Forex Today: Tariffs, German inflation, and UK GDP gather attention

The Greenback extended its recovery from recent lows, adding to Wednesday’s uptick amid the move lower in yields and intense concerns surrounding the prospects of a global trade war.

Here is what you need to know on Friday, March 14:

The US Dollar Index (DXY) rose to three-day highs and regained the 104.00 barrier helped by higher US yields. The preliminary Michigan Consumer Sentiment takes centre stage across the Atlantic.

EUR/USD extended its correction from recent multi-month tops, receding to three-day lows in the 1.0825-1.0820 band. Germany will be at the centre of the debate with the releases of the final Inflation Rate and Wholesale Prices. In addition, the ECB’s Cipollone is due to speak.

GBP/USD set aside two daily advances in a row and retreated to the low-1.2900s on the back of further recovery in the US Dollar. An interesting UK calendar will feature GDP figures, Industrial and Manufacturing Production, Goods Trade Balance results, Construction Output, and the NIESR Monthly GDP Tracker.

USD/JPY halted its weekly recovery on the back of the resurgence of the appreciation in the Japanese yen, limiting the pair’s upside to the 148.40 zone. Next on tap in Japan will be the Balance of Trade readings and Machinery Orders, all expected on March 19.

Sellers regained the upper hand and forced AUD/USD to resume its downtrend, slipping back to the 0.6270 zone amid further gains in the Greenback. The next key data release will be the labour market report on March 20.

WTI prices resumed their downward bias and eroded two consecutive daily advances on the back of steady tariff concerns and the stronger Dollar.

Prices of Gold added to the weekly rebound and surged to all-time highs past the $2,980 mark per troy ounce. Silver prices gathered extra steam and came close to the $34.00 mark per ounce, levels last traded in late October.