Forex Today: USD cheers Fed’s policy repricing, Gulf tensions rise, and Oil surges


  • US dollar index rises on falling odds of aggressive Fed rate cuts.
  • Oil surges on escalating Gulf tensions.
  • All eyes on trade and geopolitical developments.

Here is what you need to know to start your day on Monday, July 22nd, European session: 

- US dollar firmed up across the board on a likely smaller Fed rate cut, Gulf tensions stoked safe-haven demand, Treasury yields were soggy, Asian equities slipped.

- Japan's Abe won the upper house election but fell short of 2/3rd ‘Super Majority’ to needed to amend the nation's pacifist constitution, USD/JPY re-attempted 108.00.

- Trade: Some Chinese companies are seeking new purchases of US agricultural products, S. Korea-Japan trade concerns loom, China to impose an anti-dumping tax on stainless steel from Indonesia, EU, Japan, S. Korea.

- UK: All eyes on new UK PM election. FinMin Hammond to quit if Johnson becomes the PM. Cable hovered around 1.2500.

- Oil prices rallied on escalating UK-Iran tensions over 'hostile act' of UK tankers seizure by Iran. The UK weighing response to Iran Gulf crisis with few good options.

- Gold was lifted by Gulf tensions, but upside capped by dollar gains.

- Cryptocurrencies consolidated in tight ranges. Bitcoin unmotivated below 11k.

