The Dollar overcame its initial bearish tone and closed Monday’s session with decent gains, supported by renewed geopolitical tensions and cautious sentiment ahead of the upcoming release of US inflation data.
Here’s what you need to know on Tuesday, December 10:
The US Dollar Index (DXY) rose for the second day in a row and reclaimed the area beyond the 106.00 barrier amid a modest rebound in US yields. The NFIB Business Optimism Index is expected, along with Unit Labor Costs and API’s weekly report on US crude oil inventories.
The EUR/USD pair added to Friday’s pullback after a failed attempt to retest the 1.0600 barrier. Germany’s final inflation rate will be the focus of attention on the old continent.
GBP/USD traded firmly, although it once again faltered just before the key figure of 1.2800. There will be no data releases across the Channel.
USD/JPY advanced to multi-day highs north of the 151.00 barrier following gains in the Dollar and rising US yields.
AUD/USD made a strong reversal and challenged the 0.6470 zone after a drop to levels below 0.6400, all ahead of the RBA meeting on Tuesday. Apart from that, the Business Confidence index followed by NAB is awaited.
Geopolitics are back in play, helping WTI prices rise sharply to two-day highs near the $69.00 per barrel mark.
Central bank purchases and expectations of a Fed rate cut lifted gold prices to two-week highs near $2,680 per troy ounce. Silver prices advanced to five-week highs north of the $32.00 per ounce mark, boosted by expectations of more Chinese stimulus.
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.
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