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Forex Today: Preparing for US CPI

A choppy session saw the Dollar extend its weekly consolidation amid erratic performance across the risk complex, as investors assessed further Congressional testimony from Chairman Powell ahead of the release of US CPI data.

Here’s what you need to know on Thursday, July 11:

The US Dollar Index (DXY) maintained the hesitant tone just above the 105.00 hurdle amid muted US yields. The US inflation rate release will be in focus on July 11, followed by the weekly initial jobless claims and speeches by Fed’s Cook and Bostic.

EUR/USD improved marginally and put a negative first half of the week behind it, revisiting the 1.0830 region on Wednesday. The final inflation rate in Germany is expected on July 11.

GBP/USD maintained its bullish bias beyond the 1.2800 level on the back of hawkish comments from BoE officials and mild selling pressure on the Dollar. A busy UK agenda on July 11 includes readings on GDP, construction output, trade balance, industrial production, manufacturing output and the NIESR monthly GDP tracker.

USD/JPY further extended its weekly rally, opening the door for an imminent test of the 2024 high near 162. Weekly figures on foreign bond investment and machinery orders will be in focus in Japan on July 11.

The AUD/USD showed some lack of confidence to advance further, moving in a consolidation phase always above 0.6700. Consumer inflation expectations tracked by the Melbourne Institute will be published on July 11.

WTI prices have put aside three consecutive sessions of losses and staged a slight recovery above the $82.00 per barrel level.

Gold prices added to Tuesday’s gains and flirted with the $2,390 per troy ounce level thanks to a lack of direction in the US Dollar and muted yields. Silver prices navigated in a tight range near the $31.00 per ounce region.

Source: Fx Street

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