The USD Index (DXY) saw modest gains on July 24, reaching the 104.50 level despite US yields dropping in the global money markets. The day brought important data releases in the US, including the Advanced Goods Trade Balance, New Home Sales, and preliminary S&P Global Manufacturing and Services PMIs.
EUR/USD experienced a significant retreat to multi-day lows near 1.0840 due to a widespread risk-off sentiment. On the same day, Germany and the broader euro bloc were expecting the flash HCOB Manufacturing and Services PMIs.
GBP/USD broke through the 1.2900 support level as the US dollar strengthened and risk aversion prevailed in the market. In the UK, the focus was on the advanced S&P Global Manufacturing and Services PMIs.
USD/JPY continued its retracement on July 24, flirting with multi-week lows below the 156.00 level. Japan was anticipating the preliminary Jibun Bank Manufacturing and Services PMIs release.
AUD/USD faced downward pressure, with the pair trading close to the 0.6600 level. On the same day, Australia was awaiting the flash Judo Bank Manufacturing and Services PMIs.
WTI prices dropped to six-week lows below $77.00 per barrel due to demand concerns from China and easing geopolitical tensions. Meanwhile, Gold prices saw a slight increase, allowing the precious metal to surpass the $2,400 mark per ounce troy, while Silver also advanced above $29.00 per ounce.
