Forex Today: It’s PMI-day!

Pablo Piovano FXStreet

The US Dollar (USD) has started the week on the back foot, fading part of the post-Fed advance as investors shifted to a more prudent stance prior to key data releases and comments from Fed officials, including Chair Powell.

Here's what to watch on Tuesday, September 23:

The US Dollar Index (DXY) reversed three consecutive daily advances and came under renewed selling pressure amid the mixed performance in US yields on Monday. The US Current Account results are due, alongside the advanced S&P Global Manufacturing and Services PMIs and the API’s weekly report on US crude oil supplies. In addition, the Fed’s Powell, Bostic and Bowman are due to speak.

EUR/USD regained part of its shine and advanced to the proximity of the 1.1800 barrier. The preliminary HCOB Manufacturing and Services PMIs in Germany and the Euroland are due, seconded by the speech by the ECB’s Cipollone.

GBP/USD reclaimed the 1.3500 hurdle and beyond, helped by the fresh selling impetus hurting the Greenback. The flash S&P Global Manufacturing and Services PMIs will be released seconded by the speech by the BoE’s Pill.

USD/JPY added to Friday’s small downtick, breaching below the 148.00 support once again. Next on tap in “The Land of the Rising Sun” will be the advanced S&P Global Manufacturing and Services PMIs on September 24.

AUD/USD reversed three daily drops in a row and flirted with the key 0.6600 region on Monday. The flash S&P Global Manufacturing and Services PMIs take centre stage in Oz.

WTI prices came under extra downside pressure and challenged monthly lows near the $61.00 mark per barrel as oversupply jitters seem to have offset geopolitical concerns.

Gold prices pushed harder and rose to all-time peaks near the $3,730 mark per troy ounce, always underpinned by prospects of rate cuts, while the mixed price action around US yields also lent support to the precious metal. Silver prices advanced for the fourth straight day, approaching the $44.00 mark per ounce for the first time since 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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