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In Forex US Dollar after suffering large losses versus its major rivals on Tuesday, the US Dollar (USD) struggles to find demand, while the Pound Sterling (GBP) falls in the European morning on Wednesday. The September Industrial Production and Trade Balance statistics will be included in the European economic docket mid-week. Market investors will be watching the October Producer Price Index (PPI) and Retail Sales numbers intently during the American session.
The USD Index fell 1.5% during American market hours on Tuesday, marking one of the year’s worst one-day losses. According to figures from the United States, inflation. The consumer Price Index (CPI) in the United States fell to 3.2% in October from 3.7% in September. As a result, Wall Street’s major indexes rose, while the benchmark 10-year US Treasury plummeted to its lowest level in nearly two months, falling below 4.5%. The USD Index consolidates its losses slightly above 104.00 early Wednesday, as US stock index futures trade marginally higher on the day.
During the Asian trading hours on Wednesday, figures from China revealed that Retail Sales increased 7.6% year on year in October, while Industrial Production increased by 4.6%. Both of these figures were slightly better than analysts’ expectations.
GBPUSD climbed above 1.2500 for the first time since mid-September.
On Tuesday, the GBPUSD climbed above 1.2500 for the first time since mid-September, gaining more than 200 pips. In the beginning The pair lost traction and retraced a tiny amount of its advance during the European session on Wednesday after the UK’s Office for National Statistics revealed that the annual CPI in the UK climbed 4.6% in October, down considerably from 6.7% in September.
On Tuesday, the EURUSD broke above 1.0800 and continued to rise toward 1.0900, reaching its highest level in 11 weeks in the process. The pair appears to have entered a consolidation phase above 1.0850 early Wednesday.
On Tuesday, USDJPY experienced a significant downward correction amid broad-based USD weakness, snapping a six-day winning streak. At the time of publication, the USDJPY was gaining ground on the day, hovering around 150.70. According to Japanese data, Industrial Production increased by 0.5% on a monthly basis. starting in September.
Gold gained roughly 1% on Tuesday as a result of lower US yields. XAUUSD continued to rise early Wednesday, last seen up 0.35% on the day at approximately $1,970.
