On Wednesday, the Greenback firmed vs. a basket of major currencies as markets are awaiting the U.S. Consumer Price Index and retail sales. Meanwhile, uncertainty over the U.S. tax reforms continued to weigh on the U.S. dollar despite the previous session's upbeat inflation report. On the release front, U.S. producer prices rose by 0.4% in October, exceeding anticipations for a 0.1% uptick.
The U.S. CPI is released at 13:30 GMT Wednesday, at the same time as retail sales.
The single managed to settle its gains and remained close to 2-1/2 week highs, getting a support from upbeat German economic data as market platters awaited U.S. consumer inflation data, which is expected to show a marginal increase in consumer prices. The EUR/USD rose as much as 0.39%, to settle at $ 1.1843. No major reports are due from the EU today.
Against the JPY, the USD fell as much as 0.55% to ¥112.83.
Despite disappointing inflation rates and political worries surrounding the government's stability, the Sterling pound rose by 0.24% with GBP/USD at $1.3197.
Gold prices rose slightly as traders are awaiting the U.S. CPI due later in the day for potential signs on the Federal Reserve's monetary tightening policy. Gold Futures - Dec 17 (GCZ7) rose as much as 0.9% at $1,284.04.
Oil prices declined dramatically by 1%, continuing yesterday’s fall after the International Energy Agency (IEA) cast worries over the past few months' narrative of tightening fuel markets. Additionally, the IEA said non-OPEC production could add 1.4 million bpd of additional productions in 2018. Crude Oil WTI Futures - Dec 17 (CLZ7) fell as much as 1.01% at $55.14 and Brent Oil Futures - Jan 18 (LCOF8) was down by 0.96% at $61.61
Economic Calendar (all times in GMT)
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