The weak US inflation data and the increase in bets due to a Fed fees cut in September, together with the commercial agreement between the US and China, kept the US dollar on the defensive throughout the day.
This is what you have to observe on Thursday, June 12:
The US dollar index (DXY) broke below the 99.00 support to reach new minimums of several days amid mixed yields in the US along the curve. Producer prices will be in the center of attention, followed by initial weekly applications for unemployment.
The massive sale of the dollar gained additional impulse, causing EUR/USD to rise even more and approach the 1,1500 barrier. The members of the ECB Schnabel, Guindos and Elderson are scheduled to speak.
The GBP/USD regained the smile and kept the trade above the obstacle of 1,3500, leaving behind Tuesday’s back. An interesting agenda will include GDP figures, industrial production and manufacturing, results of the commercial balance, construction production, the RICS housing prices balance and the monthly NIESR GDP tracker.
The USD/JPY maintained its erratic performance so far this week, fading the profits of Tuesday and resuming its downward trend towards the 144.30 area. Large manufacturing BSI data are scheduled, followed by weekly foreign investment figures in bonds.
The Aud/USD rose to new annual maximums about 0.6550, only to retreat that movement and end the day with modest losses about 0.6500. The next thing on the agenda in Australia will be the inflation expectations tracked by the Melbourne Institute and Jacobs Del RBA speech.
The positive holders of the commercial front between the US and China promoted the prices of crude oil, taking them to new two months above the 68.00 mark per US WTI barrel.
Gold prices extended their weekly gradual advance, reaching maximums of several days around $ 3,360 per ounce Troy after the seller interest in the US dollar and the commercial agreement between the USA and China. The silver prices joined the setback on Tuesday and went down to minimum of two days, leaving only a few pips of the key support in the 3,00 $ per ounce mark.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
