Forex Today: The US labour market will be in the spotlight along with Fed speakers
|The Greenback extended Monday’s optimism and advanced to two-day highs supported by rising geopolitical concerns ahead of key data releases and a slew of Fed speakers.
Here is what you need to know on Wednesday, October 2:
The US Dollar Index (DXY) surpassed the key 101.00 barrier amidst increasing safe haven demand in response to geopolitical concerns. The ADP Employment Change takes centre stage seconded by the weekly Mortgage Applications tracked by MBA and the EIA’s report on US crude oil inventories. In addition, the Fed’s Barkin, Bostic, Hammack, Musalem, and Bowman are all due to speak.
EUR/USD plummeted to two-week lows near 1.1040 following the stronger US Dollar and the prevailing risk-off sentiment. The Unemployment Rate in the euro area will be published along with speeches by the ECB’s De Guindos, Buch, Elderson, and Schnabel.
In line with its risk-associated peers, GBP/USD tumbled to multi-day lows and revisited the 1.3240-1/3230 band on Tuesday. The next key data release in the UK will be the final S&P Global Services PMI on October 3.
USD/JPY rose marginally amidst a volatile session, which saw the Greenback pick up extra pace and global yields retreat further. The September’s Consumer Confidence gauge is due.
AUD/USD reversed three consecutive daily advances and revisited the 0.6860 zone following the stronger Dollar and the offered stance in the risk complex. The Ai Group survey will be the only release Down Under.
Prices of WTI advanced markedly to fresh highs around the $72.00 mark per barrel following Iran’s attack on Israel.
Gold prices regain composure on the back of safe haven demand and revisited the $2,670 zone per ounce troy. Silver prices followed suit, advancing to the vicinity of the $32.00 mark per ounce following two straight days of losses.
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