On Wednesday, the Greenback inched higher vs. a basket of major currencies, but gains were limited by weak inflation data and worries over political instability after the sudden ousting of the U.S. Secretary of State Rex Tillerson. The U.S. dollar traded under pressure after the Labor Department reported yesterday that U.S. consumer price inflation increased at a modest pace in February, suggesting that the U.S. Federal Reserve is likely to stick to a gradual pace of rate rises this year. On the release front, traders are awaiting the U.S. Retail Sales Advance for February, which is expected to hit 0.3% from -0.3%. Elsewhere, market players are also awaiting Gross Domestic Product of New Zealand, which is expected to hit 3.1% from 2.7%.
The single currencies fell by 0.15%, to settle at $1.2372. No major reports are due from the Euro-zone today.
Against the JPY, the USD fell slightly by 0.02%, to settle at ¥106.56. On the release front, traders are awaiting Japan Buying Foreign Stocks.
Earlier today, Gold prices settled near one-week highs before retreating again. The yellow metal edged up slightly as traders remained worries after U.S. President Donald Trump fired Secretary of State Rex Tillerson, replacing him with Central Intelligence Agency Director Mike Pompeo. Additionally, market players also remained cautious after the U.S. President Donald Trump announced plans to impose new tariffs on up to $60 billion of Chinese imports. Gold Futures - Apr 18 (GCJ8), fell slightly by 0.09%, to settle at $1,325.90.
Early on Wednesday, Oil prices recovered slightly after two days of decline as China’s industrial output increased by 7.2% in the first two months of the year compared with the same period last year, suggesting that China's oil demand is expected to rise. However, oil markets still relatively weak, as oil prices have not returned to their January highs of $67 per barrel for WTI and $70 for Brent. Crude Oil WTI Futures - Crude Oil WTI Futures - Apr 18 (CLJ8) rose as much as 0.25%, to settle at $ 60.84, and Brent Oil Futures - May 18 (LCOK8) was up by 0.05% at $64.67.
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