What you should know on Tuesday, January 11:
The dollar oscillated between gains and losses, unable to find a clear direction and led by US Treasury yields once again. Market participants await news on inflation from the US, as the country will publish the final reading of the Consumer Price Index for December next Wednesday, and it is expected to have been revised up to 7% year-on-year.
Meanwhile, US Fed Chairman Jerome Powell will testify Tuesday on re-election to chair the Federal Reserve Board of Governors before the Senate Banking Committee. Your comments are likely to be released in advance of the event and will be watched closely for any clues about the future of monetary policy.
EUR / USD is trading around 1.1330, while GBP / USD hovers around the 1.3570 level, posting modest intraday losses. AUD / USD is unchanged on a daily basis, although USDCAD advanced, with the loonie weakening along with oil. Black gold spent the day under pressure, with the WTI closing at $ 78.10 a barrel.
Gold, on the other hand, managed to regain some ground and is trading just above the 1,800 threshold heading into the Asian open. However, its upside potential remains limited.
The Japanese yen appreciated against the dollar, with the pair currently trading around 115.20. The bitter tone of global indices weighed on the pair as the European and US indices closed lower.
US Treasury yields rose amid inflation-related concerns. The yield on the 10-year note touched 1.80%, but currently stands at 1.77%.
Australia will release retail sales for November and the trade balance for the same month, which is likely to generate some action in the Asian session.
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