Forex Today: UK Hard Data Takes Center Stage

On Thursday, the US Dollar regained strength after consecutive declines, supported by ongoing trade tensions and solid data from the US labor market.

Key Developments to Watch on Friday, July 11:

The US Dollar Index (DXY) is experiencing a period of consolidation above the 97.00 level, buoyed by a modest recovery in US Treasury yields. Investors are now looking forward to the release of the US Inflation Rate report scheduled for July 15.

The EUR/USD pair has continued its downward trajectory, hitting two-week lows near 1.1660, influenced by a stronger US Dollar and heightened anticipation of a US-EU trade agreement. Upcoming economic indicators from Germany include Wholesale Prices, complemented by a speech from ECB’s Cipollone.

Amid a strengthening US Dollar, the GBP/USD pair has corrected downwards, revisiting the low 1.3500s. The UK economic calendar is packed with key data releases such as GDP figures, Balance of Trade, Industrial and Manufacturing Production, Construction Output, and the NIESR Monthly GDP Tracker.

The USD/JPY pair displayed fluctuations on Thursday, retesting the 146.50 level amid a rise in the US Dollar and slight gains in US yields. Japan’s economic agenda includes Machinery Orders, final Industrial Production figures, the Tertiary Industry Index, and Capacity Utilisation, all due on July 14.

The AUD/USD pair has recorded gains for three consecutive days, reaching four-day highs around 0.6580, despite the US Dollar’s strength. Australia’s economic outlook will soon feature the Westpac Consumer Confidence Index, set for release on July 15.

WTI crude oil prices have fallen to three-day lows, dropping below the $67.00 per barrel mark, despite prior gains, amid ongoing tariff uncertainties.

Gold prices have continued their upward trend, approaching the $3,330 mark per troy ounce, as markets anticipate potential easing measures by the Federal Reserve later this year. Meanwhile, silver prices have recovered slightly, nearing the $37.00 per ounce level.