating the Greenback to regain some balance despite yields retreated in the global money markets. Moving forward, its PMI-day on Wednesday ahead of key data releases in the US (Q2 GDP and PCE).

Here is what you need to know on Wednesday, July 24:

The USD Index (DXY) posted modest gains and revisited the 104.50 zone despite US yields edged lower. On July 24, advanced Goods Trade Balance is due in the first turn seconded by New Home Sales, and the preliminary S&P Global Manufacturing and Services PMIs.

EUR/USD retreated markedly to multi-day lows near 1.0840 following the broad-based risk aversion theme. The flash HCOB Manufacturing and Services PMIs are expected in Germany and the broader euro bloc on July 24.

GBP/USD pierced the 1.2900 support amidst the better tone in the US dollar and the generalized offered stance in the risk complex. The advanced S&P Global Manufacturing and Services PMIs will be at the centre of the debate in the UK on July 24.

USD/JPY added to Monday’s retracement and flirted with multi-week lows south of the 156.00 level. The preliminary Jibun Bank Manufacturing and Services PMIs are next on tap on July 24.

There was no respite for the downside pressure in AUD/USD, prompting the pair to trade at shouting distance from the 0.6600 region. The flash Judo Bank Manufacturing and Services PMIs are due on July 24.

Persistent demand jitters from China and easing geopolitical concerns dragged WTI prices to six-week lows in the sub-$77.00 region per barrel.

Prices of Gold gathered tepid traction, although it was enough to reverse four consecutive daily pullbacks and regain the $2,400 barrier per ounce troy. Silver advanced modestly past the $29.00 mark per ounce.