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Forex Today – Asian Session: Focus remains on Jerome Powell and Fed speeches

The Dollar maintained its constructive start to the week and lifted the Dollar Index (DXY) further north of 105.00 as investors digested Jerome Powell’s cautious first testimony and kept their attention on upcoming Fed speeches and key US data.

Here’s what you need to know on Wednesday, July 10:

The Dollar Index (DXY) breached the 105.00 hurdle and flirted with the interim 55-day SMA amid a decent rally in US yields. Chairman J. Powell’s second semi-annual testimony before Congress is scheduled for July 10, along with weekly mortgage applications, wholesale inventories, and speeches by Fed’s Bowman and Goolsbee.

EUR/USD remained on the defensive and tested the 1.0800 region once again amid a further recovery in the Dollar. The Euro’s agenda is empty on July 10.

GBP/USD added to Monday’s losses and broke below the key 1.2800 level in response to the US Dollar’s modest comeback. On July 10, BoE’s Pill is scheduled to speak.

Further recovery in the US Dollar and upward move in yields supported the daily rally in USD/JPY to three-day highs near 161.50. Producer prices will be in focus on July 10 in Japan.

The AUD/USD managed to overcome the Dollar’s ​​bounce and advanced marginally, maintaining trade well above the 0.6700 figure. Final Australian building permits and RBA Simons speech are expected on July 10, while Chinese inflation data will also be of interest around the AUD.

WTI prices fell for a third consecutive session and revisited multi-day lows near the $81.00 per barrel level as hurricane-driven supply concerns eased and geopolitical tensions remained subdued.

Gold prices held on to daily gains around $2,360 per troy ounce despite a firmer dollar and higher yields. In the same vein, silver put Monday’s sharp pullback behind it and regained some composure just above $31.00 per ounce.

Source: Fx Street

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