Forex Today: US inflation data gathers all the attention

There was no respite for the downside pressure in the Greenback on Tuesday, with the currency deflating to levels lasty seen in early October amid further effervescence around tariff and US recession concerns.

Here is what you need to know on Wednesday, March 12:

The US Dollar Index (DXY) tumbled to new multi-month lows near 103.20 amid shrinking yields and steady speculation over the likelihood of a US slowdown. The release of the Inflation Rate will take centre stage, seconded by MBA Mortgage Applications and the EIA's weekly report on US crude oil inventories.

EUR/USD extended further its march north, reaching new four-month peaks well past the 1.0900 barrier. The ECB's Lagarde, Nagel and Lane are due to speak amid an otherwise empty domestic calendar.

GBP/USD resumed its uptrend and flirted with new highs near 1.2970 amid the generalised sell-off in the Greenback. Next on tap on the UK docket will be the RICS House Price Balance on March 13.

USD/JPY hit fresh lows in the mid-146.00s before staging an acceptable rebound amid extra weakness in the US Dollar and declining US and Japanese yields. Japan's Producer Prices will be at the centre of the debate seconded by the BSI Large Manufacturing index.

AUD/USD managed to capitalise on the US Dollar's decline, reclaiming the 0.6300 hurdle and beyond and reversing three straight daily retracements. Next on tap in Oz will be the final prints of Building Permits and Private House Approvals, seconded by the speech by the RBA's Jones.

WTI prices regained some ground and broke above the $67.00 mark per barrel following the increasing selling pressure in the Greenback.

Concerns over the US economy and the weakness surrounding the Greenback lent support to Gold prices, sending them back above the $2,920 region per troy ounce. Silver prices rallied to three-week highs near the $33.00 mark per ounce, reversing three daily pullbacks in a row.