Key events to watch

GMT
Event
Vol.
Actual
Consensus
Previous
Sunday, Jul 21
24h
 
 
Monday, Jul 22
04:30
2
 
0
04:30
2.4%
 
1.8%
06:00
 
 
-0.7%
06:00
 
 
-5
08:30
 
2.7%
2.8%
09:00
 
 
0.4%
09:00
 
 
3.3%
10:00
 
 
10:00
 
 
-15
n/a
 
 
8.7%
10:00
 
 
2.9%
12:00
 
10.0%
9.9%
12:30
 
 
-0.05
12:30
 
0.2%
1.7%
15:00
 
 
15:30
 
 
2.115%
15:30
 
 
2.01%
22:30
 
 
Tuesday, Jul 23
05:00
 
 
6.6%
05:00
 
0.7
0.9
06:00
 
 
5.8
07:00
 
 
57.6
08:00
 
5.3%
5.4%
08:00
 
 
08:30
 
 
12:00
 
0.06%
0.06%
12:00
 
0.9%
0.9%
12:15
 
 
12:55
 
 
4.7%
12:55
 
 
1%
13:00
 
0.3%
0.4%
14:00
 
5.35M
5.34M
14:00
 
1.2%
2.5%
14:00
 
5
3
14:00
 
-7.2
-7.2
17:00
 
 
1.695%
20:30
 
 
-1.401M
22:45
 
 
$5.81B
22:45
 
 
$-5.49B
22:45
 
 
$5.54B
22:45
 
 
$264M
Wednesday, Jul 24
00:30
 
49.7
49.3
05:00
 
 
0.9%
05:00
 
 
-0.7%
05:00
 
 
-0.1%
05:00
 
95.2
95.2
05:00
 
103.2
103.2
06:45
 
104
102
07:15
 
50.7
51.9
07:15
 
51.5
52.9
07:15
 
51.2
52.7
07:30
 
52.5
52.6
07:30
 
55.5
55.8
07:30
 
45.1
45.0
08:00
 
4.4%
4.5%
08:00
 
0.3%
0.3%
08:00
 
 
4.7%
08:00
 
4.7%
4.8%
08:00
 
52.0
52.2
08:00
 
47.7
47.6
08:00
 
53.3
53.6
08:30
 
 
42.384K
11:00
 
 
-1.1%
13:00
 
0.08%
0.01%
13:00
 
0.13%
0.16%
13:00
 
 
-4.9
13:45
 
50.4
50.6
13:45
 
51.0
51.5
13:45
 
 
51.5
14:00
 
0.650M
0.626M
14:00
 
 
-7.8%
14:30
 
 
-3.116M
17:00
 
 
1.791%
23:00
 
0.4%
-0.4%
23:00
 
2.9%
1.7%
23:50
 
0.0%
0.8%
23:50
 
 
¥950B
23:50
 
 
¥-93.1B
Thursday, Jul 25
03:05
 
 
06:00
 
 
3.2%
07:00
 
 
102.5
07:00
 
 
77.1%
07:00
 
14.38%
14.70%
07:00
 
 
4.5%
07:00
 
 
93.8
07:30
 
6.5%
6.8%
07:30
 
 
0%
07:30
 
 
3.5%
08:00
 
96.7
97.4
08:00
 
98.7
100.8
08:00
 
95.2
94.2
08:00
 
 
€3.11B
09:30
 
5.8%
6.4%
09:30
 
0.4%
0.5%
10:00
 
 
-42%
11:00
 
22%
24%
11:45
 
0%
0%
11:45
 
-0.4%
-0.4%
12:30
 
 
1.686M
12:30
 
 
216K
12:30
 
 
218.75K
12:30
 
 
0.4%
12:30
 
 
$-75.05B Revised from $-74.55B
12:30
 
0.1%
0.5% Revised from 0.4%
12:30
 
0.5%
-1.3%
12:30
 
 
-0.5% Revised from -0.6%
12:30
 
0.1%
0.4% Revised from 0.3%
12:30
 
 
13:00
 
1.4%
1.6%
13:00
 
 
0.7%
13:00
 
 
$519.7B
13:30
 
 
$0.662B
14:30
 
 
62B
15:00
 
 
-3
15:30
 
 
2.09%
17:00
 
 
1.889%
19:00
 
$850M
$1,373M
21:00
 
 
97.5
23:30
 
1.1%
1.1%
23:30
 
0.8%
0.9%
23:30
 
0.8%
0.8%
Friday, Jul 26
05:00
 
-2.2%
-2.4%
05:00
 
-0.8%
-0.7%
06:00
 
 
-0.1%
06:00
 
 
-0.2%
06:45
 
-0.2%
-0.4%
06:45
 
103
101
07:30
 
 
-0.5%
07:30
 
 
-2%
07:30
 
 
8.3B
08:00
 
103.4
100.8
08:00
 
111.2
109.6
10:00
 
 
1.1%
10:00
 
 
-2.4%
10:30
 
7.5%
7.5%
11:30
 
 
$428.8B
12:30
 
1.3%
0.6%
12:30
 
1.9%
3.1%
12:30
 
0.6%
0.5%
12:30
 
1.2%
1.2%
12:30
 
 
€-337B
13:00
 
$-0.746B
$0.984B
13:00
 
$-1.030B
$1.031B
17:00
 
 
779
19:30
 
 
$38.4K
19:30
 
 
423.8K
19:30
 
 
$245.5K
19:30
 
 
£-76.4K
19:30
 
 
¥-11.4K
19:30
 
 
€-31.4K
19:30
 
 
$-52.6K
20:00
 
 
4.25%

 

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD holding onto gains amid trade wars, ahead of German IFO

EUR/USD is trading around 1.1150, consolidating its gains after the escalation in US-Sino trade wars sent US yields and the greenback lower. German IFO Business Climate is next.

EUR/USD News

GBP/USD consolidates amid Brexit uncertainty

GBP/USD is trading below 1.2300, consolidating its gains. The UK and the EU have been blaming each other for a potential no-deal Brexit. US-Sino tensions are in play as well.

GBP/USD News

USD/JPY drops back below 105.50 amid US-Japan trade news

USD/JPY filled in the bearish opening gap and jumped to 105.78 highs amid upbeat comments from Chinese VIce-Premier Liu on trade before reversing sharply below the 105.50 level following reports on US-Japan trade progress. 

USD/JPY News

Gold: Risk-off rally stalls after US, China aim to calm trade war fears

Having surged to the fresh high since April 2013, Gold declines to the intra-day low of $1,538.50, before taking rounds to $1541.60, by the press time of early Monday. China shows readiness to have a calm discussion with the US.

Gold News

Forex Today: Trade wars paint markets in red, Brexit looks worse, and central banks are limited

Here is what you need to know on Monday, August 26th: The US-Sino trade war is painting global markets in the red. The US dollar is losing some ground to major currencies as yields plunge, while it gains against commodity currencies. Gold is rising and oil is falling.

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •