The ECB kept its policy rates unchanged, as expected, while President Lagarde also failed to surprise markets. The Dollar, meanwhile, regained some fresh oxygen thanks to higher yields ahead of the Fed’s speeches on Friday.
Here’s what you need to know on Friday, July 19:
A decent bounce encouraged the US Dollar Index (DXY) to flirt once again with the 104.00 region amid a rally in US yields across the curve. With no data releases on the US calendar on July 19, the focus will be on speeches from the Fed’s Daly, Bowman, Williams and Bostic.
The resumption of selling pressure prompted EUR/USD to give back some of the recent gains and retreat to the 1.0900 neighborhood. Eurozone current account results will be released on July 19, and the ECB will publish its Survey of Professional Forecasters (SPF).
In line with the rest of the risk complex, GBP/USD left the area of recent peaks and retreated to the sub-1.3000 zone. UK retail sales will be in focus on July 19 along with public sector net borrowing and GfK consumer confidence.
Improved sentiment around the Dollar and higher yields in the US pushed USD/JPY to regain some bullish traction and break above the 157.00 mark. Japan’s inflation rate will be in the spotlight on July 19, followed by weekly foreign investment figures in bonds.
The AUD/USD fell for the fourth consecutive session following the still unabated downtrend in the commodity complex and persistent demand concerns coming from China. There are no data releases scheduled in Australia on July 19.
WTI prices managed to edge higher and add to Wednesday’s gains amid lingering demand concerns, a slowing US economy and prospects for interest rate cuts by the Fed.
Gold prices remained on the defensive and retreated further after hitting a record high near the $2,490 per troy ounce mark on Wednesday. Silver followed suit and built on Wednesday’s losses, breaking below the key $30.00 per ounce level.
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.
