Market news

12 February 2024

Forex Today: Sentiment remains flat ahead of US CPI

A slow start to the new trading week saw the FX universe navigate in quite a muted range as prudence prevailed among market participants ahead of the publication of key US inflation figures on February 13.

Here is what you need to know on Tuesday, February 12:

The USD Index (DXY) ended the session barely changed from Friday’s closing levels in the low-104.00s amidst mixed US yields and rising cautiousness. As mentioned before, US inflation readings tracked by the CPI for the month of January take centre stage on February 12.

EUR/USD managed to briefly surpass the key 1.0800 barrier, although it later faded that move and ended the session around the 1.0770 region.

GBP/USD printed humble gains in the 1.2630 zone, adding to Friday’s advance despite the equally marginal uptick in the greenback. On February 13, the labour market report will be at the centre of the debate across the Channel.

USD/JPY kept its bullish bias well and sound in the upper end of the range north of the 149.00 hurdle on Monday. The release of Producer Prices will grab all the attention in The Land of the Rising Sun on February 13.

The Aussie dollar was one of the best G10 performers on Monday, encouraging AUD/USD to advance to multi-day highs near 0.6540. Next on tap Down Under will be the Consumer Confidence Index gauged by Westpac.

Markets will remain close in China amidst the New Year celebrations.

WTI prices traded with humble gains near the $77.00 mark per barrel, always underpinned by supply concerns and geopolitical jitters.

Gold retreated further and flirted with the $2010 region amidst mixed US yields, slight gains in the greenback, and caution ahead of the US CPI. Its cousin Silver could not sustain the earlier move to six-day highs past the $23.00 mark, eventually ending the session marginally up.

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