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In the commodity market, WTI crude oil prices maintained their consolidative stance in the commodities market, circling the pivotal 200-day SMA and attempting to break through the $78.00 region. At $77.77 per barrel, US crude oil was last observed up 0.53%. Tuesday’s weekly update on US crude oil stocks as tracked by the API is the next event on the commodity’s schedule.
Following some cautious trading on Monday, the price of gold stabilized at $2180.20, up 0.15%, as it remained close to the recent all-time high of $2,190 per ounce. Similarly, silver continued its monthly increase and challenged the $24.50 per ounce area.
Prior to the crucial release of US inflation data on March 12, the dollar gained some new upward momentum after the release of the February NFP print, pushing the USD Index (DXY) above recent multi-week lows and putting some downward pressure on riskier assets early in the week.
On Monday, the US dollar partially reversed its multi-day slide and led to a modest rise in the USD Index (DXY) to a region just below the 103.00 barrier. The release of US inflation data for February, as calculated by the CPI, will be the centre of interest on March 12.
The EUR/USD pair kept the trade above the 1.0900 barrier, but it gave up further territory and contributed to Friday’s little reversal. On March 12, the only publication in the euro docket will be Germany’s final inflation rate.
After six straight sessions of advances, the GBP/USD pair experienced significant selling pressure and momentarily broke through the 1.2800 support level. This represented the pair’s first daily decline. On March 12, the labour market report is the main event in the UK.
Additional yen gains continued the downward trend in the USD/JPY for another day, with a trip to the region of the six-week lows at 146.50. The BSI Large Manufacturing index and Producer Prices are due on March 12.
A slight strengthening of the US dollar helped the AUD/USD pair lose some of its upward momentum, and investors appeared to be pricing in another RBA “on hold” decision on March 19. The pair fell from its peaks last week around 0.6670.
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