Forex Today experienced moderate risk-aversion, as the Yuan weakness returned to the markets, leaving investors on the edge again. The US dollar consolidated yesterday’s rally versus its main competitors. The Yen regained control amid risk-averse market condition and subdued Treasury yields while the Antipodeans traded mixed, with the Aussie clinging onto the recovery gains, in response to the bounce in copper prices. Meanwhile, oil prices traded almost unchanged, with WTI looking to regain the $ 70 mark. Comex gold futures, on the other hand, traded on the back foot near $ 1223 levels amid higher Asian equities. Main topics in Asia US President Trump could order a strike on Iran – ABC Australia As reported by ABC News Australia, sources within the Turnbull government say that the US could be prepared to bomb key nuclear strategic targets in Iran as soon as next month. Republican lawmakers still sceptical on EU-US trade – Reuters As reported by Reuters, Republican officials remain on the sidelines about the success of trade talks between US President Trump and the European Union’s Jean-Claude Juncker. IMF sees China growth at 6.6% for 2018 The International Monetary Fund (IMF) is expecting growth in China to top out at 6.6% this year. Asian stocks mixed as trade angst continues to weigh on China indexes Equities in the Asian market session are mixed for Friday, with Japanese equities on the optimistic side, while Chinese equities remain cautious on continuing trade concerns with Shanghai’s CSI 300 index testing near 3,500.00. China supports WTO reform – China Commerce Ministry “China is supportive of WTO reform, and hopes the reform will address the concerns of most members and reflect their needs”, China’s Ministry of Commerce spokesperson Gao Feng said. USD/CNH holds above 6.8 after bullish outside-day The USD/CNH pair (offshore Yuan exchange rate) rose to 6.8306 earlier today and was last seen trading largely unchanged around 6.8227. Trump thinks Friday’s GDP numbers in the US will be terrific Comments crossed the wires earlier today from the US President Trump, as he expressed his take on the US Q2 GDP figures due to be released at 1230 GMT this Friday. State-owned Chinese banks seen selling US dollar against the Yuan – Reuters Reuters reports the latest chatter doing the rounds that the large state-owned Chinese banks seem to be selling US dollar against the Yuan in the forwards market, in an effort to stall the Yuan declines. Key Focus ahead Heading into the European session on the final trading day of this week, the macro calendar remains data-empty, and hence, all eyes remain on the US docket, with the key first estimate of the second quarter GDP slated for release at 1230 GMT. The annualized US Q2 GDP growth rate is expected to jump to 4.1% versus 2.0% previous. Also, of note remains the core personal consumption expenditure and revised UoM consumer sentiment that will wrap up a data-light ECB week. Ahead of the US data, markets will also look forward to the FOMC member Bullard’s speech scheduled at 1200 GMT for any fresh hints on the US interest rates outlook, especially after the US President Trump’s take on the Fed’s rate hike policy. EUR/USD: Pennnat intact, bearish outside-day fails to revive Put demand The options data calls for caution on the part of the aggressive EUR bears. That said, an above-forecast GDP reading (due today) could yield a downside break of pennant pattern, boosting demand for the EUR puts. GBP/USD hanging onto 1.31 ahead of US GDP figures Friday offers nothing on the GBP side of the economic calendar, and traders will be focusing on the US preliminary GDP figures due at 12:30 GMT and the headliner annualized GDP for Q2 is forecast to clock in at 4.1%, versus the previous reading of 2.0%. US GDP Preview: After the Trump leak, look beyond the headline number The United States publishes the first estimate of Gross Domestic Product for the second quarter on Friday, July 27th, at 12:30 GMT. North, South Korea to hold military talks on July 31 – Yonhap South Korea’s state news agency’s Yonhap cited South Korea’s Defence Ministry on Friday, as saying that South and North Korea agreed to hold military talks on Tuesday. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next The Chinese yuan is ‘fairly valued’ despite recent weakening – IMF official FX Street 5 years Forex Today experienced moderate risk-aversion, as the Yuan weakness returned to the markets, leaving investors on the edge again. The US dollar consolidated yesterday's rally versus its main competitors. The Yen regained control amid risk-averse market condition and subdued Treasury yields while the Antipodeans traded mixed, with the Aussie clinging onto the recovery gains, in response to the bounce in copper prices. Meanwhile, oil prices traded almost unchanged, with WTI looking to regain the $ 70 mark. Comex gold futures, on the other hand, traded on the back foot near $ 1223 levels amid higher Asian equities. 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