Forex Today: Dollar pressured ahead of crucial inflation release, oil rises, cryptos stabilize

Here is what you need to know on Tuesday, September 14:

The dollar remains pressures as Investors eagerly await critical US inflation figures. The market mood is mixed with concerns from China and oil supply are offset by hopes about the economic recovery. Cryptocurrencies have stabilized after the Litecoin debacle. 

US inflation: Consumer Price Index figures for August are forecast to show an increase of 5.3% on the headline and 4.2% on the core. That would represent a minor decline, but still high price pressures. Federal Reserve Chair Jerome Powell insisted inflation is transitory while others fear inflation has risen. 

The wait causes tensions in markets and figures feed into the Fed's September decision next week: 

US Inflation Preview: CPI critical for taper, three scenarios for the dollar

China: Evergrande, one of the country's largest construction companies, warned of "extremely dire financial conditions" and hired advisers to help it restructure its debt. Authorities seem to have allowed protests by shareholders and homeowners. 

GBP/USD has been hovering around 1.3850, benefiting from dollar weakness and despite ongoing EU-UK Brexit tension. London insists it could continue violating the Northern Irish protocol. UK job figures are set to show another fall in the unemployment rate from 4.7% to 4.6%. 

EUR/USD is trading above 1.18, holding onto its recovery. COVID-19 cases continue falling in the old continent, while the European Central Bank seems unmoved from higher inflation. Gold remains under $1,800 in the wait toward US CPI data. 

AUD/USD is trading around 0.7350, down after Reserve Bank of Australia Governor Phillip Lowe said that interest rates are unlikely to rise before 2024 due to sluggish wage growth. 

WTI Crude Oil is on the rise, changing hands near $71 as Hurricane Nicholas is making its way through the Gulf of Mexico, threatening to disrupt oil output. Norway: The pro-oil Labor Party is on course to win the oil-rich country's elections, ending a long spell for the Conservatives in power. 

Cryptocurrencies: A fake press release about a partnership between Walmart and Litecoin made its way to global newswires, sending prices of all cryptocurrencies higher, especially after Litecoin seemed to confirm it. The denial by Walmart sent cryptos back down. Early on Tuesday, Bitcoin is hovering around $45,000, Ethereum under $3,300, and Ada around $2.40. 


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