Forex Today: Focus remains on US inflation, this time with Producer Prices
The Greenback plummeted to fresh lows amid persistent concerns over the US-China trade war and its potential impact on both the global and US economies.
Here is what you need to know on Friday, April 11:
The US Dollar Index (DXY) tumbled to new multi-month lows in the sub-101.00 region amid shrinking US yields across the curve. Producer Prices will be released, seconded by the advanced Michigan Consumer Sentiment and speeches by the Fed’s Musalem and Williams.
EUR/USD advanced to new highs after breaking above the key 1.1200 round level. The final Inflation Rate in Germany and the Current Account prints are next on tap.
GBP/USD added to the weekly recovery and came closer to the 1.3000 milestone. The GDP figures, Goods Trade Balance results, Industrial and Manufacturing Production, Construction Output, and the NIESR Monthly GDP Tracker are all due across the Channel.
USD/JPY retreated markedly and revisited the area of recent troughs around the 144.00 neighbourhood. Capacity Utilization and the final Industrial Production readings will be published on April 14 in Japan.
AUD/USD climbed to four-day highs after reclaiming the 0.6200 hurdle on the back of the US Dollar’s sell-off. Next of note in Oz will be the release of the RBA Minutes on April 15.
Prices of WTI partially left behind Wednesday’s strong rebound and resumed its downtrend, slipping back to levels below the $59.00 mark per barrel on intense tariff concerns.
Prices of Gold surged to an all-time high near the $3,180 mark per troy ounce on the back of the steep drop in the greenback, trade war jitters and declining US yields. Silver prices rose further and reached four-day tops near $31.30 per ounce, surpassing at the same time their key 200-day SMA.
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.
