Forex Today: Soft or hard landing? Upcoming US data will have a say


A persistent selling bias kept the Greenback’s price action subdued for yet another session, a view that was bolstered by further confirmation of the downward path of US inflation, as per July’s CPI data.

Here is what you need to know on Thursday, August 15:

The USD Index (DXY) dropped to multi-day lows near 102.30 on the back of persevering US disinflationary pressures. A busy US calendar on August 15 will feature Retail Sales, the Philly Fed Manufacturing Index, usual weekly Initial Jobless Claims, Industrial Production, the NAHB Housing Market Index and Net Long-term TIC Flows. In addition, the Fed’s Musalem and Harker are due to speak.

EUR/USD rose further and hit new 2024 tops around 1.1050 on the back of further weakness in the Greenback. There will be no data releases on the euro docket on August 15.

GBP/USD came under pressure as market participants started to pencil in around 50 bps of easing by the BoE following the UK CPI readings. The GDP Growth Rate, Balance of Trade results, Construction Output, Industrial Production, Manufacturing Production, and the NIESR Monthly GDP Tracker are all due on August 15.

USD/JPY alternated gains with losses near the 147.00 region amidst the broader consolidative range. The GDP Growth Rate takes centre stage on August 15, seconded by weekly Foreign Bond Investment, and final Industrial Production.

AUD/USD gave way some gains and set aside two consecutive daily advances aoon after hitting tops near 0.6650. The Consumer Inflation Expectations, and the publication of the jobs report are all due on August 15.

WTI prices broke below the $78.00 mark per barrel to clinch their second straight day of losses on the back of easing geopolitical jitters and demand concerns.

Prices of Gold receded to two-day lows near $2,440 per ounce troy as investors reassessed the Fed’s rate path. Silver prices retreated to four-day lows near $27.20 per ounce following the broad-based weakness in the commodity complex and Chinese concerns.

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

AUD/USD: Next on the downside comes 0.6500

AUD/USD: Next on the downside comes 0.6500

Further gains in the US Dollar kept the price action in commodities and the risk complex depressed on Tuesday, motivating AUD/USD to come close to the rea of the November low near 0.6500.

AUD/USD News
EUR/USD: No respite to the sell-off ahead of US CPI

EUR/USD: No respite to the sell-off ahead of US CPI

The rally in the Greenback remained well and sound for yet another session, weighing on the risk-linked assets and sending EUR/USD to new 2024 lows in the vicinity of 1.0590 prior to key US data releases.
 

EUR/USD News
Gold struggles to retain the $2,600 mark

Gold struggles to retain the $2,600 mark

Following the early breakdown of the key $2,600 mark, prices of Gold now manages to regain some composure and reclaim the $2,600 level and beyond amidst the persistent move higher in the US Dollar and the rebound in US yields.

Gold News
SOL Price Forecast: Solana bulls maintain $250 target as Binance lists ACT and PNUT

SOL Price Forecast: Solana bulls maintain $250 target as Binance lists ACT and PNUT

Solana price retraced 7% from $225 to $205 on Tuesday, halting a seven-day winning streak that saw SOL become the third-largest cryptocurrency by market capitalization.

Read more
Five fundamentals: Fallout from the US election, inflation, and a timely speech from Powell stand out

Five fundamentals: Fallout from the US election, inflation, and a timely speech from Powell stand out Premium

What a week – the US election lived up to their hype, at least when it comes to market volatility. There is no time to rest, with politics, geopolitics, and economic data promising more volatility ahead.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures