Forex Today: Dollar pressured ahead of crucial inflation release, oil rises, cryptos stabilize


Here is what you need to know on Tuesday, September 14:

The dollar remains pressures as Investors eagerly await critical US inflation figures. The market mood is mixed with concerns from China and oil supply are offset by hopes about the economic recovery. Cryptocurrencies have stabilized after the Litecoin debacle. 

US inflation: Consumer Price Index figures for August are forecast to show an increase of 5.3% on the headline and 4.2% on the core. That would represent a minor decline, but still high price pressures. Federal Reserve Chair Jerome Powell insisted inflation is transitory while others fear inflation has risen. 

The wait causes tensions in markets and figures feed into the Fed's September decision next week: 

US Inflation Preview: CPI critical for taper, three scenarios for the dollar

China: Evergrande, one of the country's largest construction companies, warned of "extremely dire financial conditions" and hired advisers to help it restructure its debt. Authorities seem to have allowed protests by shareholders and homeowners. 

GBP/USD has been hovering around 1.3850, benefiting from dollar weakness and despite ongoing EU-UK Brexit tension. London insists it could continue violating the Northern Irish protocol. UK job figures are set to show another fall in the unemployment rate from 4.7% to 4.6%. 

EUR/USD is trading above 1.18, holding onto its recovery. COVID-19 cases continue falling in the old continent, while the European Central Bank seems unmoved from higher inflation. Gold remains under $1,800 in the wait toward US CPI data. 

AUD/USD is trading around 0.7350, down after Reserve Bank of Australia Governor Phillip Lowe said that interest rates are unlikely to rise before 2024 due to sluggish wage growth. 

WTI Crude Oil is on the rise, changing hands near $71 as Hurricane Nicholas is making its way through the Gulf of Mexico, threatening to disrupt oil output. Norway: The pro-oil Labor Party is on course to win the oil-rich country's elections, ending a long spell for the Conservatives in power. 

Cryptocurrencies: A fake press release about a partnership between Walmart and Litecoin made its way to global newswires, sending prices of all cryptocurrencies higher, especially after Litecoin seemed to confirm it. The denial by Walmart sent cryptos back down. Early on Tuesday, Bitcoin is hovering around $45,000, Ethereum under $3,300, and Ada around $2.40. 

 

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.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD holds above 1.1700 but the upside is limited

The EUR/USD pair flirted with 1.1750 but was unable to retain its modest intraday gains. Now trading in the 1.1720 price zone, bears retain control ahead of the US central bank monetary policy decision.

EUR/USD News

GBP/USD: Pressure mounts ahead of central banks’ announcements

The Fed and the BoE will make announcements this week. UK public inflation expectations are up for this year and the upcoming ones. GBP/USD is technically bearish in the near term, poised to retest August monthly low.

GBP/USD News

Gold: Further advances depend on the Fed

A better market mood put pressure on the American currency. The US Federal Reserve will announce its monetary policy decision on Wednesday. Gold advanced for a second day in a row, but additional gains are in doubt.

Gold News

Shiba Inu bulls can't hold SHIB from dropping to $0.000006

Shiba Inu price has fallen -28% over the past four trading sessions. Bears remain in control as bulls fail to complete a breakout above $0.000008. Bulls must hold $0.000007 to prevent a drop towards $0.000006.

Read more

Fed Preview: Three ways in which Powell could down the dollar, and none is the dot-plot

No taper now, but when? That is the main question for the Fed in its all-important September meeting. The bank buys $120B worth of bonds every month and it is set to reduce the pace at some point – the first step toward raising interest rates. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures