The Greenback regained composure and bounced off multi-month lows as traders continued to assess the Fed’s 50-bps interest rate cut in quite a volatile session on Wednesday.
Here is what you need to know on Thursday, September 19:
The US Dollar Index (DXY) weakened to the 100.20 region, just to rebound afterwards and reclaim the 101.00 hurdle and beyond in the wake of the FOMC event. The usual weekly Initial Jobless Claims are due on September 19, seconded by the Philly Fed Manufacturing Index, the CB Leading Index, and Existing Home Sales.
EUR/USD faded the initial uptick to multi-week tops in the 1.1190 zone, coming under pressure and briefly piercing the 1.1100 support late on Wednesday. On September 19, the Current Account results in the broader euro bloc are due, along with a speech by the ECB’s Schnabel.
GBP/USD advanced to yearly highs near the 1.3300 barrier on the back of the downward bias in the US Dollar and mixed UK CPI data. The BoE meets on September 19 and is expected to leave its policy rate unchanged.
USD/JPY resumed its downtrend and partially faded Tuesday’s pullback following the Fed meeting. The weekly Foreign Bond Investment figures are only due on September 19.
AUD/USD could not sustain a move to the 0.6800 area, relinquishing gains and eventually receding to the 0.6750 zone. The release of the Australian labour market report takes centre stage early on September 19.
WTI prices added to losses recorded in the previous day despite the weak dollar and the resurgence of geopolitical effervescence in the Middle East.
Prices of Gold rose to record tops around the $2,600 per ounce troy, although prices lost momentum and eventually ended with marked losses. Silver prices, on the other hand, tumbled to four-day lows in the sub-$30.00 region per ounce.
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AUD/USD: The hunt for the 0.7000 hurdle
AUD/USD quickly left behind Wednesday’s strong pullback and rose markedly past the 0.6900 barrier on Thursday, boosted by news of fresh stimulus in China as well as renewed weakness in the US Dollar.
EUR/USD refocuses its attention to 1.1200 and above
Rising appetite for the risk-associated assets, the offered stance in the Greenback and Chinese stimulus all contributed to the resurgence of the upside momentum in EUR/USD, which managed to retest the 1.1190 zone on Thursday.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Bitcoin displays bullish signals amid supportive macroeconomic developments and growing institutional demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
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