The Greenback maintained its range-bound sentiment unchanged in the area of recent tops against the backdrop of steady expectations of a 25 bps rate cut in November and rising cautiousness prior to the release of the FOMC Minutes (Wednesday) and then US CPI data (Thursday).
Here is what you need to know on Wednesday, October 9:
The US Dollar Index (DXY) rose marginally and kept its business near recent peaks well past the 102.00 barrier ahead of key US data releases. The publication of the FOMC Minutes will take centre stage, seconded by Wholesale Inventories, the weekly Mortgage Applications by MBA and the EIA’s weekly report on US crude oil supplies. In addition, the Fed’s Jefferson, Logan, Barkin, Goolsbee, Williams, and Collins are all due to speak.
EUR/USD ended Tuesday’s session with humble losses following an unsuccessful attempt to retest the 1.1000 hurdle early in the session. Germany’s Balance of Trade is due seconded by the speech by the ECBs Elderson.
GBP/USD advanced modestly although it was enough to revert five consecutive days of losses. Next of note on the UK calendar will be the release of GDP figures on October 11.
USD/JPY partially recovered ground lost on Monday and reclaimed the area beyond the 148.00 hurdle. The Machine Tools Orders are next on tap on the Japanese docket.
AUD/USD extended further its leg lower and approached the key support region at 0.6700. The speech by the RBA’s Kent is due
WTI prices rose to new two-month highs past the $78.00 mark per barrel, although they eventually succumbed to the renewed and strong selling pressure on the back of a probable ceasefire in the Middle East.
Prices of gold dropped for the fifth straight day, this time revisiting three-week lows near the $2,600 mark per ounce troy. Silver prices, collapsed nearly 4% to three-week lows near the key $30.00 mark per ounce.
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AUD/USD faces the next support at 0.6700
AUD/USD retreated further and approached the key 0.6700 contention zone, where some initial support seems to have turned up, always against the backdrop of a persistent risk-off mood in the global markets.
EUR/USD struggled to surpass 1.1000
EUR/USD remained on the defensive, receding to the 1.0970 zone after failing to extend an early bull run to the psychological 1.1000 barrier amidst rising prudence ahead of the release of the FOMC Minutes on Wednesday.
Gold drops to three-week lows and challenges $2,600
Gold prices now accelerates its decline and revisit levels last seen in late September around the $2,600 mark per ounce troy on the back of further repricing of a smaller rate cut by the Fed in November and rising caution prior to the release of the FOMC Minutes on Wednesday.
RBNZ seen cutting key interest rate by 50 bps in October amid deepening economic downturn
The Reserve Bank of New Zealand is expected to cut interest rates by 50 bps to 4.75% on Wednesday. New Zealand’s deepening economic downturn and inflation optimism flag outsized RBNZ rate cut bets.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
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