Focus remains on US inflation – Crypto News

The Greenback collapsed in response to the softer-than-expected US inflation readings in June, at the time when investors now see the Fed cutting rates as soon as at its September gathering.

Here is what you need to know on Friday, July 12:

The USD Index (DXY) deflated to multi-week lows and visited the 104.00 region in the wake of disappointing US CPI data and declining US yields. Producer Prices and the preliminary Michigan Consumer Sentiment gauge will take centre stage on July 12.

EUR/USD rose further and managed to finally retest the 1.0900 region, although that move fizzled out somewhat afterwards. German Wholesale Prices and Current Account results are expected on July 12.

GBP/USD advanced to levels last seen a year ago near 1.2950 following the sell-off in the Greenback. There are no scheduled releases in the UK on July 12.

USD/JPY receded to monthly lows and approached the 157.00 zone following another suspected FX intervention move by Japanese officials. The final Industrial Production results will be released on July 12.

AUD/USD extended its monthly recovery and climbed to levels just pips away from the 0.6800 hurdle. The Australian calendar will be empty on July 12.

The weaker Dollar and market chatter around rate cuts by the Fed prompted prices of WTI to add to Wednesday’s gains beyond the $83.00 mark per barrel.

Prices of Gold advanced markedly and surpassed the $2,420 mark per ounce troy amidst the Dollar’s sell-off, diminishing yields and increasing rate cut bets. By the same token, Silver improved to the vicinity of the $32.00 mark per ounce, or six-week highs.