Forex Today: The Wait For US Inflation Figures Continues
What you need to take care of on Wednesday, January 11:
The FX board witnessed minimal movement on Tuesday, owing to a light macroeconomic calendar and investors' need for clarification from central banks. US Federal Reserve Chairman Jerome Powell and his colleagues from Canada and Japan were on the lines, but only as part of a conference on central bank independence, so no new hints on monetary policy were provided.
The US Dollar rose during the first part of the day but finished mixed as Wall Street managed to recoup pre-opening losses and register a tiny gain. At the same time, the yield on US government bonds rose. Investors are hesitant to take significant risks ahead of the release of US inflation data next Thursday.
The EUR/USD pair is trading at 1.0740, while the GBP/USD is trading around 1.2160, down on the day. Commodity currencies have also weakened against the US dollar, with the AUD/USD trading at 0.6890 and the USD/CAD trading around 1.3420. Finally, the USD/JPY pair is trading slightly higher at around 132.20.
Gold is consolidating at $1,876 per troy ounce, while crude oil rose in the American afternoon. WTI closed at $75.20 per barrel.
The upcoming Asian session will be important in terms of macroeconomic data, as Australia will release the November Monthly Consumer Price Index, which is expected to be 7.3% YoY, up from 6.9% in October. In addition, Australia will release November Retail Sales, which are projected to have grown by 0.6% after decreasing by 0.2% the previous month. Finally, China will release the December Consumer Price Index (CPI) and the Producer Price Index (PPI) for the same month.