Forex Today: Australian GDP takes centre stage alongside US JOLTs

Pablo Piovano FXStreet

The US Dollar (USD) regained sudden buying interest and advanced to multi-day highs on Tuesday as investors continued to factor in a couple of interest rate cuts by the Federal Reserve in the latter part of the year.

Here's what to watch on Wednesday, September 3:

The US Dollar Index (DXY) snapped a five-day negative streak on Tuesday, propped up by a decent rebound in US yields across the curve. The usual weekly MBA Mortgage Applications are due prior to the JOLTs Job Openings, Factory Orders, the Fed Beige Book, and the API’s weekly report on US crude oil inventories. In addition, the Fed’s Musalem and Kashkari are due to speak.

EUR/USD came under fresh downside pressure and retreated to the 1.1610 region, the lowest level in the last four days. The final HCOB Services PMI in Germany and the euro bloc will be released ahead of Producer Prices in Euroland.

GBP/USD collapsed to four-week lows, revisiting the 1.3340 zone on the back of steady UK fiscal concerns. The final S&P Global Services PMI takes centre stage on the UK docket.

USD/JPY added to the ongoing recovery and bounced to five-week tops near the 149.00 hurdle. Next on tap in Japan will be the final S&P Global Services PMI.

AUD/USD made a U-turn and deflated to multi-day lows near 0.6480, where its 100-day SMA also sits. The Ai Group Industry Index is due for release, seconded by the final S&P Global Services PMI and Q2 GDP Growth Rate.

Crude oil prices briefly rose to four-week highs just past the $66.00 mark per barrel of WTI on Tuesday, following the pick-up in geopolitical tensions ahead of the OPEC meeting over the weekend.

Persistent speculation of interest rate cuts by the Fed lent extra wings to Gold and lifted it to a record high of around $3,530 per troy ounce. Silver prices extended their rally, coming closer to the $41.00 mark per ounce, the highest level in the past 14 years.

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Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

GBP/USD extends the drop to 1.3360

GBP/USD builds on Monday’s decline and briefly clinches five-day lows near 1.3360 on Tuesday. Cable’s extra pullback follows the better tone in the Greenback as uncertainty in the Middle East prompts investors to adopt a cautious stance. Meanwhile, an apathetic UK labour market report also collaborates with the selling pressure on the British Pound.

EUR/USD looks inconclusive near 1.1420

EUR/USD trades in a tight range in the low 1.1400s on Tuesday, struggling to gain momentum amid an equally absence of clear direction in the US Dollar (USD). Uncertainty surrounding the US-Iran conflict is capping the pair’s upside, while traders avoid taking significant positions ahead of Thursday’s ECB gathering.

Middle East crisis intensifies, Gold up

Gold gains ground on Tuesday, reversing Monday’s pessimism and advancing toward the $4,100 mark per troy ounce. Nevertheless, uncertainty surrounding the Middle East conflict and rising expectations for a hawkish Fed policy outlook are expected to limit the precious metal’s bullish momentum in the near term.

XRP extends recovery as on-chain activity grows

Ripple (XRP) ticks up and trades around $1.13 at the time of writing on Tuesday. This rebound aligns with a broader recovery in the cryptocurrency market, attributed to reports that mediators between the United States (US) and Iran are seeking a 10-day cessation of strikes to find a way back to the signed Memorandum of Understanding (MoU).

The Iranian war has again risen

The Iranian war has again risen to the top of the economics factor list. There is no end in sight. Intelligence experts say the current level of offense/retaliation will not change minds in Tehran, while in Washington, Trump fears all-out war, which would mean boots on the ground.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.