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Forex Today: Markets now look at tariffs and US fundamentals

Source Fxstreet

The US Dollar accelerated its downtrend and hit two-week lows amid further evidence that the US inflation remained sticky in January and despite steady concerns over a global trade war.

Here is what you need to know on Friday, February 14:

The US Dollar Index (DXY) traded well on the defensive, slipping back to the 107.20 region, or two-week lows amid declining US yields across the curve. Retail Sales will take centre stage on Friday, seconded by Industrial and Manufacturing Production, Business Inventories, and Export/Import Prices.

EUR/USD rose further north of the 1.0400 hurdle to reach two-week peaks near the 1.0450 level backed by the sharp sell-off in the US Dollar. Wholesale Prices in Germany come next ahead of the EMU’s advanced Employment Change and another estimate of the Q4 GDP Growth Rate in the broader euro area. In addition, the European Commission will release its Winter Forecasts.

GBP/USD kept the bullish stance unchanged, flirting with multi-week tops near 1.2550 following the marked improvement in the risk-linked assets.

USD/JPY met some renewed selling pressure and retreated from Wednesday’s multi-day peaks in the 154.80 area. The weekly Foreign Bond Investment figures are due.

AUD/USD eroded Wednesday’s pullback and managed to surpass the key resistance level at 0.6300 the figure on the back of the bearish tone in the Greenback.

WTI prices remained on the back foot and briefly dipped to two-month lows near the key $70.00 mark per barrel in response to potential ceasefire talks in the Russia-Ukraine war.

Gold prices added to Wednesday’s rebound and reclaimed the area beyond the $2,900 mark per ounce troy. Silver prices added to Wednesday’s uptick, hitting weekly peaks further north of the $32.00 mark per ounce.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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