Forex Today: US inflation comes to the fore... again

Pablo Piovano FXStreet

The US Dollar came under some renewed selling bias and left behind the area of recent multi-week highs amidst lower yields and ahead of the publication of US inflation tracked by the PCE on Friday.

Here is what you need to know on Friday, June 28:

The USD Index (DXY) retreated from tops beyond the 106.00 hurdle amidst steady prudence ahead of the release of US PCE data. Indeed, the release of US inflation figures tracked by the PCE will take centre stage on June 28, seconded by Personal Income, Personal Spending, the Chicago PMI, and the final Michigan Consumer Sentiment print. In addition, the Fed’s Barkin and Bowman are due to speak.

EUR/USD regained some traction and partially recouped ground lost in the last couple of sessions, managing to reclaim the area above the 1.0700 barrier. On June 28, the German docket will be in the limelight with the publication of Retail Sales and the labour market report for the month of June.

GBP/USD reversed Wednesday’s strong pullback against the backdrop of some tepid improvement in the appetite for riskier assets. In the UK, the final Q1 GDP Growth Rate will be in the spotlight on June 28.

USD/JPY kept the trade around the area of multi-decade highs near 160.80 amidst rising cautiousness about the potential FX intervention by the BoJ. The Unemployment Rate, inflation figures in Tokyo, flash Industrial Production and Housing Starts are all due in Japan on June 28.

Another inconclusive session left AUD/USD hovering around the 0.6650 region, always immersed in the multi-week consolidative theme. Housing Credit figures are expected in the Australian calendar on June 28.

Reignited geopolitical concerns offset demand fears and lifted prices of WTI to new two-month highs just past the $82.00 mark per barrel.

Prices of Gold advanced markedly after two sessions in a row of losses, regaining the $2,330 zone per ounce troy ahead of the release of US PCE at the end of the week. Silver rose modestly, although it seems to have been enough to reverse four straight sessions in negative territory.

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.

AUD/USD eyes 0.7150 barrier nine-day EMA

AUD/USD inches higher after registering modest losses in the previous day, trading around 0.7130 during the Asian hours. The technical analysis of the daily chart indicates that the pair is moving sideways within the rectangle pattern, suggesting a consolidation as neither the bulls nor the bears have enough momentum to take control of the market.

USD/JPY trades below 160.00 intervention threshold; bullish bias intact

The USD/JPY pair attracts some sellers during the Asian session amid fears that authorities will step in again to prop up the Japanese Yen. Furthermore, the Israel-Lebanon truce prompts some profit-taking around the US Dollar and exerts downward pressure on the currency pair.

Gold extends rebound to $4,500 as US yields edge lower

Gold (XAU/USD) preserves its recovery momentum following Wednesday's slide and tests the $4,500 mark in the second half of the day on Thursday. While US-Iran uncertainty remains, easing tensions between Lebanon on Israel seems to be helping the market mood improve, causing the USD to lose strength alongside falling US T-bond yields and opening the door for a decisive rebound in XAU/USD.

Hyperliquid: ETF demand, capital rotation fuel HYPE rally as Bitcoin melts

Hyperliquid price sustains an upward trend near its all-time high of $75.76 on Thursday after posting 80% gains in May, while Bitcoin (BTC) retraces below $65,000, triggering a market-wide panic.

Nonfarm payrolls: Testing the limits of Fed policy patience

The upcoming nonfarm payrolls report for May will provide the final update on the US labor market before Kevin Warsh attends his first policy meeting as the new Fed Chair later this month.

Recession on paper: What really moves the Canadian Loonie now?

Statistics Canada handed the headline writers a gift and the analysts a headache. Real GDP shrank 0.1% on an annualized basis in the first quarter, and with the fourth quarter of 2025 revised down to a 1.0% contraction, that is two negative quarters in a row, the textbook definition of a technical recession and Canada's first since the pandemic.