Forex Today: More US inflation alongside jobs in Oz

Pablo Piovano FXStreet

The US Dollar (USD) regained strong upside traction, climbing once again to fresh tops on Wednesday. The robust bounce in the Greenback has been propped up by hotter-than-estimated US inflation data in September, which at the same time reignited speculation for extra tightening by the Federal Reserve in Q4.

The US Dollar Index (DXY) has rapidly left behind Tuesday’s hiccup and advanced to fresh tops midweek, climbing to levels just shy of the 103.00 hurdle for the first time since April 2025. The usual weekly Initial Jobless Claims are due along with Producer Prices, Business Inventories, Retail Sales, the Philly Fed Manufacturing Index and the EIA’s weekly report on US crude oil stockpiles. In addition, the Fed’s Bowman and Hammack are due to speak.

EUR/USD has clinched fresh 17-month lows near the 1.1100 level on the back of the strong upside momentum in the US Dollar. In the broader Euroland, Industrial Production figures will be the only data release ahead of the speech by the ECB’s Buch.

GBP/USD has plummeted to levels last seen in November 2025, below 1.3240, following the widespread sell-off in the broader risk complex. A packed UK calendar will release the GDP figures, Balance of Trade results, Industrial/Manufacturing Production, Construction Output, and the NIESR Monthly GDP Tracker. Additionally, the BoE’s Pill and Woods are also due to speak.

The better tone in the US Dollar has prompted USD/JPY to climb to the boundaries of the 159.00 hurdle to hit fresh monthly peaks. Machinery Orders, the weekly Foreign Bond Investment readings, the Capacity Utilisation gauge and the final readings of the Industrial Production are all due next in Japan.

AUD/USD was unable to sustain the earlier move past the 0.7000 yardstick, receding afterwards to the mid-0.6900s on the back of the sharp bounce in the Greenback. The publication of the labour market report will be the main highlight in Down Under.

Front-month WTI futures have further extended their positive streak, this time flirting with the $96.00 mark per barrel as traders continued to gauge Iran’s new tactics to target ships in the Strait of Hormuz.

Gold has broken below the $4,100 mark per troy ounce to hit new two-month lows. The move has come in response to the stronger US Dollar and rising US Treasury yields, all amid reignited bets for further Fed rate hikes.

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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