Forex Today: Risk-related sentiment remains in the driver’s seat

What you need to know on Tuesday, July 13:

Dull trading to start the week amid a scarce macroeconomic calendar. Major pairs seesawed alongside equities, with the greenback strengthening during the European session but easing during US trading hours, as Wall Street trimmed early losses and ended the day with gains.

Government bond yields ticked higher, further indicating a slightly better mood at the end of the day.

EUR/USD trades around 1.1850 while GBP/USD remains a handful of pips below the 1.3900 mark. Commodity-linked currencies ended the day unchanged against its American rival.

Gold prices fell intraday but managed to recover the lost ground and settled at around $1,805 a troy ounce. Crude oil prices ticked lower with WTI ending at $74.15 a barrel.

Investors are trying to digest the latest covid-related news. On one hand, the number of cases in the Northern Hemisphere is on the rise amid the spread of the Delta variant, although the number of hospitalizations among those vaccinated is quite low. In the UK, Health Minister Sajid Javid confirmed that the country is on track to beat its vaccination target and that they will move to the next stage of the road map to “normal.”

US Federal Reserve chief Jerome Powell will testify on Wednesday and my introduce some noise this week.

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