Headlines:
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 ONSMarkets:
It was another quiet session in Europe in terms of headlines but at least there was action in the major currencies space as the dollar slumped across the board. The bad stretch for the dollar continues this week following the selling yesterday, with month-end just around the corner now.
The 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.
There was no reprieve anywhere for the dollar with USD/CHF briefly dipping below 0.8000 for the first time since 2011 while USD/CAD is seen down 0.3% to 1.3687 and AUD/USD up 0.3% to 0.6530 on the day.
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.
There was some decent action elsewhere with gold and silver briefly jumping higher during the session before giving up much of their earlier gains. Gold is back flat around $3,332 with silver up just 0.6% to $36.50 after a quick rise to $36.83 during the session.
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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