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Forex Today: Adjusting positions ahead of US inflation figures
What you need to take care of on Tuesday, August 9:
The dollar eased on Monday as government bond yields retreated, providing support to stock markets. Still, the absence of relevant news maintained US indexes seesawing within familiar levels. European indexes posted modest intraday gains, but Wall Street closed mixed.
Market players hold their breath ahead of the US Consumer Price Index to be released next Wednesday. Concerns about economic growth and aggressive tightening in the US re-surged on Friday after a strong job report. Investors will make a reassessment of the situation after the release of inflation figures.
Tensions between Germany and Russia over natural gas delivery undermined demand for the shared currency. The EUR/USD pair flirted with the 1.0200 level and settled at around 1.0190.
GBP/USD ended the day pretty much unchanged at 1.2075. Commodity-lined currencies surged against their American rival, shedding some ground ahead of the close but holding to intraday gains. AUD/USD trades at around 0.6980, while USD/CAD is down to 1.2860.
The USD/JPY pair hovers around 135.00, while USD/CHF trades at 0.9560.
Spot gold retained gains at the end of the day at settled at $1,788 a troy ounce. Crude oil prices posted a modest advance, with WTI currently trading at $90.50 a barrel.
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