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Forex Today – Asian Session: All eyes on Jerome Powell

The Dollar started the week with decent gains, leaving behind some of the NFP-driven weakness and regaining some traction in response to the broader move in the risk complex. Meanwhile, investors continued to digest the snap elections in France and gradually shifted their attention to Powell’s half-yearly testimony and key US data.

Here’s what you need to know on Tuesday, July 9:

The Dollar Index (DXY) reclaimed the 105.00 barrier and above, despite the downward move in US yields. Chairman Jerome Powell’s semi-annual testimony before Congress will be the highlight event on the US agenda on July 9. In addition, Fed’s Barr and Bowman will also speak.

EUR/USD succumbed to the US Dollar’s late rebound shortly after hitting fresh four-week highs near 1.0850. There are no Eurozone data releases scheduled for July 9.

GBP/USD failed to sustain the early move to multi-week highs near 1.2850, ending the session almost unchanged. On July 9, the BRC Retail Sales Monitor is expected along with speeches from BoE’s Cleland and Truran.

USD/JPY alternated between gains and losses around the 160.80 region after two consecutive daily declines. The Japanese calendar will be empty on July 9.

AUD/USD came under pressure after hitting fresh six-month highs in the 0.6760-0.6765 zone. The Westpac-tracked consumer confidence index will be in focus in Australia on July 9.

WTI prices corrected sharply lower in response to escalating Middle East peace talks and a stronger US dollar.

Gold prices retreated from recent peaks near the $2,400 per troy ounce level due to a rebound in the dollar and profit-taking. Silver followed suit and partially left behind the recent robust rally.

Source: Fx Street

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