Forex Today: And… back to the US labour market
The Greenback managed to print marginal gains on Wednesday, enough to extend its ongoing recovery from last week’s multi-year lows on the back of persistent unease surrounding the White House’s trade policies and Trump’s threats of extra tariffs.
Here's what to watch on Thursday, July 10:
The US Dollar Index (DXY) flirted with multi-day highs well past the 97.00 barrier despite lower US yields across the board. The weekly Initial Jobless Claims are due. In addition, the Fed’s Musalem, Waller and Daly are all due to speak.
EUR/USD resumed its decline, coming at shouting distance from recent troughs in the sub-1.1700 region. The final Inflation Rate in Germany will be released ahead of the speech by the ECB’s Cipollone.
GBP/USD traded in an inconclusive range near the 1.3600 zone following the lack of direction in the Greenback, while traders remained watchful of the UK fiscal front. The RICS House Price Balance will be the only data release across the Channel.
USD/JPY could not sustain an earlier move to new two-week highs north of the 147.00 hurdle, eventually succumbing to the selling pressure and ending the day with modest losses in the low-146.00s. Producer Prices and the weekly Foreign Bond Investment figures take centre stage in Japan.
A volatile day saw AUD/USD challenging the key support at 0.6500 the figure, just to gather some steam afterwards and flirt ith 0.6540 as the NA session drew to a close. The Westpac Consumer Confidence index is next on tap in Oz on July 15.
Prices of the American reference WTI added to the weekly uptick and came close to the key $69.00 mark per barrel once again amid tariff threats, geopolitical concerns and cooling US production.
Prices of Gold advanced modestly past the key $3,310 mark per troy ounce on Wednesday following the irresolute price action in the Greenback and lower US yields across the board. Silver prices, in the meantime, dropped for the third straight day, coming at shouting distance from the $36.00 mark per ounce.