Forex Today: Focus remains on US inflation

The
Greenback
collapsed
in
response
to
the
softer-than-expected
US
inflation
readings
in
June,
at
the
time
when
investors
now
see
the
Fed
cutting
rates
as
soon
as
at
its
September
gathering.

Here
is
what
you
need
to
know
on
Friday,
July
12:

The
USD
Index
(DXY)
deflated
to
multi-week
lows
and
visited
the
104.00
region
in
the
wake
of
disappointing
US
CPI
data
and
declining
US
yields.
Producer
Prices
and
the
preliminary
Michigan
Consumer
Sentiment
gauge
will
take
centre
stage
on
July
12.

EUR/USD
rose
further
and
managed
to
finally
retest
the
1.0900
region,
although
that
move
fizzled
out
somewhat
afterwards.
German
Wholesale
Prices
and
Current
Account
results
are
expected
on
July
12.

GBP/USD
advanced
to
levels
last
seen
a
year
ago
near
1.2950
following
the
sell-off
in
the
Greenback.
There
are
no
scheduled
releases
in
the
UK
on
July
12.

USD/JPY
receded
to
monthly
lows
and
approached
the
157.00
zone
following
another
suspected
FX
intervention
move
by
Japanese
officials.
The
final
Industrial
Production
results
will
be
released
on
July
12.

AUD/USD
extended
its
monthly
recovery
and
climbed
to
levels
just
pips
away
from
the
0.6800
hurdle.
The
Australian
calendar
will
be
empty
on
July
12.

The
weaker
Dollar
and
market
chatter
around
rate
cuts
by
the
Fed
prompted
prices
of
WTI
to
add
to
Wednesday’s
gains
beyond
the
$83.00
mark
per
barrel.

Prices
of
Gold
advanced
markedly
and
surpassed
the
$2,420
mark
per
ounce
troy
amidst
the
Dollar’s
sell-off,
diminishing
yields
and
increasing
rate
cut
bets.
By
the
same
token,
Silver
improved
to
the
vicinity
of
the
$32.00
mark
per
ounce,
or
six-week
highs.