Forex Today: Sentiment improved but the US Dollar remains strong ahead of US CPI – by ValBednarik EURUSD XAUUSD Fed Equities Inflation
Tensions between the US and China weighed on the market mood at the weekly opening, with the Greenback making the most out of it. However, a better market mood during European trading hours pushed the US Dollar into the red across the FX board.pdate limited the intraday US Dollar slide. Market players await the release of the JanuaryConsumer Price Index . Inflation is foreseen raising at an annualized pace of 6.2%, easing from 6.5% YoY in December.
bottomed at 1.0655, bouncing towards the 1.0720 price zone. The pair retains gains in early Asia, despite ignoring early headlines. The European Commission released the quarterlyreport. Economic growth in the Euro Zone has been upwardly revised, now seen at 0.9%. Additionally, inflation forecasts have been downwardly revised to 5.6% for this year and 2.5% in 2024.
The British Pound was among the best performers, advancing vs its American rival to 1.2144, retreating modestly ahead of the close. The UK will publish its latest employment figures on Tuesday. The AUD/USD pair currently trades at around 0.6960, while USD/CAD is down to the 1.3330 region, with commodity-linked currencies benefiting from the better tone of Wall Street. US indexes pulled back from their intraday highs but anyway ended the day with gains.
Government bond yields seesawed across the day, appreciating during Asian trading hours but shedding some ground at the end of the day amid a better mood. However, the yield on the 2-year Treasury note advanced, while that on the 10-year note finished the day pretty much unchanged., on the other hand, followed equities with WTI up to $80 a barrel.
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