Forex Today: Can US inflation change the Fed’s plans to ease in September?

Source Fxstreet

The Greenback traded with a slightly positive bias on Tuesday, reversing a bearish start to the week and supported by consistent caution on US-China trade talks in London, while prudence also developed ahead of the publication of vital US inflation data on Wednesday.

Here's what to watch on Wednesday, June 11:

The US Dollar Index (DXY) fluctuated within the 99.00 range due to stable yields and growing apprehension about the US-China trade negotiations. The US Inflation Rate will be the salient event, seconded by the weekly MBA Mortgage Applications, and the EIA’s report on US crude oil inventories.

EUR/USD alternated gains with losses in the low-1.1400 as investors remained prudent amid trade discussions between the US and China. Absent data releases on the euro calendar, the focus ofd attention will be on speeches by the ECB’s Buch, Lane, and Cipollone.

Poor results from the UK jobs report sent GBP/USD to the area of multi-day troughs near 1.3450, just to gather some momentum afterwards. All the attention will be on Chancellor Reeves’ Spending Review.

Further depreciation of the Japanese Yen prompted USD/JPY to advance to two-week highs near 145.30 on Tuesday amid a generalised flattish mood in the FX galaxy. Producer Prices are next on tap on the domestic calendar.

AUD/USD clung to its daily gains above the 0.6500 barrier following developments from the US-China trade discussion in the UK. The next data release in Australia will be the Consumer Inflation Expectations on June 12.

WTI prices surged past the $66.00 mark per barrel, marking new two-month highs, as a potential positive outcome from the US-China trade discussions in London boosted sentiment. However, that initial move faded afterwards, sending the commodity to the red territory near the $64.00 mark.

Gold prices traded in an irresolute fashion on Tuesday, fading Monday’s uptick and lingering around the $3,330 mark per troy ounce amid rising prudence stemming from the US-China trade talks. Silver prices clocked a marked pullback, reversing three consecutive daily upticks, including Friday’s advance to the vicinity of the $37.00 mark per ounce for the first time since February 2012.


Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
OpenAI Introduces Lowest-Cost ChatGPT Subscription in India with UPI Payment OptionOn Tuesday, OpenAI introduced ChatGPT Go, its most affordable AI subscription tier, targeting the price-sensitive Indian market. Nick Turley, OpenAI’s Vice President and Head of ChatGPT, announced the launch via an X post, highlighting that users can pay through India’s Unified Payments Interface (UPI).
Author  Mitrade
Aug 19, Tue
On Tuesday, OpenAI introduced ChatGPT Go, its most affordable AI subscription tier, targeting the price-sensitive Indian market. Nick Turley, OpenAI’s Vice President and Head of ChatGPT, announced the launch via an X post, highlighting that users can pay through India’s Unified Payments Interface (UPI).
placeholder
Japanese Stocks Surge, Yen Weakens Amid PM Ishiba’s Resignation and Fiscal UncertaintyJapanese stocks rose and the yen weakened as Prime Minister Ishiba’s resignation heightened concerns over the country’s fiscal policy and interest rate outlook.
Author  Mitrade
Yesterday 01: 33
Japanese stocks rose and the yen weakened as Prime Minister Ishiba’s resignation heightened concerns over the country’s fiscal policy and interest rate outlook.
placeholder
Oil Prices Rise Following OPEC+ Decision to Slow Output Increases Starting in OctoberOil prices edged higher early Monday, recovering some ground lost last week, after OPEC+ agreed to moderate its pace of output increases starting in October amid concerns over weakening global demand.
Author  Mitrade
Yesterday 01: 48
Oil prices edged higher early Monday, recovering some ground lost last week, after OPEC+ agreed to moderate its pace of output increases starting in October amid concerns over weakening global demand.
placeholder
Dollar steadies before U.S. jobs data; euro pressured by French turmoilThe U.S. dollar edged higher Tuesday, stabilizing after a slide to seven-week lows as traders looked ahead to key labor and inflation data expected to lock in a Federal Reserve rate cut next week.
Author  Mitrade
6 hours ago
The U.S. dollar edged higher Tuesday, stabilizing after a slide to seven-week lows as traders looked ahead to key labor and inflation data expected to lock in a Federal Reserve rate cut next week.
placeholder
European stocks mixed; French political crisis, U.S. inflation in focusEuropean equities traded narrowly on Tuesday as investors weighed political turmoil in France against anticipation of key U.S. inflation data later this week.
Author  Mitrade
6 hours ago
European equities traded narrowly on Tuesday as investors weighed political turmoil in France against anticipation of key U.S. inflation data later this week.
goTop
quote