Forex Today: Wait-and-see continues ahead of US inflation figures

Valeria Bednarik FXStreet

What you need to take care of on Wednesday, January 11:

The FX board saw little action on Tuesday amid a scarce macroeconomic calendar and as investors await some central banks’ clarity. US Federal Reserve Chief Jerome Powell and his counterparts from Canada and Japan were on the wires, although as part of a symposium on central bank independence, giving no fresh clues on monetary policies.

The US Dollar advanced throughout the first half of the day but ended it mixed as Wall Street managed to revert pre-opening losses and posted a modest advance. At the same time, US government bond yields advanced. Investors are unwilling to risk much ahead of the release of US inflation data next Thursday.

The EUR/USD pair hovers around 1.0740, while GBP/USD stands at 1.2160, down on the day. Commodity-linked currencies also eased against the greenback, with AUD/USD trading around 0.6890 and USD/CAD in the 1.3420 price zone. Finally, the USD/JPY pair trades marginally higher at around 132.20.

Gold consolidates at around $1,876 a troy ounce, while crude oil ticked higher in the American afternoon. WTI settled at $75.20 a barrel.

The upcoming Asian session will be interesting regarding macroeconomic data, as Australia will publish the November Monthly Consumer Price Index, which is foreseen at 7.3% YoY, up from the previous 6.9%. Also, Australia will unveil November Retail Sales, expected to have increased by 0.6% after falling 0.2% in the previous month. Finally, it is worth adding that China will publish the December Consumer Price Index (CPI) and the Producer Price Index (PPI) for the same month.

Solana price uptrend holding steady as bulls rally 60% on the month

Like this article? Help us with some feedback by answering this survey:

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

EUR/USD holds above 1.1750 after mixed EU PMI data

EUR/USD manages to hold above 1.1750 but struggles to gather recovery momentum on Friday, following the mixed February PMI figures from Germany and the Eurozone. In the second half of the day, Q4 GDP, December inflation and February PMI data from the US will be watched closely by market participants.

GBP/USD recovers further toward 1.3500 after UK PMI data

GBP/USD is recovering ground further toward 1.3500 in European trading on Friday, helped by a modest uptick in the Pound Sterling after stronger-than-expected UK January Retail Sales and February PMI data. However, the pair's further upside could be limited amid persistent US Dollar strength as the focus turns to key US data.

Gold sticks to positive bias above $5,000 ahead of US data

Gold gains some positive traction for the third consecutive day on Friday. holding above $5,000. Traders now look forward to the key US macro releases – the Advance Q4 GDP report and the Personal Consumption Expenditures (PCE) Price Index – for fresh trading impetus.

US GDP growth expected to slow down significantly in Q4 after stellar Q3

The United States Bureau of Economic Analysis will publish the first preliminary estimate of the fourth-quarter Gross Domestic Product at 13:30 GMT. Analysts forecast the US economy to have expanded at a 3% annualized rate, slowing down from the 4.4% growth posted in the previous quarter.

Iran tensions and AI fears at the forefront ahead of key US data

Thursday’s scorecard shows major US Stock benchmarks closed modestly in the red amid mounting US-Iran tensions and AI disruption worries. The S&P 500 shed 19 points (0.3%) to 6,861, the Nasdaq 100 lost 101 points (0.4%) to 24,797, and the Dow Jones Industrial Average dropped 267 points (0.5%) to 49,395.

Official Trump price approaches breakout with mixed signals from traders

Official Trump (TRUMP) is trading at $3.50 at the time of writing, approaching its upper consolidation range. A breakout from this range could open the door for an upside move. On-chain data shows market indecision, with balanced flows between bulls and bears, signaling a lack of clear directional bias.