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Financial markets navigated in a very modest range after a slow start to the new trading week as market participants exercised caution ahead of the release of significant US inflation reading on February 13.
The USD Index finished the session marginally different from Friday’s closing levels in the low-104.00s amid varied US yields and growing caution amid flat sentiment. As previously noted, on February 12, the CPI’s measurements of US inflation for the month of January will be the main focus.
For a brief while, EUR/USD was able to break over the crucial 1.0800 barrier; however, it later lost ground and finished the session in the 1.0770 area.
Notwithstanding the similarly slight increase in the value of the dollar, GBP/USD posted modest gains in the 1.2630 region, building on Friday’s gain. The labour market report will be the main topic of discussion on February 13 across the Channel.
On Monday, the USD/JPY maintained its strong positive trend in the top part of the range north of the 149.00 barrier. On February 13, the announcement of Producer Prices will command all attention in Japan.
One of the top performing G10 currencies on Monday was the Australian dollar, which helped AUD/USD rise to multi-day highs close to 0.6540. The Westpac-measured Consumer Confidence Index will be also awaited.
Tuesday’s market closures in China will continue until the New Year’s festivities.
WTI prices, which are always supported by worries about supply and global unrest, moved in modest advances around the $77.00 per barrel line.
Amid cautious sentiment ahead of the US CPI, uncertainty about US rates, modest advances in the US dollar, and more decline in gold, the metal flirted with $2010 territory. Its cousin Silver ended the day slightly higher but was unable to maintain the earlier advance to six-day highs above $23.00.
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