Forex Today: Markets warm up for US inflation data

Source Fxstreet

The Greenback added to recent gains and rose to fresh cycle highs backed by investors’ repricing of fewer (if any at all) interest rate cuts by the Federal Reserve this year.

Here is what you need to know on Tuesday, January 14:

The US Dollar Index (DXY) surpassed the 110.00 hurdle for the first time since November 2022, amid higher yields and speculation of just only one interest rate reduction by the Fed in the current year. The Producer Prices will take centre stage, seconded by the NFIB Business Optimism Index, and the RCM/TIPP Economic Optimism Index. In addition, the Fed’s Schmid and Williams are expected to speak.

EUR/USD performed poorly and extended its bearish trend to the sub-1.0200 region against the backdrop of persistent upside pressure in the US Dollar. The speech by the ECB’s Lane will be the sole event on the euro calendar.

GBP/USD kept its downtrend well in place, revisiting the area below 1.2100 although managing to regain some balance afterwards. The BoE’s Breeden is due to speak.

USD/JPY clinched its third consecutive daily pullback on the back of extra appreciation of the Japanese Yen. The Eco Watchers Survey, Bank Lending figures and Current Account results are expected on the Japanese docket. In addition, the BoJ’s Himino is due to speak.

AUD/USD attempted a humble bounce after four days in a row of losses, although it remained under pressure and close to the 0.6100 region. The Westpac Consumer Confidence Index will be released along with final Building Permits and Private House Approvals.

Prices of the American WTI extended their auspicious monthly rebound and trespassed the $78.00 mark per barrel on further US sanctions to Russian oil.

Prices of Gold gave away part of their recent multi-day advance following the stronger Greenback and speculation of just one interest rate cut by the Fed this year. By the same token, Silver prices deflated to five-day lows, breaching the key support at the $30.00 mark per ounce.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Outlook 2025As the Bitcoin market continues to mature, its 2025 outlook appears highly favourable, driven by institutional adoption and regulatory developments.
Author  TradingKey
Jan 23, Thu
As the Bitcoin market continues to mature, its 2025 outlook appears highly favourable, driven by institutional adoption and regulatory developments.
placeholder
WTI moves above $64.50 due to odds of Saudi Arabia raising August Oil prices for AsiaWest Texas Intermediate (WTI) Oil price gains ground for the second successive session, trading around $64.60 during the European hours on Tuesday.
Author  FXStreet
Jul 01, Tue
West Texas Intermediate (WTI) Oil price gains ground for the second successive session, trading around $64.60 during the European hours on Tuesday.
placeholder
Dogecoin Closes June In The Red With 14% Losses, Will July Be Any Better?With the close of June, the Dogecoin price has once again confirmed the bearish trend of the month.
Author  Bitcoinist
Jul 02, Wed
With the close of June, the Dogecoin price has once again confirmed the bearish trend of the month.
placeholder
Solana (SOL) Cools After Recovery — Resistance Proving Difficult to CrackSOL price is now correcting gains and might struggle to rise above the $155 resistance.
Author  NewsBTC
Jul 04, Fri
SOL price is now correcting gains and might struggle to rise above the $155 resistance.
placeholder
Silver Price Forecast: XAG/USD consolidates right below $37.00 in risk-off marketsSilver consolidates the previous two days' gains and remains pinned near $37.00.
Author  FXStreet
Jul 04, Fri
Silver consolidates the previous two days' gains and remains pinned near $37.00.
goTop
quote