Market Drivers; US Session, July 10

Amid lower US Treasury yields, the USD Index (DXY) maintained the vacillating attitude just over the 105.00 level. The weekly Initial Jobless Claims report, lectures by Fed members Cook and Bostic, and the announcement of the US Inflation Rate take center stage on July 11.

The EUR/USD pair somewhat recovered and avoided the poor start to the week, returning to the 1.0830 zone on Wednesday. On July 11, the German inflation rate is anticipated to be final.

Due to hawkish remarks made by BoE officials and some slight selling pressure in the greenback, the GBP/USD pair kept its positive bias above the 1.2800 mark. The NIESR Monthly GDP Tracker, GDP readings, construction output, balance of trade, industrial production, and manufacturing production are all on the packed UK docket for July 11.
USD/JPY extended its weekly recovery further, opening the door to an imminent test of the 2024 high near 162. Weekly Foreign Bond Investment figures and Machinery Orders will be in the limelight in Japan on July 11.

AUD/USD showed some lack of confidence to advance further, moving into a consolidative phase always above 0.6700 instead. The Consumer Inflation Expectations tracked by the Melbourne Institute are due on July 11.

WTI prices set aside three sessions in a row of losses and staged a mild comeback above the $82.00 mark per barrel.

Gold prices added to Tuesday’s gains and flirted with the $2,390 mark per ounce troy on the back of the lack of direction in the US Dollar and muted yields. Silver prices navigated a tight range near the $31.00 region per ounce.

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