Uninspiring US CPI data and hawkish comments from Fed officials provided additional support to the Dollar on Thursday ahead of the release of more inflation metrics at the end of the week.
Here’s what you need to know on Friday, October 11:
The US Dollar Index (DXY) broke through the 103.00 barrier to hit fresh two-month highs as market participants adjusted their bets on a 25 basis point rate cut in November. Inflation in the US will continue to be the focus of the debate with the release of Producer Prices, followed by the preliminary Michigan Consumer Sentiment index and speeches by the Fed’s Goolsbee and Bowman.
The bearish pressure on EUR/USD gained more strength, briefly sending the pair to support below 1.0900. The final inflation rate in Germany will be the focus, followed by the Current Account results.
Additional gains in the Dollar prompted GBP/USD to extend its decline and trade just a few pips away from key support at 1.3000. Interesting day on the UK agenda with the release of GDP figures, Goods Trade Balance, Industrial Production, Manufacturing Production, Construction Production and the monthly NIESR GDP tracker.
USD/JPY partially moderated Wednesday’s sharp advance shortly after reaching new highs around 149.50. Next on the Japanese agenda will be the Industrial Production figures on October 15.
AUD/USD outperformed its risk peers and advanced modestly after five consecutive daily declines. Westpac’s leading index and RBA’s Hunter speech will be released on October 16.
WTI prices rose sharply on lingering geopolitical concerns and hopes for a demand recovery in China and the US.
Gold prices reversed a multi-day negative streak and regained the region of $2,630 per troy ounce after briefly bottoming near $2,600. Silver prices put three consecutive daily losses behind them and posted a robust rebound 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.
