Marketwatch North America

Daily Insights
July 21, 2023

The dollar is trading higher today, its 4th consecutive daily gain vs. the G10 pairs. The U.S. dollar index (DXY) is 0.18% for the day and 1.14% since last Friday’s close. The DXY’s recent low at 99.578 was very near support at 99.05, a 61.8% retracement from last September’s high, a key technical indicator.

The widest gain for the dollar today is a 0.93% surge vs. the JPY. USDJPY reached 141.95, its highest mark in 11 days. Bank of Japan officials released a statement overnight stating they see little need to address the side effects of its yield curve control program, which has been criticized for distorting markets by keeping long-term rates form rising.

U.S. Treasury yields have dipped today with most movement in the far-dated tenors. Market attention has shifted to next week’s FOMC rate decision on the 26th, and the high probability of a 25 basis-point hike.

U.S. equity indexes are trading higher, with the Nasdaq 100 leading with a gain of 0.75%. Oil is 0.78% at $76.24/barrel.

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Economic Calendar

CAD - Core Retail Sales m/m
CAD - Retail Sales m/m
AUD - Employment Change
AUD - Unemployment Rate
USD - Unemployment Claims

Market Indicators

Currency Pairs
Pair High Low
eur/usd 1.1145 1.1117
gbp/usd 1.2904 1.2816
aud/usd 0.6788 0.6732
usd/jpy 141.9600 139.7500
usd/usd 1.3212 1.3153
Equities and Commodities
SP500 4,587.3600
NASDAQ 15,704.5000
OIL 76.1400
GOLD 1,962.0600

This document is for information purposes only and does not constitute any recommendation or solicitation to any person to enter into any transaction or adopt any trading strategy, nor does it constitute any prediction of likely future movements in exchange rates or prices or any representation that any such future movements will not exceed those shown on any illustration. All exchange rates and figures appearing are for illustrative purposes only. You are advised to make your own independent judgment with respect to any matter contained herein.