The dollar managed to recover after a bearish start to the week amid widespread appetite for the risk complex and growing caution ahead of Fed Chair Jerome Powell and ECB President Christine Lagarde’s speech on Tuesday. .
Here’s what you need to know on Tuesday, July 2:
The US Dollar Index (DXY) put two consecutive sessions of losses behind it and focused again on the key barrier of 106.00. Fed Chairman Jerome Powell will participate in an event at the ECB Forum in Portugal. On the agenda, the RCM/TIPP Economic Optimism Index is scheduled for July 2 only.
EUR/USD kept its constructive stance well in place and rose to three-week highs around 1.0780 as investors assessed the results of the snap elections in France on Sunday. On July 2, the preliminary inflation rate in the euro bloc is expected ahead of ECB President Christine Lagarde’s speech at the bank’s forum in Sintra, Portugal.
GBP/USD gave up an earlier move to the area just above the 1.2700 hurdle due to the resumption of buying interest in the US Dollar towards the end of the American session. There will be no data releases from across the Channel on July 2.
USD/JPY advanced further and reached new highs in the vicinity of the 162.00 region. The Japanese calendar will be empty on July 2.
The resurgence of the bearish bias in AUD/USD left the pair sailing within the consolidation theme so far unchanged around 0.6650. RBA Minutes are only due in Australia on July 2.
Growing optimism regarding the start of the US driving season and supply fears in the second half of the year pushed WTI prices to new highs north of the $83.00 per barrel mark.
Gold prices remained stuck within their recent range near the $2,330 per troy ounce area, while Silver prices rose for the third consecutive session, although still below the key $30.00 per ounce mark.
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.
