Forex Today: It's PMIs day!

The US Dollar came under renewed and significant selling pressure, retreating to two-month lows even though the US tariff narrative remained unchanged and the Russia-Ukraine peace talks showed no signs of improvement.

Here is what you need to know on Friday, February 24:

The US Dollar Index (DXY) tumbled to fresh two-month lows near 106.40 amid declining US yields, the strong appreciation of the Japanese yen and extra buying pressure in the risk complex. The preliminary S&P Global Manufacturing and Services PMIs should grab all the attention, seconded by Existing Home Sales, and the final Michigan Consumer Sentiment print. In addition, the Fed's Jefferson is due to speak.

EUR/USD rebounded to three-day highs and approached the key 1.0500 barrier on the back of the US Dollar's sharp pullback. The advanced HCOB Manufacturing and Services PMIs in Germany and the euro bloc will be released, followed by the European Commission's Winter Forecasts and the speech by the ECB's Lane.

GBP/USD climbed to levels last seen in early December around 1.2650 following extra weakness in the Greenback and the widespread uptick in the risk-linked assets. The GfK Consumer Confidence comes first, ahead of Retail Sales, the flash S&P Global Manufacturing and Services PMIs and Public Sector Net Borrowing readings.

The intense buying bias in the Japanese yen motivated USD/JPY to retreat sharply to the 149.40 zone for the first time since December. Key Inflation Rate will be at the centre of the debate along with the preliminary Jibun Bank Manufacturing and Services PMIs.

AUD/USD clocked a new two-month high just above 0.6400 the figure following the deep retracement in the US Dollar. Next on tap in Oz will be the RBA's Monthly CPI Indicator, and Construction Done figures, all due on February 26.

Supply concerns sparked extra gains in WTI prices, lifting the barrel back above the $73.00 mark on Thursday.

Gold prices clinched an all-time peak beyond $2,950 per ounce troy following tariff concerns and difficult peace talks around the Russia-Ukraine crisis. Silver prices advanced to weekly peaks north of the $33.00 mark per ounce.