Forex Today: USD struggling to recover, trade tensions intensify, and oil surges

  • Upbeat US inflation has helped the dollar stabilize but it continues struggling.
  • Trump's complaints about China's reduced buying of agricultural goods weighs on sentiment. 
  • A storm in the Gulf of Mexico has pushed oil prices higher.

Here is what you need to know to start your day on Friday, July 12th, European session: 
- Upbeat US inflation limits the greenback's fall. Annual Core Consumer Price Index came out at 2.1%, contradicting Fed Chair Jerome Powell's concerns of low inflation. US bond yields are off the lows and support the move. Producer prices are due out today.
- Trade: US President Donald Trump tweeted that China has not increased purchases of American farm product, accusing his Chinese counterpart Xi Jinping of breaking his promise at the G-20 Summit. Markets are struggling in response to the news.
- UK: The battle around the possibility of a hard Brexit continues with speculation that the Queen may have to decide if parliament may be bypassed or not. Leading candidate Boris Johnson is determined to leave the EU by October 31st, come what may.
- EZ: German Chancellor Angela Merkel has been trembling in public again, intensifying the debate about her health. The veteran leader is seen as a beacon of stability. 
- Oil prices continue higher as a storm named Barry is brewing in the Gulf of Mexico and may disrupt oil production>
- Cryptocurrencies are recovering after falling amid tweets from Trump that Facebook's Libra will have to undergo substantial regulation.

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