The Greenback alternated gains with losses amidst higher yields on Monday, while investors continued to digest Friday’s Payrolls against the backdrop of steady prudence in response to rising geopolitical jitters in the Middle East.
Here is what you need to know on Tuesday, October 8:
The US Dollar Index (DXY) kicked off the week in an irresolute tone, although it managed to keep the trade near recent peaks well north of the 102.00 barrier. The NFIB Business Optimism Index is due along with Balance of Trade results, the RCM/TIPP Economic Optimism Index, and the API’s weekly report on US crude oil inventories. In addition, the Fed’s Bostic, Musalem, Kugler, and Collins are due to speak.
EUR/USD remained on the defensive for yet another session, putting recent lows near 1.0950 to the test on Monday. Industrial Production in Germany will be published, followed by speeches by the ECB’s Schnabel and McCaul.
GBP/USD extended its decline for the fifth consecutive day and flirted with four-week lows near 1.3060. Next on tap on the docket is the BRC Retail Sales Monitor.
USD/JPY surrendered initial gains to fresh tops past the 149.00 yardstick amidst the vacillating Greenback and higher US yields. Household Spending, the Current Account figures and Average Cash Earnings are all due.
AUD/USD accelerated its monthly retracement and revisited three-week lows near the 0.6740 zone. The publication of the RBA Minutes will take centre stage seconded by the NAB Business Confidence index and the speech by the RBA’s Hauser.
Prices of WTI rose further and flirted with the key 200-day SMA north of the $77.00 mark per barrel, always on the back of persistent geopolitical concerns in the Middle East.
Gold prices extended their leg lower to the $2,640 region per ounce troy following increasing US yields and bets of a smaller rate cut by the Fed. Silver prices tested three-day lows near the $31.40 zone per ounce, reversing four straight days of gains.
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
AUD/USD: Next on the downside emerges the 200-day SMA
AUD/USD retreated for the third day in a row on Monday, breaking below the 0.6800 support with certain conviction amidst mild gains in the US Dollar and ahead of the release of the RBA Minutes early on Tuesday.
EUR/USD remained under pressure and below 1.1000
There was no respite for the leg lower in EUR/USD, although the steep pullback seems to have met some decent contention around 1.0950 for the time being, always against the backdrop of unabated gains in the Greenback and persevering geopolitical jitters.
Gold ranges around $2,650, awaits fresh clues
Spot Gold's consolidative phase continued throughout the first half of Monday after the noisy United States NFP report released last Friday. XAU/USD found near-term demand at the beginning of the week as Middle East tensions undermined the market’s mood.
XRP climbs as Ripple funds see rise in inflows, traders digest developments in SEC appeal
Ripple (XRP) price on Monday is being influenced by the token unlock on October 1, XRP fund flows and sentiment among crypto market participants.
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.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.