- US dollar index offered reprieve by the NY Fed’s clarification on President Willian’s comments.
- Gold consolidates the rally to 2019 highs.
- All eyes on trade and geopolitical developments.
Here is what you need to know to start your day on Friday, July 19th, European session:
- US dollar bounced vs. main competitors after the NY Fed disavowed President Williams’ preventive rate cut comments, Treasury yields looked to stabilize.
- USD/JPY jumped off 107.21 lows, a dead cat bounce amid aggressive July Fed rate cut calls? Japanese CPIs matched estimates.
- Asian equities cheered risk-on. Aussie’s upside capped near 0.7080 amid trade anxiety. Kiwi bulls faced rejection just below 0.68 handle.
- US-China officials discussed trade; Mnuchin eyes possible in-person talks. Japan urged S. Korea envoy to act amid escalating trade row over wartime forced labor.
- UK: The Cable consolidated the recovery amid upbeat UK retail sales data and mounting Hard Brexit risks.
- Oil prices extended the corrective upside after US Navy ship 'destroyed' Iranian drone in Gulf, ignored IEA 2019 oil demand forecast downgrade. Gold pulled back from 2019 highs of $1452.
- Cryptocurrencies consolidated the latest upmove. Bitcoin capped below 11k.
Key events to watch
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