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 holds on to intraday gains after upbeat US data
EUR/USD remains in positive ground on Friday, as profit-taking hit the US Dollar ahead of the weekend. Still, Powell's hawkish shift and upbeat United States data keeps the Greenback on the bullish path.
GBP/USD pressured near weekly lows
GBP/USD failed to retain UK data-inspired gains and trades near its weekly low of 1.2629 heading into the weekend. The US Dollar resumes its advance after correcting extreme overbought conditions against major rivals.
Gold stabilizes after bouncing off 100-day moving average
Gold trades little changed on Friday, holding steady in the $2,560s after making a slight recovery from the two-month lows reached on the previous day. A stronger US Dollar continues to put pressure on Gold since it is mainly priced and traded in the US currency.
Bitcoin to 100k or pullback to 78k?
Bitcoin and Ethereum showed a modest recovery on Friday following Thursday's downturn, yet momentum indicators suggest continuing the decline as signs of bull exhaustion emerge. Ripple is approaching a key resistance level, with a potential rejection likely leading to a decline ahead.
Week ahead: Preliminary November PMIs to catch the market’s attention
With the dust from the US elections slowly settling down, the week is about to reach its end and we have a look at what next week’s calendar has in store for the markets. On the monetary front, a number of policymakers from various central banks are scheduled to speak.
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.