Forex Today: Back half of the week brings key datapoints as NFP looms ahead

Markets roiled on Wednesday but mostly stuck within tight ranges as investors gear up for a hectic release schedule ahead of Friday's key US NFP jobs print.

Here's what you need to know heading into Thursday, January 9:

The US Dollar Index (DXY) explored higher ground on Wednesday as tepid investor sentiment kept one foot solidly in the safe haven Greenback. However, traders are proving to be unwilling to tilt too far in either direction, stopping short of pushing the DXY into fresh 26-month highs. A raft of speeches from Federal Reserve (Fed) policymakers await traders on Thursday, as well as Challenger Job Cuts for December, which will serve as the last punch of Nonfarm Payrolls (NFP) preview data before the bumper labor print on Friday.

FOMC Minutes show officials weigh in potential changes to trade and immigration policies

EUR/USD is back testing the 1.0300 handle after flubbing a near-term bullish recovery. The pair is one bad day away from touching the 1.0200 level for the first time in over two years, and Euro traders will be hoping for an upside swing in pan-EU Retail Sales figures for the year ended in December, due early Thursday, but not until after German Industrial Production figures kick off the European trading session.

GBP/USD tested a fresh nine-month low on Wednesday, tapping 1.2320 as the UK side of the economic calendar remains thin and Cable traders struggle to find the buy button. One last bearish push into the low side will see GBP/USD crossing below 1.3200 and setting fresh 14-month lows.

AUD/USD traders have an unwieldy data schedule to contend with on Thursday. Australian Retail Sales figures for November are due early in the Antipodean session, which are expected to swing upwards, while Australia's Trade Balance is expected to contract slightly. China will follow-up with its own data release, which could see knock-on impacts for the Aussie. Chinese Consumer Price Index (CPI) inflation for December is expected to cool to next to flat.

USD/JPY continues to grind its way higher as the Bank of Japan (BoJ) struggles to find a way to overcome the Yen's wide interest rate differential that doesn't involve raising interest rates. USD/JPY hit multi-decade highs last summer, and the BoJ's efforts to directly intervene on the Yen's behalf has turned out to be not only exorbitantly expensive, but also temporary. The pair is up almost 14% after reaching a technical bottom near 140.00 in September.