United States Redbook Index (YoY) down to 5.3% in January 6 from previous 10.2%
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EUR/USD has regained its traction and advanced toward 1.0750 during the American trading hours on Tuesday. As FOMC Chairman Jerome Powell refrained from commenting on the policy outlook, the US Dollar came under renewed selling pressure and helped the pair push higher.
GBP/USD has staged a rebound and rose above 1.2170 in the second half of the day on Tuesday. The modest gains witnessed in Wall Street’s main indexes following the opening bell seems to be limiting the US Dollar’s upside and fueling the pair’s recovery.
Gold price turned north and advanced toward $1,880 in the American session on Tuesday. Following FOMC Chairman Jerome Powell’s comments, the benchmark 10-year US Treasury bond yield retreated modestly from daily highs near 3.6%, helping XAU/USD gain traction.
The two largest economies in the world are expected to report inflation figures later this week. But, by far, the US figure is expected to be the most important. The yuan trades within a bound set by the PBOC, which limits the impact that data can have.