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Publish Date: Tue, 12 Dec 2023, 10:36 AM
The Euro trims losses as the US Dollar pulls back ahead of the US CPI release. US Inflation and the Fed decision will set the Dollar’s near-term direction. EUR/USD’s immediate trend remains bearish while below 1.0815. (FXStreet)
NZD/USD gains momentum as the US inflation is expected to ease. US Dollar faces a challenge on downbeat US bond yields. Investors expect no interest rate change by the Federal Reserve. (FXStreet)
The Japanese Yen snaps a two-day losing streak against the US Dollar on Tuesday. Geopolitical risks benefit the safe-haven JPY and exert pressure on the USD/JPY pair. Investors look to the US CPI for a fresh impetus ahead of the FOMC on Wednesday. (FXStreet)
GBP/USD attracts some buyers for the second straight day and draws support from a softer USD. A fresh leg down in the US bond yields, along with a positive risk tone, undermines the Greenback. Spot prices react little to the UK jobs data as the focus remains glued to the crucial US CPI report. (FXStreet)
Australian Dollar moves upward on a hawkish sentiment from the RBA Governor Michele Bullock. Australia’s chief policymaker Bullock indicated the RBA's focus on supporting a robust labor market in Australia. China has lifted restrictions on three meat suppliers from Australia. US CPI is expected to ease at 3.1%, while US Core CPI to remain steady at 4.0%. FOMC commences its two-day policy meeting with the expectation of no change in interest rates. (FXStreet)
Indian Rupee edges lower on the stronger US Dollar. Indian government bond yields and the Indian rupee will be influenced by domestic and US inflation data this week. Investors will take cues from the Indian and US CPI data ahead of the FOMC meeting. (FXStreet)
EUR/GBP loses momentum near 0.8572 following UK employment data. The UK’s ILO Unemployment Rate remained steady at 4.2% in the three months to October. The easing in inflationary pressure in the Eurozone fuels the bet for rate cuts early next year. Investors will focus on the German and Eurozone ZEW Survey, due on Tuesday. (FXStreet)
USD/MXN trades lower as the Greenback fails to hold gains. US Dollar declines as traders adopt caution before US CPI release. Mexican President Andres Manuel Lopez Obrador mentioned that more needs to be done to curb inflation. (FXStreet)
Oil Continues to Advance as Supply Concerns and Potential Rebound in Demand Keep Prices Elevated. Saudi Energy Minister to Provide a Further Update this Week on the Potential for Further Cuts or an Extension into 2024. IG Client Sentiment Shows Traders are 79% Net-Short on WTI at Present. (DailyFX)
Gold price stages a modest recovery from a multi-week low, albeit struggles to capitalize on the move. Geopolitical risk, along with a modest USD downtick, turn out to be key factors acting as a tailwind. The uncertainty over the timing of when the Fed will cut rates holds back bulls from placing fresh bets. Investors now look to the crucial US CPI report for a fresh impetus ahead of the FOMC on Wednesday. (FXStreet)
Silver stages a modest recovery from a near one-month low, albeit lacks follow-through. The technical setup favours bearish traders and supports prospects for additional losses. A sustained break below the $23.70 confluence is needed to reaffirm the negative bias. (FXStreet)
Bitcoin Remains Above the 40k Mark Which Remains Key for Further Downside. Crypto Industry Resilience on Display with Latest Research Piece Reveals 83% of Crypto Mentions are Positive. Over $300 Million in Long Positions Liquidated Following Todays Slump in Prices. (DailyFX)
Source: FXStreet, DailyFX
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