Here’s everything you should know about Forex for Thursday, March 14:
In Forex Market second half of the week has seen major currency pairs swing in pretty tight ranges. Following minor losses on Wednesday, the US Dollar (USD) Index remains stable below 103.00 in the European morning on Thursday. As investors await February producer inflation and retail sales data.
US Retail Sales:
Economists predict consumption to recover in February after a weak start to the year.
The benchmark 10-year US Treasury note yield recovered on Wednesday, rising above 4.2% for the first time in more than a week. Early Thursday, the 10-year US yield remained stable at around 4.2%.Stock index futures are trading neutral following Wednesday’s turbulent action.
Earlier in the day, Reuters reported that Japan’s largest industrial union, UA Zensen, said that the average wage increase offered by 231 employers was the highest on record since 2013. USDJPY is still moving up and down in a small area below 148.00, after finishing essentially unchanged on Wednesday.
The Japanese yen remains near a weekly low against the US dollar, with investors looking for fresh encouragement from US data.
The AUDUSD made slight gains on Wednesday, snapping a two-day losing skid. The pair remains in a consolidation phase, barely above 0.6600 early Thursday.
The EURUSD gained traction and closed in positive territory on Wednesday. The couple, however, began to After reaching resistance at 1.0950, the price edged lower. In the absence of high-quality data releases from the Eurozone, investors will pay particular attention to statements from European Central Bank (ECB) officials.
The GBPUSD is struggling to find direction and has extended its sideways skid to about 1.2800 in the European morning on Thursday.
On Wednesday, gold was able to recoup a significant chunk of its losses from Tuesday, but it struggled to gain more bullish momentum as US yields rose. XAUUSD was last seen trading moderately down on the day, just below $2,170.
