Key data could reveal details about the US economy and EMU inflation

The greenback regained its smile on Wednesday and advanced to weekly highs against its main rivals as investors looked for more clues about the Fed’s potential rate path ahead of the release of key economic data.

Here’s what you need to know on Thursday, August 29:

The US Dollar Index (DXY) regained the 101.00 barrier and above, despite mixed US yields across the curve. Another estimate of the second-quarter US GDP growth rate is due on August 29, followed by the usual weekly initial jobless claims, pending home sales and the Fed’s Bostic speech.

EUR/USD came under marked downward pressure and challenged the 1.1100 region following the strong rebound in the US dollar. On August 29, Germany’s preliminary inflation rate takes center stage ahead of Consumer Confidence, Economic Sentiment and EMU Industrial Sentiment. In addition, the ECB’s Schnabel is scheduled to speak.

GBP/USD pulled back from recent yearly highs and broke below 1.3200 support, triggering weekly lows. Annual car production results are expected only on August 29.

USD/JPY tested the waters above the 145.00 barrier in response to a strong rebound in the greenback and mixed yields. The usual weekly figures on foreign bond investments are due on August 29.

AUD/USD could not extend its break above the 0.6800 hurdle, eventually succumbing to the dollar’s rise. The next data release on the Australian docket will be home loan readings as well as retail sales, both due on August 30.

Concerns over Chinese demand and a rising dollar offset supply concerns and a slightly upbeat EIA report, all of which dragged WTI prices to weekly lows below the $74.00 per barrel mark.

Gold prices came under pressure and fell to weekly lows in the region below $2,500 per troy ounce. Silver sold off and faced the $29.00 per ounce mark, a region that coincides with the intermediate 55-day and 100-day SMAs.