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
Silver Price Forecast: XAG/USD rallies to $38.40 favoured by a softer US Dollar Silver (XAG/USD) is rallying for the third consecutive day on Friday, with bulls testing July 15 highs of 38.40 at the time of writing.
Author  FXStreet
13 hours ago
Silver (XAG/USD) is rallying for the third consecutive day on Friday, with bulls testing July 15 highs of 38.40 at the time of writing.
placeholder
Cardano (ADA) Flashes Bullish Signal—Is the Rally Just Beginning?ADA is now consolidating and might attempt a clear move above the $0.8650 zone.
Author  NewsBTC
13 hours ago
ADA is now consolidating and might attempt a clear move above the $0.8650 zone.
placeholder
Asian stocks climbed following record highs with gains led by Taiwan and AustraliaOn Friday, Asian stocks rose after U.S. markets hit new highs, supported by positive economic data and mixed corporate results.
Author  Cryptopolitan
13 hours ago
On Friday, Asian stocks rose after U.S. markets hit new highs, supported by positive economic data and mixed corporate results.
placeholder
AUD/USD advances further beyond 0.6500 amid notable USD weaknessThe AUD/USD pair is building on the previous day's bounce from the vicinity of mid-0.6400s, or a three-and-a-half-week trough, and gaining strong follow-through positive traction on Friday.
Author  FXStreet
14 hours ago
The AUD/USD pair is building on the previous day's bounce from the vicinity of mid-0.6400s, or a three-and-a-half-week trough, and gaining strong follow-through positive traction on Friday.
placeholder
Pound Sterling set for third straight week of losses amid growing UK labor market concernsThe Pound Sterling (GBP) remains near an over two-month low around 1.3375 during the European trading session on Friday.
Author  FXStreet
15 hours ago
The Pound Sterling (GBP) remains near an over two-month low around 1.3375 during the European trading session on Friday.
goTop
quote