Forex Today: It’s PMIs day!

Pablo Piovano FXStreet

The US Dollar (USD) was unable to maintain its recovery, coming under some modest selling pressure in the latter part of Thursday’s NA session. That said, the Greenback has eventually further extended its multi-day correction despite escalating geopolitical tensions and a widespread flight-to-safety environment.

The US Dollar Index (DXY) has approached the 102.00 hurdle just to give away those initial gains afterwards, as investors continued to assess the fragile geopolitical landscape and renewed uncertainty from the AI-linked universe. The advanced S&P Global Manufacturing and Services PMIs will wrap up the docket along with the final U-Mich Consumer Sentiment gauge.

EUR/USD has seen its ongoing recovery lose momentum, slipping back toward three-day lows around 1.1190. The preliminary S&P Global Manufacturing and Services PMIs for Germany and the Euroland will close the weekly domestic calendar.

GBP/USD has managed to stay afloat and clinched modest gains, extending its weekly bounce north of the 1.3400 mark. The flash S&P Global Manufacturing and Services PMIs, Retail Sales and the GfK Consumer Confidence are all due across the Channel.

The demand for the safe haven universe has lent legs to the Japanese Yen, sending USD/JPY to the area of three-week troughs near 156.70. The Inflation Rate and the advanced S&P Global Manufacturing and Services PMIs are expected in Japan.

AUD/USD has failed to extend the rebound further north of 0.7040, retreating to the 0.7000 neighbourhood afterwards amid marked losses. Next on the Australian docket will be the preliminary S&P Global Manufacturing and Services PMIs.

Front-month WTI futures (December contract) have regained composure, leaving behind three daily losses in a row and once again challenging the psychological $100.00 barrier. The move higher in the commodity has followed the resurgence of tensions in the Middle East crisis.

Gold has tumbled to fresh two-month lows near the key $4,000 mark per troy ounce. Inflation concerns and the likelihood of further tightening by the Federal Reserve have weighed on the yellow metal alongside a decent recovery in the US Dollar.

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.

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