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Forex Today: US Dollar struggles to extend rebound as focus remains on Middle East
Here is what you need to know on Tuesday, July 21:
Japanese Yen: Pressured within 161.30–163.00 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang sees USD/JPY holding a firmer tone, with intraday action likely confined to a higher 162.30–162.70 range. Over the next few weeks, a broader consolidation between 161.30 and 163.00 is expected.
Euro rebounds from multi-day low as carry trade undermines JPY; focus remains on ECB
The EUR/JPY cross attracts some dip-buyers on Tuesday, snapping a three-day losing streak and stalling its recent retracement slide from the 186.00 mark or a nearly one-month high touched last week.
British Pound: Rally seen fading against Euro – OCBC
OCBC’s Sim Moh Siong and Christopher Wong flag renewed United Kingdom (UK) fiscal concerns under Prime Minister Andy Burnham as a headwind for the British Pound (GBP).
AUD/USD Price Forecast: Further upside likely towards 0.7100
The Australian Dollar (AUD) outperforms its major currency peers, trading 0.28% higher to near 0.7018 against the US Dollar (USD) during the European trading session on Tuesday.
Euro edges up to 1.1420 as Eurozone Economic Sentiment beats expectations
The Euro (EUR) edges up against the US Dollar (USD) on Tuesday, returning to levels just above 1.1420 after a three-day reversal from last week's highs at 1.1480 found support at 1.1400.
Equities: Geopolitics weigh on stocks – Deutsche Bank
Deutsche Bank strategists report the S&P 500 slipping for a third straight session as geopolitical uncertainty and higher US real yields pressure risk assets.
New Zealand Dollar gathers strength above 0.5850 as CPI inflation data bolster RBNZ rate hike bets
The NZD/USD pair gains traction to around 0.5860 during the early European trading hours on Tuesday. Hotter New Zealand inflation data provide some support to the New Zealand Dollar (NZD) against the US Dollar (USD). The US ADP Employment report will be published later on Tuesday.Â
Brent: Geopolitics weigh on prices – ING
ING strategists Warren Patterson and Ewa Manthey note Brent retreated below $90/bbl as hopes for US–Iran de-escalation offset rising supply risks. They highlight reports of a proposed 10‑day ceasefire and ongoing large divisions between the US and Iran.
Euro pulls back against a stronger Pound following upbeat UK employment data
The Euro (EUR) posts moderate losses against the British Pound (GBP) on Tuesday, yet trading within recent ranges.
US Dollar: Fed inflation framework questions – Commerzbank
Commerzbank’s Volkmar Baur discusses how persistent high Oil and energy prices complicate the Federal Reserve’s stance, with markets only modestly pricing in further tightening.
British Pound attracts bids after UK employment data release
The British Pound (GBP) snaps a three-day losing streak against the Japanese Yen (JPY), rebounding to near 218.55 during the European trading session on Tuesday. The cross attracts bids after the release of the United Kingdom (UK) labor market data for the three months ending May.
British Pound holds positive ground near 1.3450 after UK employment data
The GBP/USD pair holds positive ground near 1.3450 during the early European trading hours on Tuesday. The British Pound (GBP) strengthens against the US Dollar (USD) following the UK employment report.