US inflation data gathers all the views

The greenback rose further to fresh multi-week highs, supported by higher yields and growing speculation of a 25 bps rate cut by the Fed in November, all ahead of the key CPI release American Thursday.

Here’s what you need to know on Thursday, October 10:

The US Dollar Index (DXY) advanced significantly and reached just below the key barrier at 103.00. The release of the US inflation rate is in the spotlight, backed by the usual initial jobless claims. In addition, the Fed’s Daly and Cook are scheduled to speak.

EUR/USD’s decline accelerated further and sent the pair to new multi-week lows near 1.0930. German retail sales will be the key event on the old continent seconded by the ECB Accounts.

GBP/USD appears to have had some decent run into the mid-1.3000s on the back of a stronger US dollar. The balance of the RICS house price will be released.

USD/JPY maintained its bullish weekly stance and recovered the 149.00 barrier and beyond on the back of greenback gains and higher US yields. Bank lending figures are next, followed by weekly foreign bond investments and producer prices.

AUD/USD hit its fifth consecutive daily pullback and challenged key support at the 0.6700 figure. Inflation expectations are due along with final building permits and approvals for private homes.

WTI prices added to Tuesday’s decline and briefly tested multi-day lows near $71.60 a barrel amid geopolitical tension, concerns over Chinese demand and a weekly increase in U.S. crude inventories .

Gold prices retreated further and tested the key $2,600 per troy ounce mark amid a firm US dollar, rising yields and rising bets on a 25 bps Fed rate cut in November. Silver prices fell for the third day in a row, although they did well to hold business above the $30.00 per ounce mark.