ForexLive European FX news wrap: Dollar down slightly in cautious start to the week

Author: Justin Low | Category: News

Forex news from the European trading session - 26 July 2021

Headlines:

Markets:

  • GBP leads, USD lags on the day
  • European equities slightly lower; S&P 500 futures -0.2%
  • US 10-year yields down 4 bps to 1.246%
  • Gold up 0.4% to $1,807.90
  • WTI down 0.6% to $71.66
  • Bitcoin up 11% to $38,500

It is shaping up to be a cautious start to the week, with the market keeping its focus on the FOMC meeting later to follow on Wednesday.

Equities are slightly on the defensive, with Treasury yields pulled lower but at least off earlier lows now going into North American trading.

10-year yields were dragged down to a low of 1.22% but is keeping around 1.24% to 1.25% now as the bid in bonds is holding up to start the new week.

That is helping to keep the yen more bid with USD/JPY down from 110.50 to 110.20 levels.

The dollar is trading more mixed as US real yields were dragged to an all-time low during the session, keeping some light pressure on the greenback.

EUR/USD moved up from 1.1775 to 1.1800 while GBP/USD moved up from 1.3750 to 1.3800 with commodity currencies also paring losses against the dollar.

The other key mover to start the new week is Bitcoin and price shoots up towards $40,000 but key technical resistance levels are still holding for now, so that is one to watch.

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