Market Drivers; US Session, July 25

The US Dollar Index held near 104, influenced by yen movements and rate cut speculation. The release of PCE data, personal income, personal spending, and the final Michigan Consumer Sentiment is expected to impact the dollar.

The euro recovered recent losses, trading near 1.0870 against the dollar. The ECB’s Consumer Inflation Expectations survey will be released. The British pound weakened for a third day amid growing expectations of a Bank of England rate cut.

The yen strengthened after hitting a low below 152, recovering to near 154. Tokyo inflation data, the Coincident Index, and the Leading Economic Index will be released. The Australian Dollar (AUD): The Australian dollar extended its decline, reaching its lowest level since early May.

Commodities:

Oil prices rose, with WTI crude above $78 per barrel. Gold and silver prices fell, with gold near $2,360 per ounce and silver below $28 per ounce.

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