Here’s what you should know for Tuesday, July 29th:
US Dollar (USD) is holding steady against other currencies after a strong performance on Monday. The July Consumer Trust Report is on the agenda in the US Economic Calendar, along with Joltz’s job openings and June’s product trade balancing data. Moreover, market watchers are likely to keep an eye on developments from the second day of trade talks between the US and China.
This week’s US Dollar Price
The table below outlines the fluctuations of the US dollar (USD) against other currencies this week, showing it as particularly strong against the euro.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 1.70% | 0.74% | 0.42% | 0.24% | 0.95% | 0.91% | 1.00% | |
| EUR | -1.70% | -0.98% | -1.23% | -1.44% | -0.74% | -0.79% | -0.69% | |
| GBP | -0.74% | 0.98% | -0.45% | -0.47% | 0.24% | 0.19% | 0.28% | |
| JPY | -0.42% | 1.23% | 0.45% | -0.17% | 0.48% | 0.46% | 0.71% | |
| CAD | -0.24% | 1.44% | 0.47% | 0.17% | 0.68% | 0.66% | 0.76% | |
| AUD | -0.95% | 0.74% | -0.24% | -0.48% | -0.68% | -0.05% | 0.04% | |
| NZD | -0.91% | 0.79% | -0.19% | -0.46% | -0.66% | 0.05% | 0.10% | |
| CHF | -1.00% | 0.69% | -0.28% | -0.71% | -0.76% | -0.04% | -0.10% |
The heatmap indicates how each currency changes relative to one another. The first column has the base currency, and the top row has the estimated currency. For instance, selecting US dollars from the left and USD/JPY from the top will show the change rate.
The USD index surged by 1% on Monday, marking its biggest daily gain since May. Reports indicated that U.S. Treasury Secretary Scott Bescent and Chinese Deputy Prime Minister are working to address significant trade and technology conflicts. Earlier on Tuesday, USD index futures are expected to remain cautiously elevated.
USD/CAD climbed around 0.3% on Monday, maintaining positive results for three consecutive days. Canadian Prime Minister Mark Carney noted that trade discussions continue, countering claims that Canada is “hard to deal with.” He also mentioned that the US offer might involve reactive tariffs and working towards a compromise. The pair is fluctuating in a consolidation phase, trading just below 1.3750 this morning.
AUD/USD faced pressure due to overall strength of the USD, dropping significantly. It found some stability on Tuesday morning, moving narrowly above 0.6500. The Australian Bureau of Statistics plans to release its second quarter Consumer Price Index (CPI) data on Wednesday.
EUR/USD declined more than 1% on Monday, wiping out all gains from the previous week and struggling to gain momentum early Tuesday, trading below 1.1600.
GBP/USD fell about 0.6% on Monday, staying weak, trading below 1.3350. Upcoming data from the Bank of England regarding mortgage approvals and new loans are expected later in the week.
USD/JPY reached a new weekly high of 148.70 during Asian trading hours but has since dipped below 148.50.
Gold started the week on a notable downturn, hitting its lowest point at nearly $3,300 in approximately three weeks. XAU/USD managed a slight rebound early Tuesday, trading close to $3,320.
