Dollar resumes struggling mode, under pressure in European morning tradeWhat really changes if Trump nominates a Fed Chair sympathetic to his agenda?India and US trade talks face roadblocks ahead of tariff deadline - ReutersECB's de Guindos: Markets are surprisingly calm in recent days given geopolitical eventsBOE's Bailey: A gradual and careful approach on rate cuts remains appropriateBoE Breeden: UK's robust standards and resilient system boosts competitionGermany July GfK consumer sentiment -20.3 vs -19.3 expectedHeads up: Far-right lawmakers look to table no confidence vote against EU's von der LeyenUK reportedly set to appoint senior official to deal with shortcomings at the ONS
Markets:
JPY leads, USD lags on the dayEuropean equities higher; S&P 500 futures up 0.3%US 10-year yields down 2.2 bps to 4.271%Gold flat at $3,332.63WTI crude up 0.4% to $65.14Bitcoin down 0.6% to $107,238The greenback fell against all the major currencies with EUR/USD testing waters above 1.1700 before keeping closer to figure now with large option expiries seen. Meanwhile, USD/JPY fell off from around 144.70 to a low of 143.75 before recovering slightly to 144.40 now - still down 0.6% on the day though.
In other markets, equities are slowly grinding higher again with European indices looking to bounce back a little after the fall yesterday. As for US futures, things are looking brighter again as tech shares continue to lead the way. S&P 500 futures are up 0.3% with Nasdaq futures up 0.4% currently.
We'll have some US data to deal with next in the form of the weekly jobless claims, Q1 final GDP, and durable goods orders. As the dollar slumps, best be reminded that month-end is also coming up. So, perhaps we'll get more clarity after that with some traders arguably opting to ride that out before stepping back in after the whole Iran-Israel conflict.
This article was written by Justin Low at www.forexlive.com. Read More Details
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