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Forex Today: Investors’ focus now shifts to UK inflation

Here is what you need to know on Wednesday, October 16: The US Dollar Index (DXY) struggled to advance further, maintaining its trade in the upper end of the range in the low 103.00s. The MBA’s Mortgage Applications are due along with Export and Import Prices, all prior to the weekly report on US crude oil inventories by the API. There was no respite for the downward bias in EUR/USD, which this time receded to new lows near 1.0880. The ECB’s Lagarde is due to speak ahead of the central bank’s interest rate decision on Thursday. Auspicious data releases on the UK docket helped GBP/USD clinch to daily gains after briefly trespassing the 1.3100 barrier. The UK Inflation Rate takes centre stage. Fresh appreciation of the Japanese currency prompted USD/JPY to give away part of Monday’s decent advance. Machinery Orders and the speech by the BoJ’s Adachi are next on tap. AUD/USD added to Monday’s negative price action and revisited the 0.6700 neighbourhood. The Westpac Leading Index and the speech by the RBA’s Hunter are due next. Demand concerns in combination with alleviating geopolitical concerns weighed heavily on prices of WTI, sending them to the area below the $70.00 mark, or two-week lows. Prices of Gold resumed their uptrend and surpassed the $2,660 mark per ounce troy following lacklustre gains in the US Dollar and shrinking US yields. Silver prices faded the negative start to the week and rose well past the $31.00 mark per ounce.

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Publication date:

2024-10-15 19:44:58 (GMT)

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