Forex Today: Wait-and-see continues ahead of US inflation figures

Valeria Bednarik FXStreet

What you need to take care of on Wednesday, January 11:

The FX board saw little action on Tuesday amid a scarce macroeconomic calendar and as investors await some central banks’ clarity. US Federal Reserve Chief Jerome Powell and his counterparts from Canada and Japan were on the wires, although as part of a symposium on central bank independence, giving no fresh clues on monetary policies.

The US Dollar advanced throughout the first half of the day but ended it mixed as Wall Street managed to revert pre-opening losses and posted a modest advance. At the same time, US government bond yields advanced. Investors are unwilling to risk much ahead of the release of US inflation data next Thursday.

The EUR/USD pair hovers around 1.0740, while GBP/USD stands at 1.2160, down on the day. Commodity-linked currencies also eased against the greenback, with AUD/USD trading around 0.6890 and USD/CAD in the 1.3420 price zone. Finally, the USD/JPY pair trades marginally higher at around 132.20.

Gold consolidates at around $1,876 a troy ounce, while crude oil ticked higher in the American afternoon. WTI settled at $75.20 a barrel.

The upcoming Asian session will be interesting regarding macroeconomic data, as Australia will publish the November Monthly Consumer Price Index, which is foreseen at 7.3% YoY, up from the previous 6.9%. Also, Australia will unveil November Retail Sales, expected to have increased by 0.6% after falling 0.2% in the previous month. Finally, it is worth adding that China will publish the December Consumer Price Index (CPI) and the Producer Price Index (PPI) for the same month.

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Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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