As investors remained cautious against commercial tensions after the announcement of President Trump about tariffs to Japan and South Korea, the dollar gained impulse, rising to maximum of several days and causing a strong generalized correction in the space associated with risk on Monday.
This is what you have to observe on Tuesday, July 8:
The US dollar index (DXY) rose to eight days about 97.70 accompanied by the increase in US yields along the curve in a context of constant caution before the deadline of tariffs on July 9. A light calendar will present the NFIB Business Optimism Index followed by the weekly API report on US crude oil inventories.
The EUR/USD broke down under the 1700 support to reach minimum of several days in response to the marked rebound of the US dollar. The results of the trade balance of Germany will be published together with Nagel’s speech of the ECB.
The GBP/USD operated downward, retreating below the level of 1,3600 in the middle of the strong resurgence of the feeling of risk aversion. Next on the agenda on the other side of the channel will be the BOE financial stability report on July 9.
The USD/JPY advanced at maximum of two weeks beyond the 146.00 barrier, backed by the pronounced increase in the dollar. The current account results will be published, followed by bank loan data and the Eco Watchers survey.
The Aud/USD backed down for the third consecutive day, breaking below the 0.6500 support, or minimum of several days. The RBA will decide on the rate, seconded by the usual press conference of Governor Bullock and the publication of the business confidence of the NAB.
The WTI prices reversed two consecutive daily setbacks, reaching maximum two weeks above the 68.00 brand per barrel, since investors dismissed concerns about supply and changed their attention to the perspectives of a stronger demand in the short term.
Gold prices reversed the initial bearish tone and managed to recover impulse on Monday, flirting with the $ 3,340 area per Troy ounce due to the increase in commercial concerns. The silver prices set aside two consecutive daily advances and approached the area of ​​36.00 per ounce on Monday, only to bounce later.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
