Forex Today: Dollar bulls stage a comeback

Here is what you need to know on Tuesday, August 25:

It was a dull start to the week across the FX board, as major pairs remained within familiar levels. Risk appetite, however, led the way. Global indexes posted substantial gains, with the rally attributed to encouraging news coming from the US.

The FDA approved the used of convalescent plasma to treat severe coronavirus cases, which is already in use in other countries.

Meanwhile, TikTok sued the Trump administration, over the latest US President decision to ban the app in the United States, with the company claiming that it didn’t have a fair chance to defend itself.

EUR/USD and GBP/USD posted modest intraday gains but closed the day with losses, not far from last week’s lows.

Commodity-linked currencies also lost ground and fell toward its previous week lows against the dollar, somehow indicating that the greenback is still king. No major breakouts took place.

Gold continued to fall. The bright metal settled at $1,925 a troy ounce. Crude oil prices eased within range.