Forex Today: Optimism smashes the dollar


Here is what you need to know on Tuesday, July 7:

The American dollar was the worst performer at the beginning of the week, undermined by risk-appetite. Chinese stocks led the way higher, amid local authorities pushing a bullish market, optimistic about an economic comeback.  US services output beat the market’s expectations, further fueling the appetite for risk.

The EUR/USD pair hit a fresh multi-week high of 1.1345, unable to extend gains but holding above the 1.1300 level at the end of the day. The Pound, on the other hand, was a lager, ending the day unchanged against the greenback just below the 1.2500 figure.

U’s chief negotiator Michel Barnier arrived in London for another round of face-to-face talks. No progress has been reported, and the market has little hopes on the matter being solved soon.

US Treasury yields run on the back of upbeat services data, but trimmed gains ahead of the close, ending the day flat.

The number of new coronavirus cases in the US seems to be decreasing. The country may well be passing the peak. Not yet confirmed, it may result in further dollar’s weakness and Wall Street reaching new all-time highs.  

Gold prices neared their recent multi-year highs, ending the day at $ 1,786 a troy ounce, while crude oil prices maintained the status-quo, with WTI settling around $40.00 a barrel.

The Australian dollar was among the best performers, trading a few pips below the 0.7000 ahead of the RBA monetary policy meeting.

Cryptocurrency Market News: Biggest crypto trading competition with a 200 Bitcoin prize pool to be launched by ByBit

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD: At risk of extending its slide

The greenback closed the week appreciating against most major rivals, although EUR/USD settled in the 1.1780 price zone, holding on to modest weekly gains. EUR/USD decline corrective on the broader view but could extend its slump in the shorter-term.

EUR/USD News

GBP/USD: Limited bearish potential

The GBP/USD pair finished the week with modest losses at 1.3050, giving up to the dollar’s demand at the end of the week. The Cable is trading above the 1.3000 level, which limits the bearish potential.

GBP/USD News

Gold: Acceptance above $2050 critical to revive the uptrend

Gold’s record-breaking rally could resume on a sustained move above $2050. RSI on 4H chart stays in the bullish territory, pointing to the upside. XAU bulls to buy the dips around $2010 in the week ahead?

Gold News

Bitcoin may extend the recovery once Gold resumes the rally

Gold retreated from the recent highs, but the sentiments are still bullish. Cryptocurrencies resumed the upside, some altcoins are demonstrating strong gains. ETH/BTC stopped the downside correction and settled at $0.03300.

Read more

WTI extends slide toward $41, on track to post weekly gains

Crude oil prices continued to fall on Friday and the barrel of West Texas Intermediate (WTI) touched a daily low of $41.05 before recovering modestly.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures