Forex Today: Attention remains on US inflation, UK GDP and the jobs report in Australia

Pablo Piovano FXStreet

The US Dollar (USD) intensified its weakness on Wednesday, receding to two-week lows as investors continued to price in further rate cuts by the Fed, while steady jitters surrounding the Fed’s independence also weighed on sentiment.

Here's what to watch on Thursday, August 14:

The US Dollar Index (DXY) added to Tuesday’s decline, broke below the 98.00 support and retreated to two-week lows in tandem with a marked retracement in US yields across the board. Producer Prices will take centre stage, seconded by the weekly Initial Jobless. In addition, the Fed’s Barkin is due to speak.

EUR/USD rose to fresh two-week highs past the 1.1700 hurdle amid the broad-based improvement in the risk-associated universe. The EMU will be at the centre of the debate with the releases of the Employment Change, Industrial Production, and the second estimate of Q2 GDP Growth Rate.

GBP/USD extended its bullish mood on Wednesday, hitting multi-week highs near the 1.3600 hurdle. Next on tap on the UK calendar will be the GDP figures, Trade Balance, Industrial/Manufacturing Production, Construction Output and the NIESR Monthly GDP Tracker.

USD/JPY eased to weekly lows and challenged the 147.00 contention zone on the back of further selling pressure on the Greenback. Preliminary Q2 GDP Growth Rate and the weekly Foreign Bond Investment figures will be next in Japan on August 15.

Further strength prompted AUD/USD to add to Tuesday’s advance and clinch two-week highs in the 0.6560-0.6570 band. The critical labour market report will be a significant event in Oz.

WTI prices continued to decline on Wednesday, retreating to levels last seen in early June, below the $62.00 mark per barrel, following the IEA's revised expectations for supply growth this year and an unexpected increase in US crude oil supplies. In the meantime, traders remained watchful of the upcoming Trump-Putin meeting.

Gold prices rose to two-day highs around $3,370 per troy ounce on Wednesday amid steady speculation of extra rate cuts by the Fed in the second half of the year. Silver prices followed suit, advancing past the $38.00 mark per ounce to hit three-week peaks.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

AUD/USD hits three-week highs past 0.7000

Finally, AUD/USD has managed to reclaim the key 0.7000 yardstick on Tuesday. Indeed, the pair clinched its third day in a row of gains, following the persistent correction in the Greenback amid the generalised improvement in the risk-linked galaxy.

USD/JPY flatlines near 158.50 as markets seek direction

USD/JPY steadies around 158.50 in the Asian trading hours on Tuesday. Traders prefer to wait on the sidelines ahead of Japan’s National Consumer Price Index inflation data later on Friday. Meanwhile, elevated US bond yields provide some support to the US Dollar against the Japanese Yen.

Gold just failed at $4,150. This is the next stop

Gold prices trade without a clear direction on Tuesday, hovering around the $4,170 region per troy ounce and still struggling to regain upside traction following Monday’s pullback. In the meantime, lower US Treasury yields and a marked pullback in the US Dollar come in tandem with the yellow metal’s price action.

Dogecoin Price Forecast: DOGE struggles below key moving average resistance

Dogecoin (DOGE) is trading marginally above $0.0800 on Tuesday, up 1% on the day, against lows around $0.0785. The meme coin is cautiously navigating a broader lethargic cryptocurrency market where Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) are struggling to gain momentum.

Markets at a turning point: Bitcoin, Gold, FX and Tech react to a heavy macro week

The new trading week opens with a mixed but revealing picture across global markets. Indices, commodities, FX, tech stocks, and cryptocurrencies are all sending one message: risk appetite is alive, but it is cautious, selective, and highly sensitive to macro signals.

The US Dollar fell. Gold didn't rally. That tells you everything

Gold (XAU/USD) is struggling to capitalize on a weaker US Dollar (USD), after repeatedly failing to establish itself above the $4,200 level. The precious metal remains confined to a relatively narrow trading range despite a combination of developments that would normally support higher prices.