Forex Today: Investors look at inflation data, Fedspeak
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Further weakness in the Greenback allowed the risk-linked galaxy to maintain its march north well in place amidst steady speculation of an interest rate cut by the Fed in June and ahead of key inflation data in both the US (PCE) and the euro area (CPI).
The Greenback kicked off the week on the defensive and maintained the trade below the 104.00 mark when tracked by the USD Index (DXY). On Tuesday, the Conference Board will publish its Consumer Confidence gauge seconded by the FHFA House Price Index and Durable Goods Orders. In addition, the Fed’s Schmid and Barr are due to speak.
EUR/USD extended further north its multi-session bounce and retargeted the monthly highs near the 1.0900 milestone. On February 27, GfK’s Consumer Confidence is due in Germany.
GBP/USD’s upside bias remained capped by the 1.2700 neighbourhood amidst the ongoing multi-session rebound. Across the Channel, BoE’s Ramsden is only due to speak on February 27.
USD/JPY kept its gradual upward bias unchanged and approached the key round level at 151.00. On Tuesday, the Inflation Rate will take centre stage in the Japanese docket.
AUD/USD markedly reversed its two-week ascent and dropped to for-day lows near the 0.6530 level. The RBA’s Monthly CPI Indicator comes next in Oz on February 28.
Prices of WTI left behind Friday’s pullback and reclaimed the area beyond the $77.00 mark per barrel on the back of potential disruption concerns as well as the usual tight supply narrative.
Prices of the troy ounce of gold faded Friday’s advance in response to higher US yields across the curve, returning to the $2,025 zone. Its cousin Silver tumbled to multi-day lows near $22.50.
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