Here is what you need to know on Thursday, September 28:
The US Dollar (USD) continued to outperform its rivals mid-week and the USD Index touched a fresh 2023-high near 107.00 as the bond sell-off continued, lifting the yield on the 10-year reference above 4.6% for the first time since 2007. Ahead of German inflation data for September, markets stay relatively quiet. The US economic docket will feature weekly Initial Jobless Claims data alongside the final revision to the second-quarter Gross Domestic Product (GDP) growth and August Pending Home Sales.
Growing fears over a US government shutdown and its potential negative impact on the US credit rating, caused markets to continue to sell US bonds. "I don't see the support in the House" for the funding bill presented by the Senate, Republican House Speaker Kevin McCarthy said Wednesday. Top Senate Democrat Chuck Schumer noted that the next procedural vote on the bill is expected to take place on Thursday. Following a positive opening to the day, Wall Street's main indexes lost traction and closed virtually unchanged, reflecting the sour market mood. In the European morning, US stock index futures trade marginally higher.
US Dollar price this week
The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the strongest against the Swiss Franc.
USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
USD | 1.47% | 0.98% | 0.14% | 1.11% | 0.64% | 0.33% | 1.54% | |
EUR | -1.49% | -0.49% | -1.33% | -0.33% | -0.85% | -1.14% | 0.09% | |
GBP | -0.99% | 0.49% | -0.83% | 0.15% | -0.34% | -0.65% | 0.57% | |
CAD | -0.15% | 1.32% | 0.83% | 0.98% | 0.49% | 0.19% | 1.40% | |
AUD | -1.12% | 0.34% | -0.15% | -0.98% | -0.50% | -0.80% | 0.43% | |
JPY | -0.66% | 0.85% | 0.36% | -0.51% | 0.49% | -0.30% | 0.92% | |
NZD | -0.34% | 1.13% | 0.65% | -0.19% | 0.80% | 0.30% | 1.22% | |
CHF | -1.58% | -0.09% | -0.58% | -1.42% | -0.43% | -0.92% | -1.23% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
EUR/USD dropped to below 1.0500 for the first time since early January and was last seen consolidating its weekly losses near that level. The annual Consumer Price Index (CPI) in Germany is forecast to rise 4.6% in September, down sharply from 6.4% in August. Ahead of this data, Eurostat will release consumer and business sentiment data for September.
GBP/USD extended its slide and came within a touching distance of 1.2100 on Wednesday. In the European morning, the pair fluctuates in a tight channel below 1.2150.
USD/JPY continued to climb higher on Wednesday but lost its traction before testing 150.00 as investors moved to the sidelines amid growing risk of a Bank of Japan intervention. In the European morning, the pair holds steady below 149.50. Once again, Japanese Finance Minister Shunichi Suzuki said that they won't rule out any steps to respond if there's any excessive volatility in foreign exchange markets.
Gold price suffered heavy losses amid surging US Treasury yields. XAU/USD fell below $1,880 for the first time since March in the second half of the week and was last seen consolidating its losses at around mid-$1,870s.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
![EUR/USD stays below 1.1100, looks to post weekly losses](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/european-euro-coin-on-top-of-american-dollar-bill-11292130_XtraSmall.jpg)
EUR/USD stays below 1.1100, looks to post weekly losses
EUR/USD continues to trade in a narrow range below 1.1100 and remains on track to end the week in negative territory. Earlier in the day, monthly PCE inflation data from the US came in line with the market expectation, failing to trigger a reaction.
![GBP/USD struggles to find a foothold, trades near 1.3150](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/GBPUSD/iStock-157771037_XtraSmall.jpg)
GBP/USD struggles to find a foothold, trades near 1.3150
GBP/USD stays on the back foot and trades in negative territory at around 1.3150 on Friday. The US Dollar holds its ground following the July PCE inflation data and doesn't allow the pair to stage a rebound heading into the weekend.
![Gold retreats toward $2,500 ahead of the weekend](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/gold-bars-50657756_XtraSmall.jpg)
Gold retreats toward $2,500 ahead of the weekend
Gold stays under modest bearish pressure and declines toward $2,500 in the American session on Friday. The 10-year US Treasury bond yield edges higher toward 3.9% after US PCE inflation data, causing XAU/USD to stretch lower.
![Week ahead – Investors brace for NFP amid Fed rate cut speculation](https://editorial.fxstreet.com/images/Macroeconomics/EconomicIndicator/Employment/NFP/america-back-to-work-gm178972493-25143312_XtraSmall.jpg)
Week ahead – Investors brace for NFP amid Fed rate cut speculation
Here comes another NFP week, with investors eagerly awaiting the results as they try to discern the size and pace of the Fed’s forthcoming rate cuts. The weaker than expected July numbers triggered market turbulence, instilling fears about a potential recession in the US.
![Easing Eurozone inflation to back an ECB rate cut in September](https://editorial.fxstreet.com/images/Macroeconomics/Countries/Europe/Eurozone_countries/Eurozone/eu-flags-flying-at-the-european-commission-building-brussels-belgium-24759579_XtraSmall.jpg)
Easing Eurozone inflation to back an ECB rate cut in September Premium
Eurostat will publish the preliminary estimate of the August Eurozone Harmonized Index of Consumer Prices on Friday, and the anticipated outcome will back up the case for another European Central Bank interest rate cut when policymakers meet in September.
![Moneta Markets review 2024: All you need to know](https://editorial.fxstreet.com/images/IT/Testing/Review/FXSBadgeCertifiedBackg_XtraSmall.png)
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.