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As investors warmed up ahead of important US data releases, which would undoubtedly affect expectations on a rate decrease by the Fed and provide additional information on the state of the US economy, global markets moved within a consolidative trend.
Forex Space:
Within the 103.20 zone, the USD Index (DXY) fluctuated between gains and losses amid the overall flat market sentiment. Producer prices will be the main topic of discussion and R. Bostic’s speech at the Fed on August 13.
The EUR/USD pair was able to partially counteract the current multi-day bearishness, rising slightly to the area of 1.0940. On August 13 on the domestic calendar, the Economic Sentiment recorded by the ZEW institute in Germany and the euro area takes center stage.
The GBP/USD pair continued to rise and was only a few points away from the crucial 1.2800 mark. On August 13, the main event across the Channel will be the UK labor market report.
The USD/JPY pair gained new momentum and broke through the 148.00 barrier as a result of the Japanese yen’s continued decline, however much of that advance was lost by day’s conclusion. In Japan, producer prices are due on August 13.
The AUD/USD pair briefly tested the waters above the 0.6600 barrier, which also happens to be the crucial 200-day SMA, as the bullish trend revived. The Wage Price Index is scheduled on August 13 and Westpac’s Consumer Confidence Index is due on August 13.
Commodities:
With the support of growing geopolitical worries and expectations that the Fed will begin its easing cycle in September, WTI prices increased for the fourth straight day and crossed the $79.00 barrier per barrel.
Gold prices surged to multi-day highs close to $2,470 per ounce troy as a result of the US dollar’s volatile price movement and falling US yields; the optimism around geopolitics and potential Fed rate reduction also contributed to the increase in price. In a similar vein, silver reached five-day highs and made a brief pass near the crucial $28.00 per ounce level.
Also Read:
Dow Steadies Ahead of Key CPI Data
Gold prices surge on sliding T-Yields, Middle East tensions
US Dollar defends its ground ahead of CPI
Is Eurozone Encountering a Deep Investment Crisis?
Canadian Labour Market Expected to Remain Weak
BoA top official urges Fed to cut interest rates in September
