Another positive session saw the Greenback advance to weekly tops, helped by the extra depreciation of the Japanese currency and the unabated march north in US yields across the spectrum.
Here is what you need to know on Friday, August 9:
The USD Index (DXY) climbed to four-day highs beyond 103.50 in the context of higher yields globally and dominating risk-on sentiment. The US docket will be empty on August 9.
EUR/USD clinched its third consecutive daily retracement, breaking below the 1.0900 support in response to extra gains in the US Dollar. Germany’s final Inflation Rate will be the only scheduled release on the euro calendar on August 9.
GBP/USD rapidly set aside an early drop to multi-week lows near 1.2660, reclaiming the area above 1.2700 the figure amidst the prevailing appetite for the risk complex. There will be no data releases in the UK on August 9.
USD/JPY extended its weekly advance following further selling of the Japanese yen and the persistent risk-on mood among traders. On August 9, there will only be a short-term bill auction.
An extra rebound lifted AUD/USD to new two-week peaks near 0.6580, up for the third consecutive day on Thursday. The NAB Business Confidence index is only due on August 9.
WTI prices rose further and clinched weekly tops past the $76.00 mark per barrel, helped by persevering geopolitical concerns in the Middle East.
Gold prices advanced to three-day highs near $2,425 per ounce troy following hopes of a 50 bps rate cut by the Fed beyond the summer. Silver rallied more than 3 % to revisit the $27.60 region per ounce, or multi-day highs.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD extends recovery beyond 1.0400 amid Wall Street's turnaround
EUR/USD extends its recovery beyond 1.0400, helped by the better performance of Wall Street and softer-than-anticipated United States PCE inflation. Profit-taking ahead of the winter holidays also takes its toll.
GBP/USD nears 1.2600 on renewed USD weakness
GBP/USD extends its rebound from multi-month lows and approaches 1.2600. The US Dollar stays on the back foot after softer-than-expected PCE inflation data, helping the pair edge higher. Nevertheless, GBP/USD remains on track to end the week in negative territory.
Gold rises above $2,620 as US yields edge lower
Gold extends its daily rebound and trades above $2,620 on Friday. The benchmark 10-year US Treasury bond yield declines toward 4.5% following the PCE inflation data for November, helping XAU/USD stretch higher in the American session.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Bank of England stays on hold, but a dovish front is building
Bank of England rates were maintained at 4.75% today, in line with expectations. However, the 6-3 vote split sent a moderately dovish signal to markets, prompting some dovish repricing and a weaker pound. We remain more dovish than market pricing for 2025.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.