Forex Today: quiet start to a busy week

FXStreet Team FXStreet

Here is what you need to know on Monday, September 9th:

Mixed US August report failed to impress. Fed’ head Powell maintained its hawkish stance on economic growth Friday. Mixed end of the week for the greenback, stronger against European rivals, easing sharply against commodity-linked currencies.
EUR/USD barely holding above 1.1000 ahead of the ECB monetary policy meeting next Thursday, the main event of this week.
Brexit turmoil continues. On Saturday, Amber Rudd, the Conservative Whip, resigned to the cabinet and surrendered her position, saying that the government is mostly focused on preparing for a no-deal Brexit, adding that she does “longer believe leaving with a deal is the government's main objective," accusing PM Johnson of an assault on democracy after he expelled 21 Conservative members. UK Parliament to keep on discussing Brexit this Monday.
Chinese data released over the weekend showed that the country’s Trade Balance in August posted a smaller-than-expected surplus of $34.84B, while imports were down by 5.6% and exports contracted 1.0%. The trade surplus with the US narrowed to $26.95B from $27.97B in the previous month, all of which a result of the trade conflict between the two countries.
Gold kept retreating amid risk-on mood. Crude oil prices advanced for the same reason.
Cryptocurrencies recovered modestly after a sharp decline Friday. Bitcoin continues behaving like a safe-haven asset.

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EUR/USD tests nine-day EMA support near 1.1850

EUR/USD remains in the negative territory for the fourth successive session, trading around 1.1870 during the Asian hours on Friday. The 14-day Relative Strength Index momentum indicator at 56 stays above the midline, confirming steady momentum. RSI has eased but remains above 50, indicating momentum remains constructive for the bulls.

GBP/USD consolidates around 1.3600 vs. USD; looks to US CPI for fresh impetus

The GBP/USD pair remains on the defensive through the Asian session on Friday, though it lacks bearish conviction and holds above the 1.3600 mark as traders await the release of the US consumer inflation figures before placing directional bets.

Gold recovers swiftly from weekly low, climbs back closer to $5,000 ahead of US CPI

Gold regains positive traction during the Asian session on Friday and recovers a part of the previous day's heavy losses to the $4,878-4,877 region, or the weekly low. The commodity has now moved back closer to the $5,000 psychological mark as traders keenly await the release of the US consumer inflation figures for more cues about the Federal Reserve's policy path.