Forex Today: Week starts in slow motion as investors await a fresh catalyst
|What you need to know on Tuesday, September 28:
The week started in slow motion, with the dollar edging modestly lower against high-yielding rivals, but up roaring vs the JPY. The latter was hit by higher US Treasury yields as that on the 10-year note surged to 1.51%, its highest since July. USD/JPY trades above the 111.00 level.
Chinese equities posted modest advances amid easing concerns related to the Evergrande possible default. Global indexes ended mixed, as investors lacked a catalyst, trying to figure out what “soon” means for the US Federal Reserve. The central bank has paved the way to trim its pandemic-related facilities, with Wall Street dealing quite well with the notion.
EUR/USD remained depressed, consolidating at around 1.1700. The GBP/USD pair posted a modest intraday advance and settled just above the 1.3700 level. Commodity-linked currencies were the best performers, trimming Friday’s losses. AUD/USD trades around 0.7290 and USD/CAD at around 1.2625.
Gold posted a modest intraday advance, currently trading around $1,750 a troy ounce. Crude oil prices were firmly higher, with WTI settling at $75.30 a barrel.
Being the last week of the month, the macroeconomic calendar has little to offer. The US will release the final reading of its Q2 Gross Domestic Product, while Europe will provide inflation updates.
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