Forex Today: Dollar bulls remain hesitant, US Retail Sales and confidence data awaited

Eren Sengezer FXStreet

Here is what you need to know on Friday, October 15:

Risk flows and falling US Treasury bond yields forced the greenback to stay on the back foot on Thursday. With the benchmark 10-year US T-bond yield holding above critical 1.5% handle, the dollar stays resilient in the early European session on Friday as investors await the September Retail Sales report and the University of Michigan's (UoM) preliminary October Consumer Sentiment Index data.

US Michigan Consumer Sentiment September Preview: Happy consumer, happy economy?

Macro data: The US Bureau of Labor Statistics reported on Thursday that the Producer Price Index (PPI) rose to 8.6% on a yearly basis in September from 8.3% in August. Meanwhile, the weekly Initial Jobless Claims dropped to the lowest level since March 2019 at 293,000.

Retail Sales in September in the US is forecast to decline by 0.2% while consumer confidence is expected to improve modestly in October's flash estimate. August Trade Balance will be featured in the European economic docket on Friday.

US September Retail Sales Preview: Analyzing major pairs' reaction to previous releases.

Wall Street: Boosted by upbeat third-quarter earnings figures and robust US data, the S&P 500 and the Dow Jones Industrial Average indexes gained 1.7% and 1.5%, respectively.

Gold managed to build on Wednesday's impressive gains and advanced to a monthly high of $1,800 on Thursday but seems to have lost its bullish momentum. XAU/USD is currently moving sideways around $1,790.

EUR/USD closed unchanged around 1.1600 on Thursday and continues to move sideways above that level. Unless the pair retreats below 1.1575 by the end of the day, it will snap a five-week losing streak.

GBP/USD climbed to multi-week highs above 1.3700 on Thursday but seems to have gone into a consolidation phase below that level. Investors remain focused on Brexit headlines.

USD/JPY renewed multi-year highs above 114.00 as the safe-haven JPY struggled to find demand despite falling US Treasury bond yields.

Cryptocurrencies: Following a small correction on Thursday, Bitcoin regained its traction and was last seen testing $60,000 while gaining nearly 4% on the day. Ethereum is rising for the third straight trading day on Friday and closes in on $4,000.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD risks a deeper drop below 1.1750

EUR/USD keeps its vacillating mood in place as the the NA session drwas to a close on Tuesday, hovering below the 1.1800 hurdle amid acceptable gains in the US Dollar. In the meantime, market participants and the FX galaxy are expected to closely follow President Trump’s SOTU speech around 2AM GMT.

GBP/USD regains 1.3500 and above

GBP/USD extends its advance for the third day in a row on Tuesday, this time retesting the area beyond the 1.3500 hurdle. Cable’s uptick comes despite decent gains in the Greenback and the dovish message from the BoE’s Bailey at the UK Parliament.

Gold appears offered around $5,150

Gold is giving back a good portion of the recent multi-day rally, receding to the $5,150 zone per troy ounce amid the decent bounce in the US Dollar and mixed US Treasuty yields. In the meantime, markets’ attention remain on upcoming comments from Fed speakers.

Ripple’s DeFi shift in focus: Navigating XRPL EVM sidechain growth, XRPFi migration and liquidity

Ripple (XRP) has continued to trade under pressure, extending its decline by approximately 63% from the record high of $3.66 in July. The remittance token is trading above support at $1.35, while its upside appears limited by key supply zones, starting with $1.40, at the time of writing on Tuesday.

The Citrini report: How a debatable AI narrative can shake Wall Street

That AI-related headline alone was enough to rattle investors.US stocks slid sharply on Monday after a widely circulated Citrini Research memo outlined a hypothetical “2028 Global Intelligence Crisis”, warning that rapid AI adoption could push US unemployment into double digits as early as by mid-2028.

XRP pressured by weak ETF flows and declining retail interest

Ripple (XRP) is edging lower, trading above its intraday low of $1.32 at the time of writing on Tuesday. The decline from its weekly opening of $1.39 reflects heightened volatility in the broader cryptocurrency market, accentuated by tariff-triggered uncertainty.