A persistent selling bias kept the US Dollar price action subdued for yet another session, a view that was reinforced by further confirmation of the downward trajectory of US inflation, according to July CPI data.
Here’s what you need to know on Thursday, August 15:
The US Dollar Index (DXY) fell to multi-day lows near 102.30 on persistent disinflationary pressures in the US. A busy US calendar on August 15 will include Retail Sales, Philly Fed Manufacturing Index, the usual weekly Initial Jobless Claims, Industrial Production, NAHB Housing Market Index, and Long-Term TIC Flows. Additionally, Fed’s Musalem and Harker are expected to speak.
EUR/USD rose further and reached fresh 2024 highs around 1.1050 on further weakness in the Dollar. There will be no Euro data releases on the agenda on August 15.
GBP/USD came under pressure as market participants began to price in around 50 basis points of easing from the BoE following the UK CPI readings. The GDP Growth Rate, Trade Balance results, Construction Output, Industrial Production, Manufacturing Production and the NIESR Monthly GDP Tracker will all be released on August 15.
USD/JPY alternated between gains and losses near the 147.00 region amid the broader consolidation range. GDP Growth Rate takes center stage on August 15, followed by weekly Foreign Bond Investment and final Industrial Production.
The AUD/USD gave back some gains and gave up two consecutive daily advances shortly after hitting highs near 0.6650. Consumer Inflation Expectations and the jobs report will all be released on August 15.
WTI prices broke below the $78.00 per barrel mark to post their second straight day of losses due to easing geopolitical tensions and concerns over demand.
Gold prices retreated to two-day lows near $2,440 per troy ounce as investors reassessed the Fed’s rate path. Silver prices retreated to four-day lows near $27.20 per ounce on broad-based weakness in the commodity complex and Chinese concerns.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
