Forex Today: Weekly Claims and Fedspeak on top of the agenda

The US Dollar (USD) has resumed its uptrend, advancing to two-day highs while rapidly forgetting Tuesday’s hiccup. The extra gains in the Greenback have come in tandem with the equally decent advance in US Treasury yields on the belly and the long end of the curve.

Here is what you need to know on Thursday, October 8:

The US Dollar Index (DXY) has regained pace vs. its major peers, advancing to levels just shy of recent multi-month peaks well north of the 102.00 hurdle. The usual weekly Initial Jobless Claims are expected alongside Wholesale Inventories. In addition, the Fed’s Waller and Musalem are due to speak.

EUR/USD has retreated markedly, approaching the area of recent 17-month lows south of 1.1200 the figure. Balance of Trade results are next on the domestic calendar, along with the ECB’s Accounts and the speech by the ECB’s Lane.

GBP/USD was no exception today, rapidly leaving behind Tuesday’s strong advance and refocusing on the downside in levels below 1.3200. The RICS House Price Balance and the BoE’s Credit Conditions Survey will be released across the Channel. Additionally, the BoE’s Greene and Baileys are expected to speak.

USD/JPY alternated gains and losses around the 158.00 region, further extending its multi-day consolidative mood. Current Account results will come next, ahead of the Eco Watchers Survey and the weekly Foreign Bond Investment data.

AUD/USD has come under fresh downside pressure, setting aside three daily advances in a row and retreating toward the low 0.6900s. The Melbourne Institute will publish its Consumer Inflation Expectations for the current month.

Front-month WTI futures have faded Tuesday’s small uptick, receding to the area below the $89.00 mark per barrel amid the drop in weekly US stockpiles and rising gasoline inventories, while concerns in the Middle East kept simmering.

Gold has tumbled to two-month lows, trading closer to the key $4,000 mark per troy ounce on the back of the strong climb in the US Dollar and the steady advance in US Treasury yields, particularly the 10y-30y segment of the curve.