A mildly positive session left the US dollar trading around recent levels against a backdrop of declining yields globally, as market participants kept their attention on messages from Fed officials on the likely path of the bank’s rates. .
Here’s what you need to know on Wednesday, October 16:
The US Dollar Index (DXY) struggled to advance further, maintaining its trading at the upper end of the range at the low 103.00s. MBA Mortgage Applications will be released along with Export and Import Prices, all ahead of the weekly API US crude oil inventory report.
There was no respite for the bearish bias in EUR/USD, which this time retreated to new lows near 1.0880. The ECB’s Lagarde will speak ahead of the central bank’s interest rate decision on Thursday.
Auspicious data releases on the UK docket helped GBP/USD hold on to daily gains after briefly breaching the 1.3100 barrier. The UK inflation rate will be the focus.
The recent appreciation of the Japanese currency led USD/JPY to give up some of Monday’s decent advance. BoJ Machinery Orders and Adachi speech are next on the agenda.
AUD/USD added to Monday’s negative price action and returned to the 0.6700 neighborhood. Westpac’s Leading Index and RBA’s Hunter speech are next on the agenda.
Demand concerns combined with easing geopolitical concerns weighed heavily on WTI prices, sending them into the area below the $70.00 mark, or two-week lows.
Gold prices resumed their upward trend and surpassed the $2,660 per troy ounce mark following lackluster gains in the US Dollar and declining US yields. Silver prices faded the negative start to the week and rose well above the $31.00 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.
