Forex Today: Markets’ attention shifts to data and Fedspeak

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.