Forex Today: The publication of US CPI data steals the show
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The Greenback added to recent gains amid rising yields and intense caution ahead of the release of the US inflation figures gauged by the CPI on Wednesday.
Here is what you need to know on Wednesday, December 11:
The US Dollar Index (DXY) advanced for the third consecutive day, extending the move past the 106.00 barrier prior to the release of crucial US CPI data on Wednesday. The US Inflation Rate would be the salient event in the FX galaxy, seconded by the weekly MBA Mortgage Applications as well as the EIA’s weekly report on US crude oil inventories.
EUR/USD added to weekly losses and briefly breached the 1.0500 support to reach new four-day lows. Next on tap in the euro docket will be the ECB gathering on December 12.
GBP/USD maintained its bullish bias, adding to Monday’s advance and revisiting the 1.2780 zone. The RICS House Price Balance comes next across the Channel on December 12.
USD/JPY’s upside impulse picked up extra pace and reclaimed the area beyond the 152.00 barrier, challenging at the same time the key 200-day SMA. Japan’s Producer Prices, the Reuters Tankan Index and the BSI Large Manufacturing index will be published.
AUD/USD remained well on the defensive below the 0.6400 support as investors assessed the dovish tilt at the RBA’s meeting. All the attention will be on the release of the Australian labour market report on December 12.
Prices of WTI extended the auspicious start to the week and advanced above the $69.00 mark per barrel as traders continued to digest fresh stimulus in China and potential supply concerns in Europe.
Prices of Gold rose further and printed new two-week highs just below the key $2,700 mark per troy ounce ahead of US CPI data. Silver prices added to Monday’s strong advance, remaining close to the $32.00 mark per ounce.
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