Forex Today: UK, EMU inflation come to the fore along with US data
|Tuesday’s inconclusive price action in the FX universe came on the back of incessant speculation of a rate cut by the Fed in September, leaving the US Dollar and most of the risk-linked assets almost unchanged from Monday’s closing levels.
Here is what you need to know on Wednesday, July 17:
The USD Index (DXY) hovered around the low-104.00s after the effects from better-than-expected US Retail Sales fizzled out towards the end of Tuesday’s session.The usual weekly Mortgage Applications are due in the first turn on July 17, seconded by Building Permits, Housing Starts, Industrial Production and the Fed Beige Book. In addition, the Fed’s Barkin and Waller are also due to speak.
EUR/USD managed to leave behind the earlier knee-jerk and revisited the 1.0900 zone. On July 17, the final Inflation Rate in the broader Euroland will be the salient event on the old continent.
GBP/USD traded in a vacillating fashion, although it succeeded in keeping business near recent peaks just below 1.3000. The release of UK Inflation Rate takes centre stage on July 17.
USD/JPY added to Monday’s gains on the back of the resumption of the selling pressure around the Japanese currency. The Reuters Tankan Index is expected on July 17.
AUD/USD dropped markedly to multi-day lows near 0.6710, adding to Monday’s pullback amidst lower commodity prices and small gains in the Greenback. The Leading Index tracked by Westpac and the speech by the RBA’s Simon are due in Oz on July 17.
Persistent demand concerns weighed on traders and prompted WTI prices to retreat for the third session in a row and approach the $80.00 mark per barrel.
Prices of Gold advanced to a record high past the $2,460 mark per ounce troy as traders continued to assess rate cuts by the Fed. Its cousin Silver followed suit and rose past the $31.00 mark per ounce after two daily retracements in a row.
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