Forex Today: Focus now shifts to the FOMC Minutes

The Greenback maintained its range-bound sentiment unchanged in the area of recent tops against the backdrop of steady expectations of a 25 bps rate cut in November and rising cautiousness prior to the release of the FOMC Minutes (Wednesday) and then US CPI data (Thursday).

Here is what you need to know on Wednesday, October 9:

The US Dollar Index (DXY) rose marginally and kept its business near recent peaks well past the 102.00 barrier ahead of key US data releases. The publication of the FOMC Minutes will take centre stage, seconded by Wholesale Inventories, the weekly Mortgage Applications by MBA and the EIA’s weekly report on US crude oil supplies. In addition, the Fed’s Jefferson, Logan, Barkin, Goolsbee, Williams, and Collins are all due to speak.

EUR/USD ended Tuesday’s session with humble losses following an unsuccessful attempt to retest the 1.1000 hurdle early in the session. Germany’s Balance of Trade is due seconded by the speech by the ECBs Elderson.

GBP/USD advanced modestly although it was enough to revert five consecutive days of losses. Next of note on the UK calendar will be the release of GDP figures on October 11.

USD/JPY partially recovered ground lost on Monday and reclaimed the area beyond the 148.00 hurdle. The Machine Tools Orders are next on tap on the Japanese docket.

AUD/USD extended further its leg lower and approached the key support region at 0.6700. The speech by the RBA’s Kent is due

WTI prices rose to new two-month highs past the $78.00 mark per barrel, although they eventually succumbed to the renewed and strong selling pressure on the back of a probable ceasefire in the Middle East.

Prices of gold dropped for the fifth straight day, this time revisiting three-week lows near the $2,600 mark per ounce troy. Silver prices, collapsed nearly 4% to three-week lows near the key $30.00 mark per ounce.