Forex Today: Attention remains on US inflation, UK GDP and the jobs report in Australia

The US Dollar (USD) intensified its weakness on Wednesday, receding to two-week lows as investors continued to price in further rate cuts by the Fed, while steady jitters surrounding the Fed's independence also weighed on sentiment.

Here's what to watch on Thursday, August 14:

The US Dollar Index (DXY) added to Tuesday's decline, broke below the 98.00 support and retreated to two-week lows in tandem with a marked retracement in US yields across the board. Producer Prices will take centre stage, seconded by the weekly Initial Jobless. In addition, the Fed's Barkin is due to speak.

EUR/USD rose to fresh two-week highs past the 1.1700 hurdle amid the broad-based improvement in the risk-associated universe. The EMU will be at the centre of the debate with the releases of the Employment Change, Industrial Production, and the second estimate of Q2 GDP Growth Rate.

GBP/USD extended its bullish mood on Wednesday, hitting multi-week highs near the 1.3600 hurdle. Next on tap on the UK calendar will be the GDP figures, Trade Balance, Industrial/Manufacturing Production, Construction Output and the NIESR Monthly GDP Tracker.

USD/JPY eased to weekly lows and challenged the 147.00 contention zone on the back of further selling pressure on the Greenback. Preliminary Q2 GDP Growth Rate and the weekly Foreign Bond Investment figures will be next in Japan on August 15.

Further strength prompted AUD/USD to add to Tuesday's advance and clinch two-week highs in the 0.6560-0.6570 band. The critical labour market report will be a significant event in Oz.

WTI prices continued to decline on Wednesday, retreating to levels last seen in early June, below the $62.00 mark per barrel, following the IEA's revised expectations for supply growth this year and an unexpected increase in US crude oil supplies. In the meantime, traders remained watchful of the upcoming Trump-Putin meeting.

Gold prices rose to two-day highs around $3,370 per troy ounce on Wednesday amid steady speculation of extra rate cuts by the Fed in the second half of the year. Silver prices followed suit, advancing past the $38.00 mark per ounce to hit three-week peaks.