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Forex Markets Today: Markets Prepare for US Inflation Data

Jan 13, 2025
3 min read
Table of Contents
  • 1. US Dollar Index (DXY) Breaks 110.00
  • 2. EUR/USD Struggles Below 1.0200
  • 3. GBP/USD Maintains Downtrend
  • 4. USD/JPY Faces Pullback
  • 5. AUD/USD Attempts a Bounce
  • 6. Crude Oil Prices Surge
  • 7. Gold and Silver Prices Decline
  • 8. Conclusion

euro-coins-on-background-american-dollars-width-1200-format-jpeg.jpg

Forex markets today, as traders gear up for the release of US inflation data, market sentiment is shifting. Investors are closely monitoring the situation, anticipating how the figures might influence monetary policy and currency movements.
 


US Dollar Index (DXY) Breaks 110.00


Forex market update: The US Dollar Index (DXY) has surpassed the 110.00 mark for the first time since November 2022. This surge is attributed to higher yields and speculation regarding a single interest rate reduction by the Federal Reserve this year. Key data releases, including the Producer Prices Index, the NFIB Business Optimism Index, and the RCM/TIPP Economic Optimism Index, are set to take center stage. Additionally, speeches from Fed officials, Schmid and Williams, are anticipated.
 


EUR/USD Struggles Below 1.0200


The EUR/USD currency pair has continued its bearish trend, falling to the sub-1.0200 region due to sustained upward pressure from the US Dollar. The only notable event on the euro calendar is a speech by ECB’s Lane.
 


GBP/USD Maintains Downtrend


GBP/USD remains in a downtrend, dipping below the 1.2100 level before regaining some balance. The Bank of England’s Breeden is scheduled to speak, which may influence market sentiment.
 


USD/JPY Faces Pullback


USD/JPY has experienced its third consecutive daily pullback, influenced by further appreciation of the Japanese Yen. Upcoming releases include the Eco Watchers Survey, Bank Lending figures, and Current Account results from Japan, along with a speech from BoJ’s Himino.
 


AUD/USD Attempts a Bounce


AUD/USD is attempting a modest bounce after four consecutive days of losses but continues to face pressure around the 0.6100 mark. The Westpac Consumer Confidence Index, final Building Permits, and Private House Approvals are set to be released.
 


Crude Oil Prices Surge


American WTI crude oil prices have extended their positive monthly rebound, surpassing the $78.00 per barrel mark due to new US sanctions on Russian oil.
 


Gold and Silver Prices Decline


Gold prices have given back some of their recent gains, influenced by a stronger US Dollar and speculation around a single interest rate cut by the Fed this year. Similarly, silver prices have dropped to five-day lows, breaching the crucial support level at $30.00 per ounce.
 


Conclusion


As the market awaits crucial US inflation data, the movements in currency pairs and commodities reflect traders' positioning and sentiment. Investors should remain vigilant as these developments unfold.
 



When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss. 

Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice.
 


Risk Warning and Disclaimer: This article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform. Trading Contracts for Difference (CFDs) involves high leverage and significant risks. Before making any trading decisions, we recommend consulting a professional financial advisor to assess your financial situation and risk tolerance. Any trading decisions based on this article are at your own risk.

Frances Wang
Written by
Frances Wang
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Table of Contents
  • 1. US Dollar Index (DXY) Breaks 110.00
  • 2. EUR/USD Struggles Below 1.0200
  • 3. GBP/USD Maintains Downtrend
  • 4. USD/JPY Faces Pullback
  • 5. AUD/USD Attempts a Bounce
  • 6. Crude Oil Prices Surge
  • 7. Gold and Silver Prices Decline
  • 8. Conclusion

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