US Dollar regained its footing today, as traders digested the latest developments around Donald Trump and upcoming economic data. The US Dollar Index (DXY) edged higher, but the 108.00 level remains a significant hurdle for further gains.
US Dollar Faces Mixed Signals
EUR/USD saw its bullish momentum slow near multi-week highs above 1.0400. Meanwhile, GBP/USD weakened slightly as the US Dollar’s modest rebound gained traction. Key UK data, including the CBI Business Optimism Index and Industrial Trends Orders, will guide the Pound’s direction.
USD/JPY extended its volatile trend, moving beyond the 156.00 threshold as markets anticipated the Bank of Japan’s policy meeting on January 24. Balance of Trade figures and Foreign Bond Investment data are next in focus for the pair.
The Australian Dollar remained subdued near 0.6300 against the Greenback, with attention shifting to preliminary Manufacturing and Services PMIs from S&P Global in Australia.
US Dollar-Driven Commodities Movement
Commodities responded to US Dollar movements and political uncertainty. Gold prices rose for a third consecutive session, breaking $2,760 per ounce amid market caution surrounding Trump’s policies. Silver faced selling pressure, retreating near $31.00 per ounce.
WTI crude oil prices extended their decline, testing the $75.00 mark as traders adjusted to Trump-era policies affecting the energy sector.
What’s Next for the US Dollar?
All eyes are on the weekly Initial Jobless Claims and EIA crude oil inventory reports, both of which could set the tone for further US Dollar fluctuations. As Trump’s announcements continue to influence sentiment, the currency remains sensitive to political and economic shifts across the globe.
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