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Forex Today: UK Retail Sales take centre stage alongside German business morale

The US Dollar managed to regain some balance and print decent gains on Thursday, always amid mixed results from the US docket, advancing US yields across the board, and recent progress on the trade front.

Here's what to watch on Friday, July 25:

The US Dollar Index (DXY) set aside four daily retracements in a row and advanced modestly to the 97.50 zone as investors continued to gauge the recent encouraging developments from the trade front. A light US calendar will only feature Durable Goods Orders.

EUR/USD treaded water around 1.1770 following the ECB’s steady hand and humble gains in the Greenback. Germany’s IFO Business Climate will take centre stage, seconded by the ECB’s Survey of Professional Forecasters (SPF) and M3 Money Supply figures.

GBP/USD saw its weekly rebound curtailed, revisiting the boundaries of the key 1.3500 zone after hitting new two-week highs around 1.3590 in early trade. The GfK Consumer Confidence is due, seconded by Car Production readings and Retail Sales.

USD/JPY traded on a positive foot, briefly dipping below the 146.00 support to rebound to the proximity of 147.00 amid a firm performance. The Tokyo Inflation Rate will be released, seconded by weekly Fpreign Bond Investment prints and the final Coincident and Leading Economic Indexes.

AUD/USD rose further north of the 0.6600 milestone, hitting new yearly highs, although that bull run fizzled out as the session drew to a close. Next on tap Down Under will be the release of the Inflation Rate on July 30.

WTI prices bounced to four-day highs past the $66.00 mark per barrel following the improved sentiment on the trade front as well as the unexpected drop in US crude oil inventories.

Gold remained on the defensive for the second day in a row amid further optimism surrounding trade developments and extra gains in US yields across the spectrum. Silver prices halted their upside momentum, easing from Wednesday’s tops near $39.50 per ounce.

Author

Pablo Piovano

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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