Forex Today: Slow start to a busy week

What you need to take care of on  Tuesday, July 26:

The week started in risk-off mode, although the better performance of equities weighed on the greenback since the mid-European session. Earnings reports and hopes that the US Federal Reserve will refrain from innovating on monetary policy partially offset concerns about a global recession.

The EUR was among the worst performers, as tepid European data weighed on the shared currency. The latter also suffered from persistent tensions with Russia. The Nord Stream 1 pipeline is flowing at around 20% of its full capacity, and Europe will not have enough natural gas to make it throughout the winter. The pair trades around 1.0220, little changed for a second consecutive day.

The lack of news were good news for high-yielding currencies. The GBP/USD pair trades at around 1.2050, while AUD/USD nears July high at 0.6977. On the other hand, the USD/CAD pair is down to 1.2840.

The dollar advanced modestly against safe-haven rivals. USD/CHF stands at 0.9640 while USD/JPY trades around 136.60.

Gold price eased now, trading at around $1,717 a troy ounce. Crude oil prices were marginally higher, with WTI now trading at $96.60 a barrel.

The macroeconomic calendar had little to offer until next Wednesday. The US Federal Reserve monetary policy decision will top the first-tier event list, but preliminary GDPs and inflation figures for different economies will also be out.

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