The US Dollar (USD) resumed its decline on turnaround Tuesday, leaving behind two daily advances in a row as investors assessed the latest CPI readings amid speculation of two interest rate cuts by the Fed in the latter half of the year.
Here’s what to watch on Wednesday, August 13:
The US Dollar Index (DXY) traded on the back foot, resuming its downward bias and retesting the sub-98.00 region following mixed US inflation data. A light US calendar will feature the weekly MBA Mortgage Applications, seconded by the EIA’s weekly report on US crude oil stockpiles. Additionally, the Fed’s Barkin, Goolsbee, and Bostic are due to speak.
EUR/USD regained traction and advanced to the boundaries of the 1.1700 barrier on Tuesday in response to the resurgence of the selling pressure in the Greenback. Wholesale Prices and the final Inflation Rate in Germany will be in the spotlight.
GBP/USD resumed its upward trend and advanced to three-week highs past the 1.3500 barrier. Next on tap on the UK docket will be the GDP figures, Trade Balance, Industrial/Manufacturing Production, Construction Output and the NIESR Monthly GDP Tracker, all due on August 14.
USD/JPY clocked gains for the third day in a row, revisiting the mid-148.00s, or two-week tops. Next on the Japanese calendar will be the Producer Prices and the Reuters Tankan Index.
AUD/USD struggled to ignite some recovery on Tuesday, hovering around the 0.6500 zone despite the marked decline in the US Dollar. Home Loans figures, Investment Lending for Homes, and Wage Price Index are all due in Oz.
Prices of WTI rapidly left behind Monday’s advance and refocused on the downside, approaching the $63.00 mark per barrel as traders remained watchful of the Trump-Putin meeting on August 15 in Alaska.
Gold added to Monday’s pessimism and dropped to multi-day troughs near $3,330 per troy ounce on the back of progress on the trade front and further calls from President Trump for lower rates. Silver prices rose marginally, meeting some contention near $37.50 per ounce following Monday’s marked pullback.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
