Forex Today: USD weakness extends, trade tensions mount, Silver surges

US dollar index, US rates extended Wednesday’s poor US data-led slide.
Japan may take S. Korea wartime labor dispute to the International Court of Justice.
Silver extended 4-day winning streak.

Dhwani Mehta FXStreet

Here is what you need to know to start your day on Thursday, July 18th, European session:

- US dollar extended overnight losses vs. main competitors in Asia as Treasury yields slid further on trade woes, earnings results and aggressive Fed rate cut bets.

- Aussie outperformed on upbeat Australian headline jobs data, USD/JPY slipped in tandem with Asian equities amid risk-aversion. Kiwi continued to trade firmer so far this week.

- US-China trade stand-off weighed alongside escalating South Korea-Japan trade dispute.

- UK: The Cable consolidated the recovery below 1.2450 amid Hard Brexit fears, ahead of key UK Retail Sales, House of Commons vote on an amendment that limits PM from dissolving the Parliament until October 31.

- Oil prices steadied after the drop on US crude stocks surge, Gold clung to overnight gains near 1425 levels, Silver rallied to five-month highs above 16.10.

- Cryptocurrencies stalled recent recovery. Bitcoin stayed below 10k.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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