Forex Today: US inflation and jobs data take centre stage

Pablo Piovano FXStreet

Finally, the Greenback managed to regain some composure and clocked acceptable gains following multi-month lows. The broader scenario, however, remained clouded by intense tariff uncertainty as well as fears of a US recession.

Here is what you need to know on Thursday, March 13:

The US Dollar Index (DXY) set aside part of the multi-day deep sell-off, retesting the 103.80 zone amid rising yields. Producer Prices will be in the spotlight seconded by the usual Initial Jobless Claims.

EUR/USD met some resistance and receded to the sub-1.0900 region in response to the mild bounce in the US Dollar. Industrial Production in the euro area will be published along with speeches by the ECB’s De Guindos, Nagel and Villeroy.

GBP/USD pushed harder and came just pips away from the key 1.3000 threshold, just to give away some impulse afterwards. The RICS House Price Balance will be the sole release across the Channel.

USD/JPY added to Tuesday’s uptick, climbing to multi-day highs and briefly surpassing the 149.00 barrier. The weekly Foreign Bond Investment figures are due.

Despite tariff concerns and the uptick in the US Dollar, AUD/USD rose further north of the 0.6300 hurdle, hitting two-day peaks at the same time. The final Building Permits and Private House Approvals are expected, followed by the speech by the RBA’s Jones.

Prices of WTI rose to three-day highs near the $68.00 mark per barrel despite the ounce in the US Dollar and persistent trade war concerns.

Gold prices advanced to two-week tops around $2,940 per troy ounce following tariff jitters and the lower-than-expected US CPI print. Silver prices rose past the $33.00 mark per ounce, coming just short of the yearly peak.

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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD drops to daily lows near 1.1630

EUR/USD now loses some traction and slips back to the area of daily lows around 1.1630 on the back of a mild bounce in the US Dollar. Fresh US data, including the September PCE inflation numbers and the latest read on December consumer sentiment, didn’t really move the needle, so the pair is still on course to finish the week with a respectable gain.

GBP/USD trims gains, recedes toward 1.3320

GBP/USD is struggling to keep its daily advance, coming under fresh pressure and retreating to the 1.3320 zone following a mild bullish attempt in the Greenback. Even though US consumer sentiment surprised to the upside, the US Dollar isn’t getting much love, as traders are far more interested in what the Fed will say next week.

Gold makes a U-turn, back to $4,200

Gold is now losing the grip and receding to the key $4,200 region per troy ounce following some signs of life in the Greenback and a marked bounce in US Treasury yields across the board. The positive outlook for the precious metal, however, remains underpinned by steady bets for extra easing by the Fed.