Forex Today: US flash Consumer Sentiment and Canadian jobs in the limelight

Pablo Piovano FXStreet

A sudden bout of selling pressure has weighed on the US Dollar (USD) on Thursday, motivating it to abandon the area of recent tops, all in response to comments from President Donald Trump and the subsequent pullback in crude Oil prices.

Here is what you need to know on Friday, October 9:

The US Dollar Index (DXY) has partially faded Wednesday’s advance, challenging the 102.00 region while keeping the trade in the upper end of its recent range. The preliminary U-Mich Consumer Sentiment will wrap up the docket alongside the speech by the Fed’s Collins.

EUR/USD had attempted a mild rebound, reclaiming the area beyond 1.1200, up modestly for the day. Absent data releases on the domestic calendar, investors will follow comments from the ECB’s Cipollone and Schnabel.

GBP/USD has traded with decent gains, eventually managing to advance north of the 1.3200 mark following the late knee-jerk in the Greenback. Next on the UK docket is the BRC Retail Sales Monitor release on October 13.

USD/JPY has reversed course, slipping back to three-day lows near 157.70 on the back of the late drop in the US Dollar. The publication of Household Spending figures and Machine Tool Orders will close the docket in the Land of the Rising Sun.

AUD/USD has trimmed some of its earlier losses, bouncing off lows near 0.6930. The RBA Minutes will be the main focus on October 13, followed by the NAB Business Confidence gauge.

USD/CAD has receded from recent peaks near the 1.4300 barrier and is attempting to stabilise in the low 1.4200s amid a marked appreciation of the Canadian Dollar. The labour market report will grab all the attention in Canada at the end of the week.

Front-month WTI futures have reversed Wednesday’s pullback and climbed to weekly highs past the $93.00 mark per barrel amid reignited supply concerns in the Middle East.

Gold has attempted a tepid bounce toward the $4,150 mark per troy ounce, partially setting aside Wednesday’s retracement while maintaining its weekly negative streak well in place.

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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