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Forex Today: Soft or hard landing? Upcoming US data will have a say

A persistent selling bias kept the Greenback’s price action subdued for yet another session, a view that was bolstered by further confirmation of the downward path of US inflation, as per July’s CPI data.

Here is what you need to know on Thursday, August 15:

The USD Index (DXY) dropped to multi-day lows near 102.30 on the back of persevering US disinflationary pressures. A busy US calendar on August 15 will feature Retail Sales, the Philly Fed Manufacturing Index, usual weekly Initial Jobless Claims, Industrial Production, the NAHB Housing Market Index and Net Long-term TIC Flows. In addition, the Fed’s Musalem and Harker are due to speak.

EUR/USD rose further and hit new 2024 tops around 1.1050 on the back of further weakness in the Greenback. There will be no data releases on the euro docket on August 15.

GBP/USD came under pressure as market participants started to pencil in around 50 bps of easing by the BoE following the UK CPI readings. The GDP Growth Rate, Balance of Trade results, Construction Output, Industrial Production, Manufacturing Production, and the NIESR Monthly GDP Tracker are all due on August 15.

USD/JPY alternated gains with losses near the 147.00 region amidst the broader consolidative range. The GDP Growth Rate takes centre stage on August 15, seconded by weekly Foreign Bond Investment, and final Industrial Production.

AUD/USD gave way some gains and set aside two consecutive daily advances aoon after hitting tops near 0.6650. The Consumer Inflation Expectations, and the publication of the jobs report are all due on August 15.

WTI prices broke below the $78.00 mark per barrel to clinch their second straight day of losses on the back of easing geopolitical jitters and demand concerns.

Prices of Gold receded to two-day lows near $2,440 per ounce troy as investors reassessed the Fed’s rate path. Silver prices retreated to four-day lows near $27.20 per ounce following the broad-based weakness in the commodity complex and Chinese concerns.

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Pablo Piovano

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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