Forex Today: US inflation data gathers all the looks

Source Fxstreet

The Greenback rose further and reached new multi-week highs supported by higher yields and rising speculation of a 25 bps rate cut by the Fed in November, all ahead of the publication of the key US CPI on Thursday.

Here is what you need to know on Thursday, October 10:

The US Dollar Index (DXY) advanced markedly and came just short of the key barrier at 103.00. The release of the US Inflation Rate takes centre stage seconded by the usual Initial Jobless Claims. In addition, the Fed’s Daly and Cook are due to speak.

EUR/USD’s decline picked up extra pace and sent the pair to fresh multi-week lows near 1.0930. Retail Sales in Germany will be the salient event on the old continent seconded by the ECB Accounts.

GBP/USD seems to have met some decent contention in the mid-1.3000s against the backdrop of a stronger US Dollar. The RICS House Price Balance will be released.

USD/JPY maintained the weekly bullish stance and reclaimed the 149.00 barrier and beyond amidst gains in the Greenback and higher US yields. Bank Lending figures are next on tap, followed by weekly Foreign Bond Investment and Producer Prices.

AUD/USD clinched its fifth consecutive daily pullback and challenged the key support at 0.6700 the figure. Inflation Expectations are due along with the final Building Permits and Private House Approvals.

Prices of WTI added to Tuesday’s decline and briefly tested multi-day lows near $71.60 per barrel amidst geopolitical tension, Chinese demand concerns and the weekly build of US crude oil inventories.

Gold prices retreated further and put the key $2,600 mark per ounce troy to the test amidst a firm US Dollar, rising yields and increasing bets of a Fed’s 25 bps rate cut in November. Silver prices dropped for the third straight day, although they managed well to keep business above the $30.00 mark per ounce.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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Gold ends three-week slide at the $4,400 line — eight straight days of ETF inflows vs a 5% 10-year and a 100 dollarSpot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.
Author  Suzie
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Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.
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October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changedRate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
Author  Irene Q.
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Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
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Brent edges toward $99 as Trump rejects Iran's Hormuz proposal — why the war-risk premium won't rebuildBrent crude rose 0.92% to $98.51 and WTI gained 1.15% to $93.51 after President Trump rejected Iran's seven-day proposal to reopen the Strait of Hormuz. But both benchmarks remain about 12% below their early-September highs, because supply never actually stopped. Hormuz flows ran at 33.7 million barrels this week, in line with the prior week, and Saudi Arabia's East-West pipeline restarted on September 22.
Author  Suzie
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Brent crude rose 0.92% to $98.51 and WTI gained 1.15% to $93.51 after President Trump rejected Iran's seven-day proposal to reopen the Strait of Hormuz. But both benchmarks remain about 12% below their early-September highs, because supply never actually stopped. Hormuz flows ran at 33.7 million barrels this week, in line with the prior week, and Saudi Arabia's East-West pipeline restarted on September 22.
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Four jobs reports in five days: what JOLTS, ADP, claims and the September payrolls mean for the October Fed decisionThe US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.
Author  Mitrade
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The US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.
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RBA set to hike interest rate to 4.60% in September as inflation remains elevatedThe Reserve Bank of Australia (RBA) is widely expected to raise the Official Cash Rate (OCR) by 25 basis points (bps) to 4.60% from 4.35% on Tuesday, after keeping rates unchanged at its previous two meetings
Author  FXStreet
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The Reserve Bank of Australia (RBA) is widely expected to raise the Official Cash Rate (OCR) by 25 basis points (bps) to 4.60% from 4.35% on Tuesday, after keeping rates unchanged at its previous two meetings
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