Forex Today – Asian session: The dollar loses ground, the ECB looms

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What you need to know on Thursday, July 22:

Market sentiment improved and the dollar lost some ground, although no critical level was broken. The greenback was down slightly against most major rivals as global indices closed higher. Yields on US government bonds rose sharply, also indicating a decline in demand for security.

The EUR / USD pair hovers around the 1.1800 level, as caution prevails before the monetary policy decision of the European Central Bank. The ECB is expected to keep its monetary policy unchanged, although the general perception is that the authorities will maintain a dovish stance.

GBP / USD is in the 1.3720 price zone, despite lingering Brexit tensions. The EU rejected the UK’s demand for a new approach to the Northern Ireland Protocol. UK Prime Minister Boris Johnson said there are practical steps they can take to do so, but the Union does not appear to be willing to make any changes.

Commodity-linked currencies also rose, with the Australian dollar being the weakest amid disappointing local data.

Gold fell further, with the pair ending the day at $ 1,805 a troy ounce. Crude prices rebounded, with a WTI of up to $ 70 a barrel.

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