Forex Today: US Dollar firms ahead of a packed session
Here is what you need to know on Thursday, August 13:
The US Dollar (USD) has extended its recovery on Wednesday following a Consumer Price Index (CPI) report that printed in line with forecasts. The US Dollar Index (DXY) has pushed back above the 100.00 mark, and the bid has broadened out against most majors heading into a data-heavy Thursday.
EUR/USD has slipped back toward the low 1.1500s, with the pair reversing earlier gains as the US Dollar recovered from its post-CPI decline.
GBP/USD faded into the high-1.3400s as traders position ahead of the United Kingdom (UK) Gross Domestic Product (GDP) report on Thursday.
USD/JPY has extended its rebound, pushing back toward the 159.50 region.
Gold has extended its advance to trade near $4,410 per troy ounce amid Middle East tensions racking up.
West Texas Intermediate (WTI) Oil holds steady near the $83.00 per barrel mark as the closure of the Strait of Hormuz keeps a geopolitical risk premium in Oil prices.
The Asian session opens on Thursday with New Zealand's RBNZ inflation expectations, followed in the European session by the main event, the UK's preliminary second-quarter GDP, expected to show growth slowing down.
The US session brings Initial Jobless Claims and the Producer Price Index (PPI), where core prices are expected to slow sharply to 4.2% YoY in July from 4.7%. Federal Reserve (Fed) officials Hammack and Barkin are both due to speak around the release.
Late in the day, New Zealand's Business Purchasing Managers Index (PMI) and a speech from the Reserve Bank of Australia (RBA) Governor Michele Bullock will close out the session, setting the tone for Friday's Asia-Pacific open.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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