US: CB Consumer Confidence drops to 109.3 in September from115.2 previous

US CB Consumer Confidence Index fell to 109.3 for the current month.
US Dollar Index holds steady near one-month tops, around the 93.75 area.

Haresh Menghani FXStreet

The Conference Board Consumer Confidence Index declined again in September and now stands at 109.3. The previous month's reading was revised higher to 115.2 from 113.8 reported earlier.

Further details of the publication revealed that the Present Situation Index — based on consumers’ assessment of current business and labor market conditions — fell to 143.4 from 148.9 last month. The Expectations Index — based on consumers’ short-term outlook for income, business, and labor market conditions — fell to 86.6 from 92.8.

Market reaction

The market reacted little to the data as the focus remains on Fed Chair Jerome Powell's testimony before the Senate Banking Committee. Meanwhile, the US Dollar Index stood tall near the highest level since August 20, with bulls eyeing a move to reclaim the 94.00 mark.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold bounces back toward $4,900, looks to FOMC Minutes

Gold is attempting a bounce from the $4,850 level, having touched a one-week low on Tuesday. Signs of progress in US–Iran talks dented demand for the traditional safe-haven bullion, weighing on Gold in early trades. However, rising bets for more Fed rate cuts keep the US Dollar bulls on the defensive and act as a tailwind for the non-yielding yellow metal. Traders now seem reluctant ahead of the FOMC Minutes, which would offer cues about the Fed's rate-cut path and provide some meaningful impetus.

DeFi could lift crypto market from current bear phase: Bitwise

Bitwise Chief Investment Officer Matt Hougan hinted that the decentralized finance sector could lead the crypto market out of the current bear phase, citing Aave Labs’ latest community proposal as a potential signal of good things to come.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.