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Forex Today: US labour market and geopolitics dominate the sentiment

The Greenback pushed harder and advanced to new three-week highs underpinned by rising US yields and the persistent risk-on mood in response to rising tensions in the Middle East.

Here is what you need to know on Thursday, October 3:

The US Dollar Index (DXY) climbed to fresh tops around 101.70 following the persevering risk aversion along with escalating geopolitical jitters. The ISM Services PMI takes centre stage, seconded by the Challenger Job Cuts, usual weekly Initial Jobless Claims, Factory Orders, and the final S&P Global Services PMI. In addition, the Fed’s Bostic is also due to speak.

EUR/USD slipped back to the 1.1030 region, or three-week lows, on the back of the stronger US Dollar. The final HCOB Services PMI in Germany and the euro area will be published, seconded by Producer Prices in the bloc.

GBP/USD remained on the defensive, down for the second day in a row and revisiting the area of recent lows near 1.3250. The final S&P Global Services PMI will be unveiled.

USD/JPY picked up strong upside traction and flirted with four-week tops north of the 146.00 barrier. The final Jibun Bank Services PMI will be released along weekly Foreign Bond Investment figures.

AUD/USD ended the day barely changing around the 0.6880 region supported by firm commodity prices and despite further gains in the Greenback. The Balance of Trade results are due seconded by the final Judo Bank Services PMI.

WTI prices rose to fresh tops past the $72.00 mark per barrel, although that uptick fizzled out following demand concerns and an unexpected build in US crude oil inventories.

Prices of Gold faded Tuesday’s marked advance, although they remained close to the area of all-time highs past the $2,640 zone per ounce troy. Silver prices added to Tuesday’s uptick, briefly surpassing the $32.00 mark per ounce.

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Pablo Piovano

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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