Forex Today: The Yen takes centre stage ahead of inflation data and elections

The Greenback resumed its uptrend on Thursday, rapidly reversing the previous day's pullback as investors assessed auspicious US data releases while keeping a close watch on the Trump-Powell effervescence and developments around trade.

Here's what to watch on Friday, July 18:

The US Dollar Index (DXY) advanced strongly, resuming its two-week rebound and approaching the key 99.00 barrier on the back of firm results from key fundamentals. The preliminary U-Mich Consumer Sentiment gauge takes precedence, seconded by Building Permits and Housing Starts. In addition, the Fed's Waller is due to speak.

Further downside pressure saw EUR/USD drift lower and revisit the mid-1.1500s, or multi-week troughs. Producer Prices in Germany will be released, followed by Current Account and Constructio Output in the broader Euroland.

GBP/USD seems to have entered a consolidative phase in the lower end of its recent range in the sub-1.3400 zone. Next on tap on the UK docket will be the publication of the UK's public sector finances on July 22.

USD/JPY continued to consolidate its move to three-month highs past the 149.00 barrier amid another week of solid gains. Japan's Inflation Rate will be at the centre of the debate.

Solid gains in the Greenback triggered a pronounced correction in AUD/USD to the area of three-week lows near 0.6450. Next on tap in Oz will be the release of the RBA Minutes on July 22.

Prices of the american WTI added to their weekly retracement, this time hovering around the $66.00 region per barrel amid a stronger US Dollar, alleviated trade concerns, and steady geopolitical jitters.

Gold prices maintained their consolidation just above the $3,300 mark per troy ounce, trading in an erratic fashion on the back of the firm bias in the Greenback and a slight improvement on the trade front. Silver prices alternated gains with losses near the $38.00 mark per ounce.