Forex Today: UK hard data in the spotlight

The US Dollar reversed two daily drops in a row and charted acceptable gains on Thursday, following steady tensions on the trade front and another firm print from the weekly report on the US labour market.

Here's what to watch on Friday, July 11:

The US Dollar Index (DXY) seems to have embarked on a consolidative theme north of the 97.00 mark amid a slight rebound in US yields across the board. Next on tap on the US docket will be the publication of the Inflation Rate on July 15.

EUR/USD resumed its downtrend, retreating to two-week lows near 1.1660 against the backdrop of a firm Greenback and rising expectations over a potential US-EU trade deal. Germany’s Wholesale Prices are due, followed by a speech from the ECB’s Cipollone.

On the back of a firmer Greenback, GBP/USD resumed its correction and revisited the low 1.3500s. An interesting UK docket includes GDP figures, Balance of Trade, Industrial and Manufacturing Production, Construction Output and the NIESR Monthly GDP Tracker.

USD/JPY traded in a vacillating mood on Thursday, retesting the 146.50 zone amid extra gains in the US Dollar and a tepid bounce in US yields across the curve. Next on tap in Japan will be Machinery Orders, the final Industrial Production readings, the Tertiary Industry Index, and Capacity Utilisation, all due on July 14.

AUD/USD clocked its third straight day of gains, rising to four-day highs around 0.6580 despite decent gains in the Greenback. The Westpac Consumer Confidence index is next on tap in Oz on July 15.

Prices of WTI dropped to three-day lows below the $67.00 mark per barrel, setting aside three consecutive daily gains, as traders remained wary of uncertainty surrounding tariffs.

Gold prices added to Wednesday’s uptick and retested the $3,330 zone per troy ounce as investor continued to price in the resumption of the easing cycle by the Fed in the latter part of the year. Silver prices left behind part of the recent weakness and traded at shouting distance from the $37.00 mark per ounce.