Forex news today, Wednesday, March 13: The US Dollar is struggling to gain recovery momentum. The USD Index (DXY) is stable below 103.00 in the European morning after a moderate increase the day before. No important macroeconomic data is being released from the US today, but Eurostat will publish the Eurozone Industrial Production data for January.

US inflation data showed a slight increase to 3.2% year-on-year from 3.1% in January. Month-on-month, the CPI and Core CPI rose by 0.4% each. US government bond yields recovered above 4.1% following the inflation data; however, the positive market sentiment towards risk is not enough to boost the Dollar. The US 10-year yield remains around 4.15% on Wednesday morning, while US stock index futures are mixed.

The US Dollar strengthened against the Japanese Yen. Rengo, Japan's largest labor union, has met its demand for a wage increase of 5.85%. USD/JPY is stable above 147.50. Bank of Japan Governor Kazuo Ueda highlighted the importance of monitoring the potential for a positive wage inflation cycle.

GBP/USD remains stable around 1.2800 after UK GDP increased by 0.2% in January. Gold prices fell by more than 1% due to the recovery of US government bond yields, while EUR/USD experienced a recovery, fluctuating near 1.0930.

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