Forex Today: UK inflation comes to the fore
The US Dollar (USD) has further extended its corrective move, at some point easing to three-week lows, as investors continued to assess hopes of a potential US-Iran agreement, as per still unconfirmed news.
The US Dollar (USD) has continued its downward trend on Tuesday, hitting three-week low points, as traders wait for potential news of a US-Iran agreement. The US Dollar Index (DXY) dropped to a three-week trough, again, as risk-associated assets improve. Upcoming economic data includes the MBA Mortgage Applications and the Energy Information Administration's weekly report on US crude oil inventories.
The EUR/USD pair has joined the rebound, but it has paused near 1.1260. On October 23, the euro area's flash Consumer Confidence will be published. GBP/USD has climbed to a five-week high, above 1.3400. The key Inflation Rate and Public Sector Net Borrowing figures will be released across the Channel. USD/JPY has retreated, trading near the low 158.00s.
Japanese traders will await the National Consumer Price Index inflation data on Friday. AUD/USD has gained three consecutive days, challenging the 0.7000 mark. Australia will release S&P Global Manufacturing and Services PMIs on October 23. West Texas Intermediate (WTI) futures have slipped despite briefly touching $100 per barrel.
Gold has weakened to near $4,100 per troy ounce. Despite the USD's decline, gold's fall is attributed to the weakened dollar and falling US Treasury yields.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
