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The Greenback kicked off the week with decent gains, leaving behind some of the NFP-driven weakness and regaining some fresh traction in response to the broad-based knee-jerk in the risk complex. In the meantime, investors continued to digest the French snap elections and gradually shifted their attention to Powell’s semi-annual testimonies and key US data. Here is what you need to know on Tuesday, July 9: The USD Index (DXY) reclaimed the 105.00 barrier and above despite the move lower in US yields. The semi-annual testimony by Chair J. Powell to the Congress will be the salient event in the US docket on July 9. In addition, the Fed’s Barr and Bowman are also due to speak. EUR/USD succumbed to the late rebound in the US Dollar soon after hitting new four-week highs near 1.0850. There are no data releases scheduled for the euro area on July 9. GBP/USD could not sustain the early move to multi-week tops near 1.2850, eventually ending the session almost unchanged. On July 9, the BRC Retail Sales Monitor is due along with speeches by the BoE’s Cleland and Truran. USD/JPY alternated gains with losses around the 160.80 region following two daily drops in a row. The Japanese calendar will be empty on July 9. AUD/USD came under pressure after reaching new six-month peaks in the 0.6760-0.6765 band. The Consumer Confidence gauge tracked by Westpac takes centre stage in Oz on July 9. WTI prices corrected markedly lower in response to growing peace talks in the Middle East and a stronger US Dollar. Gold prices retreated from recent peaks near the $2,400 mark per ounce troy on the back of the rebound in the Greenback and some profit taking mood. Silver followed suit and partially left behind the recent robust recovery. Source: https://www.fxstreet.com/news/forex-today-all-eyes-on-powell-202407081939

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Filed under: News - @ July 8, 2024 9:24 pm