Forex Today: Markets will focus on US tariffs and the Canadian jobs report

Pablo Piovano FXStreet

The US Dollar (USD) traded with decent gains, reversing part of Wednesday’s retracement, as market participants continued to closely follow any developments from the trade front as well as Trump’s plans to replace Chair Powell.

Here's what to watch on Friday, August 8:

The US Dollar Index (DXY) clocked acceptable gains and regained the 98.40-98.50 band, setting aside part of the prevailing weekly downtrend amid mixed US yields across the curve. Next on tap on the US docket will be the release of the Inflation Rate for the month of July on August 12.

EUR/USD receded modestly soon after hitting new multi-day tops just pips away from the 1.1700 barrier. Next of note in the euro area will be the publication of the ZEW’s Economic Sentiment print for both Germany and the Euroland.

GBP/USD climbed further and surpassed the 1.3400 hurdle to reach eight-day highs. The always relevant UK labour market report is due on August 12.

USD/JPY added to Wednesday’s decline, revisiting two-day lows near 146.70 just to bounce past the 14700 mark afterwards. A busy japanese docket will feature Household Spending figures, the BoJ Summary of Opinions, Bank Lending, the Current Account results, and the Eco Watchers Survey.

AUD/USD extended its recovery north of the 0.6500 level, rising for the third day in a row. The next key event in Oz will be the RBA’s interest rate decision on August 12, seconded by the NBA Business Confidence gauge.

USD/CAD reversed four daily declines in a row, managing to revisit the 1.3750 region. The Canadian labour market report will be in the spotlight.

Crude oil prices hovered around the area above the $64.00 mark per barrel of WTI as traders remained watchful of a potential Trump-Putin meeting in the coming days.

Gold clocked decent gains and advanced to two-week peaks just below the key $3,400 mark per troy ounce. For the fifth day in a row, Silver prices rose, hitting two-week highs close to the $38.50 region 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 hits three-week highs past 0.7000

Finally, AUD/USD has managed to reclaim the key 0.7000 yardstick on Tuesday. Indeed, the pair clinched its third day in a row of gains, following the persistent correction in the Greenback amid the generalised improvement in the risk-linked galaxy.

USD/JPY flatlines near 158.50 as markets seek direction

USD/JPY steadies around 158.50 in the Asian trading hours on Tuesday. Traders prefer to wait on the sidelines ahead of Japan’s National Consumer Price Index inflation data later on Friday. Meanwhile, elevated US bond yields provide some support to the US Dollar against the Japanese Yen.

Gold just failed at $4,150. This is the next stop

Gold prices trade without a clear direction on Tuesday, hovering around the $4,170 region per troy ounce and still struggling to regain upside traction following Monday’s pullback. In the meantime, lower US Treasury yields and a marked pullback in the US Dollar come in tandem with the yellow metal’s price action.

Bitcoin resumes Nasdaq correlation as macro pressures threaten $82,500 support

Bitcoin's (BTC) correlation with the Nasdaq is rising again after last week's decline alongside tech stocks, even as macro pressures place the $82,500 support at risk. In a report on Tuesday, K33 Research highlighted that Bitcoin has resumed its correlation with the tech-heavy Nasdaq after last week's price movements.

SpaceX's earnings don't matter. What they unlock does

The Elon Musk-founded SpaceX reports third-quarter results after Tuesday's session. The figure that decides the next month for the stock isn't in them. On Thursday, the second full trading day after the release, up to 1.3 billion shares held by employees and early investors become eligible for sale.

The US Dollar fell. Gold didn't rally. That tells you everything

Gold (XAU/USD) is struggling to capitalize on a weaker US Dollar (USD), after repeatedly failing to establish itself above the $4,200 level. The precious metal remains confined to a relatively narrow trading range despite a combination of developments that would normally support higher prices.