Forex Today: What Will PMIs Day Bring?

Modest selling pressure returned to the US Dollar (USD) in the latter part of Thursday’s North American session, preventing it from sustaining its recovery. Even with geopolitical tensions escalating and investors broadly seeking safety, the Greenback has ultimately extended its correction over several days.

Initial gains faded after the US Dollar Index (DXY) neared resistance at 102.00, with investors still weighing the fragile geopolitical backdrop and fresh uncertainty surrounding the AI sector. The calendar concludes with the flash S&P Global Manufacturing and Services PMIs and the final U-Mich Consumer Sentiment reading.

TMGM Analysis: Financial Market News, Economic Calendar & Market Insights

As its recovery ran out of steam, EUR/USD slipped towards three-day lows around 1.1190. Rounding off the week’s domestic releases will be the preliminary S&P Global Manufacturing and Services PMIs for Germany and the euro area.

Modest gains kept GBP/USD in positive territory, taking its rebound for the week above 1.3400. The UK release schedule includes the flash S&P Global Manufacturing and Services PMIs, alongside Retail Sales and GfK Consumer Confidence.

USD/JPY dropped towards three-week lows near 156.70 as demand for safe-haven assets supported the Japanese Yen. Japan’s upcoming releases include the Inflation Rate and the flash S&P Global Manufacturing and Services PMIs.

A sharp retreat brought AUD/USD back towards 0.7000 after the pair failed to build on its rebound above 0.7040. Australia’s next scheduled releases are the preliminary S&P Global Manufacturing and Services PMIs.

Renewed tensions surrounding the Middle East crisis lifted front-month WTI futures (December contract), which recovered after three consecutive daily declines. The rebound put the psychological $100.00 barrier back within reach.

Fresh two-month lows near the key $4,000 per troy ounce level marked a steep decline in Gold. The precious metal came under pressure from inflation worries, the prospect of further tightening by the Federal Reserve and a notable recovery in the US Dollar.