This is what you need to know to trade today tuesday july 19:
After Monday’s poor performance, the dollar continues to weaken against its main rivals on tuesdaywith the DXY dollar index moving lower towards 107.00 at the start of the European session. Eurostat will publish its final revision of June inflation data. Later, market participants will closely follow data on housing starts and building permits in the US.especially after the NAHB reported Monday that the housing market index fell sharply to 55 points in July from 67 in June.
On the other hand, China reported 699 coronavirus cases on Monday, the highest daily figure since May 22., having reported more than 1,000 infections over the weekend. The city of Lanzhou ordered the closure of the entire city starting Wednesday and Shanghai expanded mass testing to 12 of the city’s 16 districts. Markets remain relatively cautious early on Tuesday, with US stock index futures posting small daily gains.
The minutes of the July meeting Reserve Bank of Australia (RBA) have shown earlier in the day that policymakers agreed that further interest rate increases will be necessary for inflation to return to target over time. AUD/USD has gained bullish momentum during the Asian session on Tuesday and has extended its rally towards 0.6900.
The pair EUR/USD topped 1.0200 early in the morning in Europe, after reports that the European Central Bank’s (ECB) monetary policy makers were to debate whether to raise interest rates by 50 basis points on Thursday.
The GBP/USD closed in positive territory on Monday and continued to rise towards 1.2000 in the European session on Tuesday. Data released by the UK Office for National Statistics (ONS) revealed that the UK unemployment rate was unchanged at 3.8% in May, as expected. In addition, the number of people applying for unemployment benefits fell by 20,000 in June, compared to -34,700 previously recorded.
The pair USD/JPY It posts small daily losses and failed to bounce back in the Asian session. The pair remains lower and trades slightly below 138.00.
The Prayed it failed to take advantage of the broader dollar weakness and closed Monday virtually unchanged near $1,710. XAUUSD continues to move sideways near that level on Tuesday as the benchmark 10-year US Treasury yield remains quiet below 3%.
The Bitcoin gained almost 8% on Monday, but reversed direction after finding resistance near $23,000. The ethereum it rose to its highest level in more than a month above $1,600 during the Asian session on Tuesday, but pulled back to the $1,500 area at the start of the European session.
Source: Fx Street
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