Forex Today – Asian Session: Lack of enthusiasm points to some consolidation

There was no joy for the Dollar on Tuesday as sellers regained control amid a general absence of fervour among market participants ahead of key US data releases later in the week. Sterling outperformed its peers in the risk-linked universe thanks to a persistently hawkish stance from the BoE.

Here’s what you need to know on Wednesday, August 28:

The Dollar Index (DXY) quickly put Monday’s advance behind it and turned its attention back to the downside, where recent yearly lows are located. The weekly MBA mortgage applications results will be released on August 28, followed by the EIA report on US crude oil inventories and Waller’s FOMC speech.

EUR/USD regained bullish traction and partially erased the negative start to the week. On August 28, the ECB will publish its M3 Money Supply figures along with corporate loans and household loans data.

GBP/USD rose to more than two-year highs near 1.3250, supported by expectations that the BoE would not cut rates as much as markets had anticipated this year. There will be no data releases across the Channel on August 28.

USD/JPY maintained the well-established downtrend and once again challenged the key support at 144.00. The Final Coincident Index and Leading Economic Index will be released on August 28.

The AUD/USD maintained its activity in the area of ​​recent peaks, although a test or break of the 0.6800 barrier remained elusive. The RBA Monthly CPI Indicator will be released on August 28.

WTI retreated sharply, snapping three consecutive days of gains on renewed demand concerns and some profit-taking in light of the recent sharp rebound.

Gold prices alternated between gains and losses above the $2,500 per troy ounce region amid investor caution ahead of the release of the PCE US Silver prices rose slightly and remained near $30.00 per ounce.