The Greenback regained composure and bounced off multi-month lows as traders continued to assess the Fed’s 50-bps interest rate cut in quite a volatile session on Wednesday.
Here is what you need to know on Thursday, September 19:
The US Dollar Index (DXY) weakened to the 100.20 region, just to rebound afterwards and reclaim the 101.00 hurdle and beyond in the wake of the FOMC event. The usual weekly Initial Jobless Claims are due on September 19, seconded by the Philly Fed Manufacturing Index, the CB Leading Index, and Existing Home Sales.
EUR/USD faded the initial uptick to multi-week tops in the 1.1190 zone, coming under pressure and briefly piercing the 1.1100 support late on Wednesday. On September 19, the Current Account results in the broader euro bloc are due, along with a speech by the ECB’s Schnabel.
GBP/USD advanced to yearly highs near the 1.3300 barrier on the back of the downward bias in the US Dollar and mixed UK CPI data. The BoE meets on September 19 and is expected to leave its policy rate unchanged.
USD/JPY resumed its downtrend and partially faded Tuesday’s pullback following the Fed meeting. The weekly Foreign Bond Investment figures are only due on September 19.
AUD/USD could not sustain a move to the 0.6800 area, relinquishing gains and eventually receding to the 0.6750 zone. The release of the Australian labour market report takes centre stage early on September 19.
WTI prices added to losses recorded in the previous day despite the weak dollar and the resurgence of geopolitical effervescence in the Middle East.
Prices of Gold rose to record tops around the $2,600 per ounce troy, although prices lost momentum and eventually ended with marked losses. Silver prices, on the other hand, tumbled to four-day lows in the sub-$30.00 region per ounce.
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GBP/USD meets firm resistance around 1.3450
GBP/USD trades with a slight positive bias, meeting some resistance around the 1.3450 zone while market participants adjust to the steady hand by the Bank of England (BoE) and the flattish mood surrounding the Greenback.
EUR/USD consolidates around 1.1480, Dollar remains flat
EUR/USD treads water in the sub-1.1500 region on Thursday, always against the backdrop of an equally vacillating US Dollar and reduced volatility in the global markets as investors continue to assess Wednesday’s FOMC event as well as steady escalation in the Middle East conflict.
Gold alternates gains with losses near $3,370
Gold regains traction and set aside an earlier drop to the $3,350 zone per troy ounce on Thursday, now lingering around $3,370 on the back of persistent geopolitical effervescence, thin trading conditions, and a marginal uptick in the US Dollar.
Bitcoin on the verge of a breakdown amid possible US strike on Iran
Bitcoin price finds support around the 50-day EMA at $103,100; a decisive close below this level could trigger a sharp correction. Reports that US officials are preparing for a strike on Iran in the coming days could further weigh on sentiment.
In the Eurozone, inflation is also a monetary phenomenon
Monetary aggregates continue to be closely monitored by the European Central Bank (ECB), a sign that, despite the passage of time and the increasing complexity of financing circuits, quantitative theory remains relevant.
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