Market turmoil dissipates on further yen sell-off

Another positive session saw the greenback advance to weekly highs, helped by further depreciation in the Japanese currency and the steady northward march of US yields across the spectrum.

Here’s what you need to know on Friday, August 9:

The USD index (DXY) climbed to four-day highs beyond 103.50 amid higher global yields and prevailing risk-on sentiment. The US file will be empty on August 9.

EUR/USD posted its third straight daily pullback, falling below the 1.0900 support in response to further US dollar gains. Germany’s final inflation rate will be the only release scheduled on the euro calendar on August 9.

GBP/USD quickly gave up an early dip to multi-week lows near 1.2660, retrieving the area above 1.2700 amid prevailing appetite for the risk complex. There will be no UK dates released on August 9.

USD/JPY extended its weekly advance on continued sell-off in the Japanese yen and persistent risk-on mood among traders. There will only be a short term auction on August 9th.

A further bounce lifted AUD/USD to fresh two-week highs near 0.6580, rising for a third straight day on Thursday. The NAB Business Confidence Index will not be released until August 9.

WTI prices rose further and hit weekly highs above the $76.00 per barrel mark, helped by persistent geopolitical concerns in the Middle East.

Gold prices rose to three-day highs near $2,425 a troy ounce on hopes of a 50 bps rate cut by the Fed after the summer. Silver rose more than 3% to revisit the region of $27.60 an ounce, or multi-day highs.