Currency markets are experiencing significant shifts as the US Dollar Index (DXY) weakens, falling below 103.00. This movement comes as investors anticipate crucial economic releases on August 14.
The EUR/USD pair has climbed to recent highs around 1.0980, while GBP/USD surpassed 1.2800. These gains reflect increased risk appetite and expectations surrounding upcoming inflation data and GDP growth estimates for the eurozone and UK.
In Asia, USD/JPY continues its erratic pattern, struggling to maintain ground above 148.00. Meanwhile, AUD/USD has breached the 0.6600 mark, reaching three-week highs ahead of Australian employment data due later in the week.
Commodity markets are also reacting, with WTI oil prices retreating below $79.00 per barrel after failing to hold above $80.00. Gold prices briefly approached $2,480 per troy ounce before pulling back.
As these market dynamics unfold, traders and investors await US inflation figures and other key indicators that could further influence currency valuations and overall market sentiment in the coming days.
Currency Markets Shift as Key Economic Data Looms
