The US dollar (USD) rose to new maximums of several weeks backed by more solid results of the foundations of the US and the optimistic tone of President Powell in his press conference after the Federal Reserve maintained its interest rates without changes, as expected to a large extent.
This is what you have to observe on Thursday, July 31:
The US dollar index (DXY) rose even more and approached the 100.00 zone, or two months, amid the increase in yields, solid results of the US calendar and an optimistic tone of President Powell. The PCE will be published together with the personal income/expenses, the Labor Cost Index, the Chicago PMI, the Challenger employment cuts and the initial weekly applications of unemployment subsidy.
The EUR/USD backed new minimums of several weeks, approaching the 1,1400 support in response to the continuation of the bullish impulse in the dollar. The unemployment rate in the euro zone will be published, followed by the preliminary inflation rate of Germany.
The GBP/USD reviewed the 1,3230 area for the first time since the beginning of May in the context of an exacerbated sales pressure on the sterling pound and the additional progress of the US dollar. The next thing in the United Kingdom calendar will be the Nationwide housing price index and the final manufacturing PMI of S&P global on August 1.
The USD/JPY resumed its upward trend and advanced to three months about 149.50, flirting at the same time with its 200 -day key. Next in Japan will be the decision of interest rates of the BOJ, industrial production, retail sales and investment figures in foreign bonds, all scheduled for July 31.
The AUD/USD collapsed at least five weeks about 0.6420, where its 100 -day provisional SMA is located, always following the strong performance of the dollar. Retail sales will be in the center of the calendar, followed by construction permits, private homes and import and export prices.
The prices of crude oil accelerated and exceeded the key mark of 70.00 $ per barrel of WTI in response to the effervescence between the US and Russia and the persistent commercial restlessness.
Gold prices resumed their downward trend and approached the 3,270 $ TROY brand on Wednesday, while investors evaluated the recent set of strong published data and the prospects for a more prudent larger position by the Federal Reserve. Silver prices joined Tuesday’s retreat and flirted with minimums of three weeks around $ 37,50 per ounce.
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.
