On Tuesday, the Greenback inched higher vs. its major peers as traders are awaiting the U.S. inflation data later in the day, which could offer clues on timing of interest rate hikes by the Federal Reserve during the year. A higher expected than reading may fuel anticipations that the Federal Reserve could hike interest rates four times, rather than three times, this year. On the release front, traders are awaiting the U.S. Consumer Price Index (YoY) (Feb), which is expected to hit 2.2%, from 2.1%. elsewhere, market players are also awaiting Bank of Canada Governor Stephen’s Speech in Kingston.
The Single currencies fell slightly by 0.05%, vs. the U.S. dollar to settle at $1.2334 as dollar recovered slightly. No major reports are due from the Euro-zone today.
The Sterling pound fell as much as 0.09%, vs. the USD, to settle at $1.3894.
the Japanese fell by 0.69% vs. the Greenback, to settle at ¥107.15, due to a political scandal engulfing Prime Minister Shinzo Abe's government.
Earlier today, Gold prices tread water, as demand for the Greenback remained mildly backed by last week's upbeat employment data and as investors are awaiting the U.S. inflation data which will be published later on today. Gold Futures - Apr 18 (GCJ8), fell slightly by 0.20%, to settle at $1,318.20.
Early on Tuesday, oil prices declined slightly, negatively affected by an increase in U.S. production. In terms of data, International Energy Agency (IEA) said in its monthly report that U.S. crude oil production jumped above 10 million barrels per day (bpd). Meanwhile, The IEA said that U.S. production is expected to rise above 11 million bpd by late 2018, outpacing Russia. On the release front, traders are awaiting the American Petroleum Institute's will release its report due later in the day. Crude Oil WTI Futures - Crude Oil WTI Futures - Apr 18 (CLJ8) rose as much as 0.26%, to settle at $61.52, and Brent Oil Futures - May 18 (LCOK8) was up by 0.22% at $65.09.
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