Forex Today: Markets’ attention shifts to data and Fedspeak

Pablo Piovano FXStreet

The Greenback managed to regain some balance amidst the broad-based small pullback in the risk complex, as investors started to gear up for US data and the ECB interest rate decision.

Here is what you need to know on Tuesday, July 16:

The USD Index (DXY) reclaimed some ground lost and printed humble gains around the low-104.00s. The release of Retail Sales for the month of June will take centre stage on July 16 ahead of Business Inventories and the NAHB Housing Market Index. In addition, the Fed’s Kugler is due to speak.

EUR/USD came under some selling pressure soon after rising to fresh monthly highs around 1.0920. On July 16, the ECB will publish its Bank Lending Survey, seconded by the release of the Economic Sentiment tracked by the ZEW institute in the euro area and Germany.

GBP/USD gave away part of the recent strong gains, although a test of 1.3000 appears just around the corner. The UK docket is empty on July 16.

USD/JPY traded in an inconclusive fashion amidst modest gains in the greenback and mixed US yields. The Tertiary Industry Index is expected on July 16.

AUD/USD failed to retest the 0.6800 mark and retreated for the first time after four consecutive daily gains. There are no data releases scheduled in Oz on July 12.

Small gains in the greenback in combination with poor GDP data from China weighed on traders and dragged WTI prices below the $82.00 mark per barrel, or three-day lows.

Gold prices extended its march north and approached the area of record highs near $2,440 per ounce troy. Silver, on the other hand, added to Friday’s losses and retreated modestly to the vicinity of the $30.00 zone 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.

AUD/USD falls to near 0.7100 after slipping below 50-day EMA

AUD/USD depreciates after registering minor gains in the previous day, trading around 0.7120 during the Asian hours. The technical analysis of the daily chart shows the pair consolidating sideways within a rectangle pattern, as neither bulls nor bears gain control. The AUD/USD pair is holding a slight bearish tone however as it sits beneath both the nine-day and 50-day EMAs.

160.00: USD/JPY back near intervention territory after upbeat US jobs report

US Nonfarm Payrolls beat expectations by a wide margin in May, with 172K jobs added. The US Dollar rebounds after the release, helping USD/JPY recover from its intraday lows. Warnings from Japanese authorities continue to limit upside potential near the 160.00 threshold.

Gold targets $4,300 amid stronger Dollar

Gold faces increasing selling interest and navigates the area of three-month lows near the $4,300 mark per troy ounce on Friday. The precious metal’s decline comes as traders assess the stronger-than-expected NFP, while the bid bias in the Greenback and higher US Treasury yields also collaborate with the retracement.

Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano (ADA) price is down 10% at press time on Friday, extending losses over 30% so far this week amid Charles Hoskinson's clarification that "break" isn't an exit.

Week ahead – Fed countdown begins amid US inflation data and geopolitical risks

Fed Chair Warsh’s first meeting approaches as key US inflation data could reshape expectations. Oil prices remain elevated as US-Iran talks continue; tariffs also return to the spotlight. ECB is expected to hike; will it be a one-off move or is July live?

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.