Forex Today: UK labour market report and US Retail Sales take centre stage

The Greenback halted its multi-day uptrend on Wednesday, coming under renewed selling pressure in response to rumours (later dismissed) that President Trump could fire Chief Powell any time soon. The daily pullback in the US Dollar came amid fresh geopolitical effervescence, lower US Producer Prices and steady trade jitters.

Here's what to watch on Thursday, July 17:

The US Dollar Index (DXY) traded on the back foot on Wednesday, setting aside four straight days of gains amid the knee-jerk in US yields and lower-than-estimated US Producer Prices. Retail Sales will gather all the attention, seconded by the weekly Initial Jobless Claims, Export/Import Prices, Business Inventories, the NAHB Housing Market Index, the Philly Fed Manufacturing Index, and TIC Flows. In addition, the Fed’s Williams, Kugler, and Cook are due to speak.

EUR/USD regained some composure, sharply bouncing off three-week troughs near 1.1560 to end the day amid modest gains in the low-1.1600s. The final Inflation Rate in the euro area will be in the spotlight on the domestic calendar.

In line with its risk-related peers, GBP/USD rebounded from new lows and managed to clinch acceptable gains around the 1.3400 zone. The key UK jobs report will be the salient event across the Channel.

USD/JPY experienced a volatile day, hitting new highs north of 149.00 just to collapse to the sub-147.00 zone soon afterwards. The Balance of Trade figures and the weekly Foreign Bond Investment prints are due in “The Land of the Rising Sun.”

AUD/USD advanced slightly on Wednesday, revisiting the 0.6550 zone after three daily pullbacks in a row. All the attention in Oz will be on the publication of the labour market report as well as Consumer Inflation Expectations.

WTI prices added to the weekly downtrend, breaking below the $66.00 mark per barrel to hit fresh two-week troughs on the back of steady concerns on the trade front.

Prices of Gold set aside two daily gains in a row and regained the $3,350 zone per troy ounce on the back of the renewed weakness hurting the Greenback, lower US yields across the board, and steady unease on the trade front. Silver prices, in the meantime, rebounded from the $35.50 zone per ounce, leaving behind two consecutive daily declines.