FX Today: Focus stays on US data alongside Chinese PMIs and GDP in Oz

The US Dollar (USD) advanced marginally on turnaround Tuesday, enough to halt a multi-day decline as investors geared up for upcoming key US data releases, while speculation around another Fed rate cut next week remained on the rise.

Here’s what to watch on Wednesday, December 3:

The US Dollar (USD) alternated gains with losses around the 99.40-99.50 range on Tuesday, managing to recover some ground lost at the beginning of the week. A busy US docket will feature the usual weekly MBA Mortgages, followed by the ADP Employment Change, Export/Import Prices, the ISM Services PMI, Industrial and Manufacturing Production, Capacity Utilisation, the final S&P Global Services PMI and the EIA’s weekly report on US crude oil stockpiles.

EUR/USD maintained its bullish stance in place, advancing for the seventh day in a row, although the recovery seems to be losing impulse. The final HCOB Services PMI in Germany and the eurozone is due, seconded by Producer Prices in the bloc.

GBP/USD lost traction and breached below the key 1.3200 support despite the lack of direction in the Greenback. The final S&P Global Services PMI will be the sole release across the Channel.

USD/JPY reversed three consecutive daily pullbacks, managing to reclaim the 156.00 barrier and above. Next on tap in Japan will be the final S&P Global Services PMI.

There was no stopping for the move higher in AUD/USD, this time climbing to fresh three-week highs near the 0.6570 level. The release of the Q3 GDP Growth Rate will take centre stage.

Prices of WTI edged lower on Tuesday, reversing gains recorded at the beginning of the week as traders evaluated oversupply concerns and developments in the geopolitical scenario.

Gold prices face renewed selling pressure, revisiting the area below the 44,200 mark per troy ounce and leaving behind two daily advances in a row amid a firmer US Dollar and mixed US Treasury yields. Silver prices retreated from Monday’s historic highs, briefly breaking below the $57.00 mark per ounce while setting aside a five-day positive streak.