Forex Today: EUR/USD continues digging down, Trump and Johnson struggle, US data eyed

Yohay Elam FXStreet

Here is what you need to know on Friday, September 27:

EUR/USD continues its downward grind, hitting the lowest since May 2017 and nearing 1.09. There is no immediate trigger for the move that seems to be fueled by monetary policy divergence. German import prices dropped by 0.6% in August, worse than expected.
US politics: President Donald Trump's has lashed against the whistle blower that revealed the president sought political dirt on his potential political rival Joe Biden. Trump called the whistleblower – a CIA officer – a "spy." The news somewhat weighs on market sentiment.
UK politics: The EU sees slim chances of achieving any Brexit deal with the UK and even lower chances of getting anything passed through parliament after rancorous scenes in the House earlier this week. GBP/USD has stabilized above 1.23.
Oil prices remain under pressure as Saudi oil output returns to normal.
Japan: Inflation figures for the Tokyo region fell short of expectations with 0.5% on the "core of the core" figure. It adds pressure on the BOJ to cut interest rates.
The US economic calendar is packed with market-moving data. Durable Goods Orders for August are set to rise while Core PCE – the Federal Reserve's preferred gauge of inflation – is expected to accelerate to 1.8% YoY. On Thursday, US economic growth was confirmed at 2% annualized in the second quarter, but the fall in investment was worse than previously reported.
Cryptocurrencies have continued falling with Bitcoin dipping below $8,000.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold surrenders some gains, back below $5,000

Gold is giving away part of its earlier gains on Thursday, receding to the sub-$5,000 region per troy ounce. The precious metal is finding support from renewed geopolitical tensions in the Middle East and declining US Treasury yields across the curve in a context of further advance in the Greenback.

XRP edges lower as SG-FORGE integrates EUR stablecoin on XRP Ledger

Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.