The FX universe traded mostly within a range bound theme, as investor assessed the political front in the US, while cautiousness kicked in ahead of important data releases due later in the week.
Here is what you need to know on Tuesday, July 23:
The USD Index (DXY) saw its recent uptick somewhat curtailed, faltering once again around the 200-day SMA near 104.40. Existing Home Sales, the Richmond Fed Manufacturing Index and the weekly report on crude oil inventories by the API are all due on July 23.
EUR/USD regained some acceptable traction and managed to revisit the 1.0900 neighbourhood. On July 23, the European Commission will publish its Consumer Confidence gauge. In addition, the ECB’s Lane will also speak.
GBP/USD picked up pace and reversed two daily pullbacks in a row, shifting its attention back to the 1.3000 region. The next data release of note in the UK will be the preliminary PMIs for the month of July on July 24.
The erratic performance in the greenback and higher US and Japanese yields left USD/JPY with modest losses around the 157.00 zone. The advanced Jibun Bank PMIs are next in “The Land of the Rising Sun” on July 24.
AUD/USD extended its bearish move further south of 0.6700 the figure on the back of lower commodities and disheartening news from China. Coming up next on the Australian docket will be the Judo Bank flash PMIs.
Demand concerns and easing geopolitical fears weighed on WTI and dragged prices to fresh lows below the $78.00 mark per barrel.
Gold prices remained on the defensive and broke below the key $2,400 mark per ounce troy. Same performance saw Silver prices retreat for the fourth straight day and print new monthly lows near $28.70 per ounce.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
Bitcoin punches new all-time high above $111,800 following brief shock from weak 20-year bond auction
Bitcoin (BTC) hit a new all-time high above $111,800 on Thursday, rebounding from a brief dip to $106,000. The surge followed weak demand in the US Treasury’s 20-year bond auction, which pushed yields above 5%, potentially shifting investor interest toward alternative assets like Bitcoin.
EUR/USD holds steady above 1.1300 ahead of EU PMI data
EUR/USD is keeping its range above 1.1300 in the European morning on Thursday. The pair takes a breather ahead of a bunch of critical business PMI and sentiment data from Eurozone and Germany. However, broad US Dollar weakness could keep the major supported. US PMI also awaited.
Gold price holds above $3,300, near two-week top as USD remains depressed amid fiscal concerns
Gold price attracts buyers for the fourth consecutive day and climbs to a nearly two-week high during the Asian session on Thursday. The US sovereign credit rating downgrade by Moody’s and growing worries about rising US deficit on the back of US President Donald Trump's sweeping tax bill keep investors on edge.
GBP/USD clings to minor gains above 1.3400, with eyes on UK PMI data
GBP/USD defends minor bids while trading above 1.3400 in early Europe on Thursday. The pair benefits from the ongoing Dollar weakness,on fiscal concerns. Atention now turns towards the preliminary business PMI data from the UK and the US for fresh trading directives.
FOMO vs fundamentals: Retail buys the dip, institutional investors stay cautious
Retail optimism is rising, but institutions are still treading carefully amid lingering macro and earnings risks. Policy and fiscal uncertainty remain elevated, with trade tensions, U.S. debt concerns, and a cautious Fed dominating the backdrop.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.