Forex Today: The Dollar regains the smile on firm data
|The Greenback managed to pick up fresh upside traction on the back of another set of firm inflation figures, while the US labour market showed further resilience, all propelling the USD Index to weekly tops. A glimpse at the risk complex saw EUR/USD breaking below 1.0900 and GBP/USD breaching the 1.2800 support.
Here is what you need to know on Friday, March 15:
The USD Index (DXY) advanced to fresh multi-session peaks past the 103.00 barrier in response to further evidence of sticky inflation. At the end of the week, Industrial Production figures and the preliminary print of the Michigan Consumer Sentiment will be in the spotlight.
EUR/USD broke below the 1.0900 support to print fresh weekly lows amidst the prevailing risk-off mood. ECB’s P. Lane will speak on March 15.
GBP/USD accelerated its decline and dropped to multi-day lows in the vicinity of 1.2740 against the backdrop of the robust bounce in the Greenback.
USD/JPY advanced further north of the 148.00 barrier, extending its weekly recovery for the third session in a row amidst the stronger dollar and higher US yields. On March 15, the Tertiary Industry Index is only due in the Japanese calendar.
The resumption of the selling pressure dragged AUD/USD just pips away from the key 200-day SMA (0.6560), printing fresh weekly lows at the same time. In Australia, Consumer Inflation Expectations take centre stage on March 15.
Prices of the barrel of WTI rose to a new 2024 top above the $81.00 mark, bolstered by the upbeat outlook from the IEA, as well as persevering geopolitical concerns and auspicious data from the latest EIA’s weekly report.
Prices of Gold left behind Wednesday’s advance and refocused on the area of recent lows near $2,150 per troy ounce amidst extra gains in the Dollar and rising yields. By the same token, Silver prices came under pressure and returned to negative territory following a new YTD high past the key $25.00 level per ounce.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.