Here is a summary of today's forex market information for Wednesday, January 10, 2024. The US dollar strengthened against other currencies on Tuesday ahead of the highly anticipated inflation data on Thursday. Major currency pairs remained stable on Wednesday morning, with attention on central bank governors' comments and the US 10-year Treasury bond auction scheduled for today.
 
This week, the US dollar gained against the Australian dollar, while Wall Street's major indices opened in negative territory on Tuesday. Geopolitical tensions in the Middle East fueled uncertainty, with Iran-backed Houthi militants launching their largest attack on merchant ships in the Red Sea. Although stock indices managed to recover before the session's close, US stock futures edged lower during Wednesday's European morning. US 10-year Treasury bond yields remained steady above 4%, and the USD Index stayed above 102.50. The President of the Federal Reserve Bank of New York, John Williams, is scheduled to speak later during the American session.
 
In Australia, data released on Wednesday morning showed the Consumer Price Index (CPI) increased by 4.3% year-over-year in November. This is a decrease from the 4.9% rise recorded in October but still slightly below market expectations of 4.4%. Although AUD/USD initially dropped sharply, it rebounded slightly during the Asian trading session and is currently trading around the 0.6700 level after closing deep in negative territory.
 
GBP/USD fell after exceeding the 1.2750 level on Tuesday and is now trading below 1.2700 in early European trading on Wednesday. The Governor of the Bank of England, Andrew Bailey, is set to testify today regarding threats to financial stability due to rising interest rates.
 
EUR/USD weakened on Tuesday following Monday's failed attempt and is currently trading below 1.0950. The European Central Bank (ECB) Vice President, Luis de Guindos, is scheduled to speak during European trading hours on Wednesday.
 
USD/JPY climbed above 145.00 on Wednesday following choppy action on Tuesday. Recent data from Japan showed Cash Earnings rose only 0.2% year-over-year in November, far below market expectations of 1.5% after a 1.5% increase in October.
 
Gold reversed after surpassing $2,040, closing the day nearly unchanged. XAU/USD remains under moderate bearish pressure, trading in the red slightly above $2,020 in early Wednesday trading.
 
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Disclaimer!
 
The analysis on “Central Bank Speech Causes Stir in Forex Market Today, Is There an Opportunity?” is based on both fundamental and technical views from reliable sources and does not constitute advice or solicitation. Remember that this content aims to enrich the reader’s information. Always conduct independent research on other forex information before using it as a reference for your trading.
 
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