In quite an erratic week, the US Dollar (USD) reversed Tuesday’s marked advance and shifted its attention to the opposite direction on the back of jitters surrounding the Fed’s independence as well as swelling speculation of further interest rate cuts by the Federal Reserve later in the year.

Here’s what to watch on Thursday, January 15:

The US Dollar Index (DXY) came under fresh downside pressure, putting the 99.00 support to the test amid declining US Treasury yields across the curve. The usual weekly Initial Jobless Claims will be released alongside the NY Empire State Manufacturing Index, Export and Import Prices, the Philly Fed Manufacturing Index and TIC Flows. In addition, the Fed’s Bostic, Barr and Barkin are all due to speak.

EUR/USD traded with a tepid upside bias, hovering around the 1.1650 region. Germany’s Full Year GDP Growth is due, followed by Industrial Production and the Balance of Trade in the broader Euroland.

GBP/USD reversed Tuesday’s decline and clocked decent gains around the 1.34450 zone. An interesting docket will feature the RICS House Price Balance, seconded by GDP figures, Balance of Trade results, Industrial and Manufacturing Production, Construction Output, and the NIESR Monthly GDP Tracker.

USD/JPY hit another multi-month top before coming under fresh downside pressure and closing the day with marked losses near the 158.00 level. Next on tap come the weekly Foreign Bond Investment figures, Producer Prices and the Reuters Tankan Index.

AUD/USD failed to reclaim the area beyond 0.6700 the figure, receding toward the 0.6680 zone amid an inconclusive price action. The Consumer Inflation Expectations measured by the Melbourne Institute will be the salient event in Oz.

WTI prices extended their uptick for the fifth consecutive day, approaching the $62.00 mark per barrel as traders continued to evaluate potential risks of Iranian supply disruptions.

Another day, another record high in Gold prices. This time the yellow metal approached the $4,640 mark per troy ounce amid rising speculation of further rate cuts by the Fed. The same can be said of Silver, which advanced past the $92.00 mark per ounce for the first time in history.