Forex Today: Investors’ attention is expected to be on US CPI
|Following the release of February’s NFP, the US Dollar regained some fresh upside traction and lifted the USD Index (DXY) from recent multi-week lows, while putting the risk-associated universe under some downside pressure at the beginning of the week, all prior to the key release of US inflation figures on March 12.
Here is what you need to know on Tuesday, March 12:
The Greenback reversed part of its multi-day decline and sparked a humble bounce in the USD Index (DXY) to the area just shy of the 103.00 barrier on Monday. On March 12, all the attention will be on the publication of US inflation figures measured by the CPI for the month of February.
EUR/USD gave away further ground and added to Friday’s small retracement, although it maintained the trade above the 1.0900 barrier. Germany’s final Inflation Rate will be the sole release in the euro docket on March 12.
GBP/USD came under marked selling pressure and briefly pierced the 1.2800 support, clinching its first daily drop after six straight sessions of gains. In the UK, the labour market report takes centre stage on March 12.
Further yen gains kept USD/JPY on the back foot for yet another session, this time revisiting the area of six-week lows near 146.50. On March 12, Producer Prices and the BSI Large Manufacturing index are due.
AUD/USD lost some upside traction and receded from last week’s tops near 0.6670 amidst some recovery in the US Dollar, while investors seem to have started to price in another “on hold” decision by the RBA on March 19.
WTI prices kept their consolidative theme well in place around the key 200-day SMA in the $78.00 region per barrel. Next on tap for the commodity is the weekly report on US crude oil inventories tracked by the API on Tuesday.
Some cautious trade turned up around Gold on Monday, which continued to hover around the recent all-time peak near $2,190 per troy ounce. Silver, in the same line, resumed its monthly rally and retested the $24.50 region per ounce.
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