Forex Today: US Dollar holds steady ahead of US Retail Sales

Here is what you need to know on Friday, August 14:

The US Dollar (USD) has softened with the US Dollar Index (DXY) slipping back below the 100.00 mark after Thursday's lower-than-expected Producer Price Index (PPI) data and a higher-than-expected weekly Jobless Claims print trimmed bets on further Federal Reserve (Fed) tightening.

However, hawkish remarks were heard from Cleveland Fed President Beth Hammack, who repeated her call to raise rates, keeping the Greenback's losses in check heading into a data-heavy Friday.

EUR/USD clings to gains in the low-1.1500s, holding firm as traders position ahead of the Eurozone's preliminary second-quarter Gross Domestic Product (GDP) report.

GBP/USD stays on the back foot below the 1.3500 mark, unable to recover after a mixed batch of UK data earlier in the week.

USD/JPY holds steady near the 159.50 region as the pair drifts in a tight range.

AUD/USD trades firm around 0.7060, holding near recent highs amid a softer Greenback tone.

Gold has lost its grip, receding toward $4,350 per troy ounce as the metal pulls back from its recent highs.

West Texas Intermediate (WTI) Oil extends its decline, slipping toward $81.00 per barrel.

The next European session brings the main event, the Eurozone's flash second-quarter GDP, expected to show the bloc growing at a steady pace on both a quarterly and annual basis. That data arrives alongside the preliminary Employment Change figures.

The US session then takes over with July Retail Sales, including the closely watched Control Group, offering a fresh read on consumer strength. A soft outcome would add to the recent run of cooling US data.

Later in the day, the preliminary Michigan Consumer Sentiment Index is seen easing from the prior month, with the survey's one- and five-year inflation expectations watched closely after this week's softer price figures.