Forex Today: US Dollar rises on resilient labor data, while Oil and Gold fall
Here is what you need to know for Friday, July 17:
The US Dollar Index (DXY) rises toward 100.80, gaining around 0.3% as stronger-than-expected United States labor-market data supports the Greenback. US Initial Jobless Claims fell to 208K, below expectations of 217K and the previous 216K. However, Retail Sales growth slowed to 0.2% MoM in June from 1.0% previously, limiting the Dollar’s advance.
EUR/USD falls toward 1.1440, losing around 0.2% amid renewed US Dollar strength. Investors now await the final Eurozone inflation report. Core HICP inflation is expected to remain at 2.4% YoY, while headline inflation is forecast at -0.1% MoM.
GBP/USD declines toward 1.3470, falling around 0.5% as broad demand for the Greenback weighs on the Pound Sterling.
USD/JPY rises toward 162.40, gaining around 0.1% as the stronger US Dollar keeps the Japanese Yen under pressure. However, concerns over possible intervention by Japanese authorities may limit further gains.
AUD/USD falls below 0.7000 and trades near 0.6995, down around 0.2%. Australian Consumer Inflation Expectations declined to 4.7% in July from 5.5%, while stronger US jobless claims data supported the Greenback.
West Texas Intermediate (WTI) Oil falls toward $79.00 per barrel, losing around 1.6% as traders take profits following its recent advance despite continued concerns surrounding Middle East supply risks.
Gold drops sharply toward $3,982, declining almost 2% as the rebound in the US Dollar reduces demand for the non-yielding precious metal.
On Friday, market participants will monitor the final Eurozone inflation figures, alongside US Housing Starts, Building Permits, Industrial Production, and the preliminary University of Michigan Consumer Sentiment Index.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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