Forex Today: Dull start to a busy week

Valeria Bednarik FXStreet

What you need to know on Tuesday, July 27:

The greenback lost some ground on Monday but held within familiar levels against major rivals. It got to recover ahead of Wall Street’s close, as the US indexes reverted early losses and settled at fresh all-time highs.

The EUR/USD pair topped 1.1816, ending the day around the 1.1800 level. GBP/USD regained the 1.3800 threshold, helped by a better coronavirus situation in the UK.

Commodity-linked currencies posted tepid advances. Gold prices were down, with spot settling below $1,800 a troy ounce. On the other hand, crude oil prices advanced modestly, with WTI ending the day at $72.10 a barrel.

The macroeconomic calendar was light, but the little data released was softer than anticipated. Nevertheless, market players await US first-tier data, starting on Tuesday with the release of US Durable Goods Orders.

The US Federal Reserve will take centre stage on Wednesday, as US policymakers will make announcements on monetary policy. Eyes on hints about soon-to-come tapering.

Generally speaking, the risk-related sentiment skews to the negative side amid concerns related to the spread of the coronavirus Delta variant and signs of a global slowing economic recovery.

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Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

EUR/USD turns negative near 1.1850

EUR/USD has given up its earlier intraday gains on Thursday and is now struggling to hold above the 1.1850 area. The US Dollar is finding renewed support from a pick-up in risk aversion, while fresh market chatter suggesting Russia could be considering a return to the US Dollar system is also lending the Greenback an extra boost.

GBP/USD change course, nears 1.3600

GBP/USD gives away its daily gains and recedes toward the low-1.3600s on Thursday. Indeed, Cable now struggles to regain some upside traction on the back of the sudden bout of buying interest in the Greenback. In the meantime, investors continue to assess a string of underwhelming UK data releases released earlier in the day.