Forex Today: Gearing up for US CPI

A
vacillating
session
saw
the
Greenback
extend
its
weekly
consolidation
amidst
erratic
performance
in
the
risk
complex,
as
investors
evaluated
another
congressional
testimony
by
Chair
Powell
prior
to
the
publication
of
US
CPI
data.

Here
is
what
you
need
to
know
on
Thursday,
July
11:

The
USD
Index
(DXY)
kept
the
vacillating
mood
just
above
the
105.00
hurdle
amidst
muted
US
yields.
The
release
of
US
Inflation
Rate
takes
centre
stage
on
July
11
seconded
by
weekly
Initial
Jobless
Claims
and
speeches
by
the
Fed’s
Cook
and
Bostic.

EUR/USD
improved
marginally
and
left
behind
a
negative
first
half
of
the
week,
revisiting
the
1.0830
region
on
Wednesday.
The
final
Inflation
Rate
in
Germany
is
expected
on
July
11.

GBP/USD
maintained
its
bullish
bias
past
the
1.2800
level
on
the
back
of
hawkish
comments
from
BoE
officials
and
some
mild
selling
pressure
in
the
Greenback.
A
busy
UK
docket
on
July
11
features
GDP
readings,
Construction
Output,
Balance
of
Trade,
Industrial
Production,
Manufacturing
Production,
and
the
NIESR
Monthly
GDP
Tracker.

USD/JPY
extended
its
weekly
recovery
further,
opening
the
door
to
an
imminent
test
of
the
2024
high
near
162.
Weekly
Foreign
Bond
Investment
figures
and
Machinery
Orders
will
be
in
the
limelight
in
Japan
on
July
11.

AUD/USD
showed
some
lack
of
confidence
to
advance
further,
moving
into
a
consolidative
phase
always
above
0.6700
instead.
The
Consumer
Inflation
Expectations
tracked
by
the
Melbourne
Institute
are
due
on
July
11.

WTI
prices
set
aside
three
sessions
in
a
row
of
losses
and
staged
a
mild
comeback
above
the
$82.00
mark
per
barrel.

Gold
prices
added
to
Tuesday’s
gains
and
flirted
with
the
$2,390
mark
per
ounce
troy
on
the
back
of
the
lack
of
direction
in
the
US
Dollar
and
muted
yields.
Silver
prices
navigated
a
tight
range
near
the
$31.00
region
per
ounce.