Forex Today: Canadian inflation and German morale take centre stage

Pablo Piovano FXStreet

The Greenback extended Friday’s bearish tone, hovering near the lower end of its recent range amid persistent concerns over a potential US economic slowdown and rising prudence pre-FOMC.

Here is what you need to know on Tuesday, March 18:

The US Dollar Index (DXY) added to Friday’s pullback and remained in the low-103.00s on Monday. Building Permits and Housing Starts are due seconded by Import/Export Prices, Industrial and Manufacturing Production and the API’s weekly report on US crude oil supplies.

EUR/USD rose modestly and managed to surpass the key 1.0900 barrier once again following the weaker note in the US Dollar. The Economic Sentiment in Germany and the Euroland will be at the centre of the debate, followed by the Balance of Trade results in the bloc.

GBP/USD reversed two daily pullbacks in a row and flirted with the 1.3000 milestone amid renewed USD selling. Next of relevance across the Channel will be the labour market report and the BoE’s interest rate decision, both due on March 20.

USD/JPY built up on Friday’s marked advance and trespassed the 149.00 hurdle once again, although the bullish impetus lost some traction afterwards. The Tertiary Industry Index will be released.

AUD/USD broke above the 0.6300 mark with certain conviction and printed new multi-day highs in response to the generalised upbeat tone in the risk complex. The RBA’s Hunter is due to speak.

Prices of WTI rose markedly, managing to extend Friday’s gains and advance past the $68.00 mark per barrel.

Gold prices kept the constructive tone in place and hovered around the key $3,000 region per troy ounce following the slightly offered Dollar and mixed US yields. Silver prices retreated modestly, retesting the $33.50 region per ounce following Friday’s tops past the $34.00 yardstick.

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.

EUR/USD trims losses, back to 1.1830

EUR/USD manages to regain some composure, leaving behind part of the earlier losses and reclaim the 1.1830 region on Tuesday. In the meantime, the US Dollar’s upside impulse loses some momentum while investors remain cautious ahead of upcoming US data releases, including the FOMC Minutes.

GBP/USD looks weaker near 1.3500

GBP/USD adds to Monday’s pessimism and puts the 1.3500 support to the test on Tuesday. Cable’s marked pullback comes in response to extra gains in the Greenback while disappointing UK jobs data also collaborate with the offered bias around the British Pound.

Gold loses further momentum, approaches $4,800

Gold recedes to fresh two-week troughs around the $4,800 region per troy ounce on Tuesday. The precious metal builds on Monday’s downtick following a marked rebound in the US Dollar and mixed US Treasury yields across the board.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

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Ripple slides to $1.45 as downside risks surge

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