PHP/USD Exchange rate

The buying interest in the US Dollar now gathers extra steam, sending the US Dollar Index (DXY) to fresh highs and dragging EUR/USD to the area of three-week troughs around 1.1640. The firm US CPI reading kept the Fed’s cautious narrative unchanged, lending further wings to the Greenback in detriment to the risk complex.

There is no respite to the downward trend in the British Pound. That said, GBP/USD puts the 1.3400 contention zone to the test on Tuesday on the back of the firmer sentiment surrounding the Greenback and ahead of the Mansion House speech by Governor Bailey and Chancellor Reeves.

Gold prices manage to revert the initial pullback to the vicinity of the $3,330 zone per troy ounce, regaining some composure and returning to the $3,350 area amid acceptable gains, a stronger US Dollar and a solid performance of US yields.

Pi Network edges lower by 2% at press time on Tuesday, failing to join the bandwagon of altcoins fueled by Bitcoin reaching record high levels. The increasing supply pressure on Centralized Exchanges and the token unlocks fuel the declining trend in PI token, resulting in a retest of the $0.4460 support level.

China's second-quarter GDP beat forecasts again with a 5.2% year-on-year growth, driven by strong trade and industrial production. Yet sharper-than-expected slowdowns in fixed-asset investment and retail sales and falling property prices are a concern.