Forex Today: Investors now look at US GDP data

Pablo Piovano FXStreet

The incessant appreciation of the Japanese currency hurt the Greenback, dragging USD/JPY to new two-month lows near the 153.00 region. On another front, poor PMIs in the euro area undermined hopes of a sustained recovery in the region.

Here is what you need to know on Thursday, July 25:

The USD Index (DXY) receded modestly on the back of further advance in the Japanese yen and mixed US yields across the curve. On July 25, the advanced Q2 Growth Rate takes centre stage followed by Durable Goods Orders and weekly Initial Jobless Claims.

EUR/USD added to Tuesday’s losses and put the 200-day SMA near 1.0820 to the test ahead of key US data releasee. The IFO Business Climate in Germany comes on July 24 along with the speech by the ECB’s Lagarde.

GBP/USD alternated gains with losses around 1.2900 following erratic risk appetite trends. The CBI Industrial Trends Orders are expected on July 25.

The sell-off in USD/JPY approached the 153.00 region, or two-month lows, amidst the persistent recovery in the Japanese currency. Weekly Foreign Bond Investment figures are only due on July 25 on the Japanese docket.

AUD/USD remained on the back foot and dropped below the 0.6600 level to hit the key 200-day SMA and reach six-week lows. There will be no data releases in Oz on July 25.

WTI prices regained a small smile and retested the $78.00 mark per barrel after four consecutive daily pullbacks.

Gold prices faded the initial bullish attempt to three-day highs near $2,430 per ounce troy, eventually succumbing to the late bounce in the dollar. Silver prices set aside Tuesday’s gains and returned to the area below the $29.00 mark 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.

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