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EUR/USD drops to multi-week lows below 1.1050 on USD strength
EUR/USD stays under bearish pressure and trades at a fresh multi-week low below 1.1050 on Thursday. Sustained USD strength despite the worse-than-expected Jobless Claims data weighs on the pair, while rising bets for an ECB rate cut in October undermine the Euro.
GBP/USD trades deep in red near 1.3100 after Bailey's dovish remarks
GBP/USD loses more than 1% on the day and trades at around 1.3100. The pair bears the brunt of the dovish comments from BoE Governor Andrew Bailey, who said that the central bank could become 'more activist' on rate cuts if inflation eases.
Gold fluctuates in a narrow range near $2,650
Gold oscillates in a tight range at around $2,650 after bets fade that the Fed will continue slashing interest rates aggressively. Support for Gold comes from increasing geopolitical risks and lower interest rates globally.
ISM Services PMI Preview: US services sector expected to expand in September
US ISM Services PMI is seen improving a tad in September. The US services sector is expected to remain within the expansionary territory. Investors continue to favour a soft-landing scenario of the US economy.
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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