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The US Dollar (USD) gained momentum on Thursday, buoyed by stronger-than-anticipated US producer price data and a solid weekly labor market report. While trade tensions have eased slightly, investors remain cautious ahead of a high-profile US-Russia summit scheduled for Friday.
Key Events to Watch on Friday, August 15
The US Dollar Index (DXY), which tracks the dollar against a basket of major currencies, reversed two days of declines, climbing above the 98.00 mark, supported by robust US economic data and rising yields across the Treasury curve. Friday’s spotlight will fall on Retail Sales, a critical indicator of consumer spending, alongside the preliminary University of Michigan Consumer Sentiment gauge. Other notable releases include Import/Export Prices, Business Inventories, Industrial and Manufacturing Production, the NY Empire State Manufacturing Index, and TIC Flows.
The EUR/USD pair retreated below the 1.1700 level, halting two days of gains as renewed demand for the US Dollar weighed on the euro. In the eurozone, investors will look to the Balance of Trade data, set for release on August 18.
The GBP/USD pair, often called Cable, touched a five-week high near 1.3600 but closed with slight losses due to the dollar’s resurgence. The UK’s key Inflation Rate data, due on August 20, will be the next focal point for traders.
USD/JPY recovered from an earlier dip near 146.00, posting modest gains to close around 147.50. In Japan, attention turns to the Preliminary Q2 GDP Growth Rate and weekly Foreign Bond Investment figures, both due on August 15.
The AUD/USD pair briefly hit a two-week high near 0.6570 but succumbed to selling pressure, ending the day around 0.6500. Australia’s Consumer Inflation Expectations will be the next key release on the calendar.
Commodities
Crude oil prices saw a pause in their multi-day decline, with WTI crude rising toward $64.00 per barrel. Traders adopted a cautious stance ahead of the US-Russia summit, with concerns lingering over potential new tariffs.
Gold prices pulled back from two consecutive days of gains, testing weekly lows near $3,330 per troy ounce, pressured by the stronger dollar and a sharp rebound in US Treasury yields. Silver also lost ground, slipping below $38.00 per ounce after partially reversing recent gains.
