Market News

USD/JPY pushed back toward 159.50, erasing roughly half of the gains from last week’s coordinated yen intervention.

The dollar rose for a second straight session as crude oil extended its rally and equities pulled back, ahead of Wednesday’s CPI report.

US CPI eased to 3.4 percent as expected, briefly pressuring the dollar before it reversed to close about 0.2 percent higher.

AUD futures reached a six-week high after the RBA held rates but signaled it remains open to hiking further if needed.

The RBA held its cash rate at 4.35 percent as expected, but its statement kept the door open to a future hike if inflation risks build.

This week brings the RBA rate decision, US CPI, PPI, and Retail Sales — a full preview of what forex traders should watch.

Gold broke above $4,300 an ounce, its highest since mid-June, as cooling geopolitical tension and firmer Fed rate-cut bets support the metal.

The dollar edged up from a two-month low as rising oil prices offered support, with this week’s US CPI report now in focus.

The RBA is widely expected to hold its cash rate at 4.35 percent Tuesday, though one major bank still forecasts a hike.

Gold is holding near $4,342 as easing Strait of Hormuz tensions and anticipation of Wednesday’s US CPI report pull the metal in opposite directions.