Forex Today: Germany’s business morale will be in the limelight

Pablo Piovano FXStreet

The US Dollar (USD) remained in the lower end of its recent range as market participants kept assessing different comments from Fed rate setters while key gauges of US business activity disappointed investors somewhat.

Here's what to watch on Wednesday, September 24:

The US Dollar Index (DXY) traded in an inconclusive fashion in the low-97.00s following the equally irresolute developments from US yields across the curve. New Home Sales, the usual weekly MBA Mortgage Applications, and the EIA's weekly report on US crude oil inventories are all due.

EUR/USD traded with humble gains just above the 1.1800 mark, advancing to three-day tops. Germany’s IFO Business Climate will take centre stage on the domestic calendar, along with a speech by the ECB’s Machado.

Against the backdrop of the flattish mood in the FX galaxy, GBP/USD remained stable near 1.3520. The BoE’s Greene is due to speak in an otherwise empty UK docket.

USD/JPY retreated modestly, clinching its third consecutive daily pullback, this time revisiting the mid-147.00s. The preliminary S&P Global Manufacturing and Services PMIs are due next.

AUD/USD alternated gains with losses near the 0.6600 region following Monday’s acceptable gains. All the attention will be on the release of the Monthly CPI Indicator.

WTI prices rallied to two-day highs above the $63.00 mark per barrel due to reduced concerns about crude oil supply, particularly after the resumption of exports from Iraq’s Kurdistan appeared to have stalled.

Gold prices extended further their march north, this time hitting a record high near the $3,800 mark per troy ounce. Silver prices rose for the fourth day in a row, surpassing the $44.00 mark per ounce and reaching new highs in levels last seen in August 2011.

Author

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.

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