Further optimism in the risk-on complicated kept the Greenback under pressure in the first half of the week as investors prepared for the release of key US inflation data on Wednesday. Still on the fence about inflation, UK CPI will also be in focus.

Here’s what you need to know on Wednesday, August 14:

The USD Index (DXY) retreated for a third straight day and once again broke through 103.00 support amid lower yields. Inflation will take center stage on August 14, supported by weekly MBA mortgage applications.

EUR/USD rose to multi-day highs and returned to the 1.0980 zone on a wave of improving risk asset sentiment. The next estimate of eurozone Q2 GDP growth is due on August 14, followed by industrial production and preliminary Q2 employment change.

GBP/USD resumed its uptrend and rose sharply, this time quickly leaving the 1.2800 barrier behind to print multi-day highs. The key event across the Channel will be the inflation rate on August 14.

USD/JPY maintained its erratic performance seen in recent days, although a convincing break through the 148.00 barrier seems elusive for now. The next major data releases in Japan will be advanced second-quarter GDP growth, final industrial production and weekly foreign bond investment, all due on August 15.

Another positive day saw AUD/USD break through the key 0.6600 barrier and reach modern three-week highs. The next noteworthy event on the Australian calendar will be the Consumer Inflation Expectations and the Employment Report, both due on 15th August.

WTI crude prices failed to break above the key USD 80.00 per barrel level, eventually succumbing to renewed selling pressure and falling below USD 79.00.

Gold prices approached $2,480 per troy ounce before falling and ending the session with diminutive losses ahead of U.S. CPI data on Wednesday. Silver fell sharply, despite briefly breaching the $28.00 per ounce mark earlier in the day.