Forex Today: King dollar rules in Asia, eyes on new UK PM announcement

  • US dollar index rises on lower odds of aggressive Fed easing.
  • Gold drops amid risk-on market profile.
  • Market awaits next UK PM announcement.

Here is what you need to know to start your day on Tuesday, July 23rd, European session: 

– US dollar hit weekly tops vs. main rivals; Trump, Congress leaders reached a deal on debt limit, Trump ramped up pressure on the Fed for easing.

– Asian equities cheered the prospect of Fed, ECB easing, USD/JPY advanced beyond 108.00 – unfazed by BOJ pre-emptive easing talks, S. Korea fired warning shots on Russian planes.

– Kiwi slipped as RBNZ considers working on unconventional policy/ QE strategy while RBA’s Kent said its highly unlikely to need QE.

– Cable pressured; Boris Johnson set to become next UK PM as Conservatives to announce new leader at 1045 GMT.

– Trade: US negotiators to visit China next week for first face-to-face trade talks since G20. China launched an anti-dumping probe on US propanol exports.

Oil prices traded modestly flat amid UK-Iran geopolitical tensions, Gold fell on dollar strength, higher Treasury yields.

Cryptocurrencies remained under pressure. Bitcoin held above the 10k handle.

Key economic events ahead



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