Forex Today: It’s PMIs day!
The US Dollar (USD) was unable to maintain its recovery, coming under some modest selling pressure in the latter part of Thursday’s NA session.
Today, the forex market focused on PMI releases. The US Dollar (USD) struggled to maintain its recovery and faced modest selling pressure. Despite geopolitical tensions and a flight-to-safety environment, the US Dollar Index (DXY) approached the 102.00 level but retreated afterward. EUR/USD's recovery slowed, slipping back towards three-day lows near 1.1190. GBP/USD managed modest gains, climbing above the 1.3400 mark.
The Japanese Yen (JPY) gained strength, with USD/JPY hitting three-week lows around 156.70. AUD/USD failed to extend its rebound above 0.7040, trading near the 0.7000 level. WTI futures recovered from three consecutive daily losses, nearing the $100.00 barrier. This followed Middle East tensions.
Gold plummeted to two-month lows near $4,000, as inflation concerns and a potential Fed rate hike weighed on the metal. Inflation showed a spike, with UK CPI at 3.5% YoY, surpassing expectations. The US Dollar faced a critical period before the November midterm elections, with market expectations of another Fed rate increase.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
