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Forex Today: Fedspeak takes centre stage alongside weekly ADP figures

Source Fxstreet

The US Dollar (USD) has started the week on a positive footing, rapidly leaving behind two daily drops in a row and refocusing on the upper end of its recent range amid steady bets for extra rate hikes by the Fed and reignited geopolitical tensions.

Here is what you need to know on Tuesday, September 22:

The US Dollar Index (DXY) has maintained the trade above the psychological 100.00 barrier as investors continued to price in further tightening by the Fed. The ADP Employment Change Weekly is due, seconded by speeches by the Fed’s Williams, Jefferson and Barkin.

EUR/USD has come under fresh downside pressure, setting aside two consecutive daily advances while keeping business below 1.1500 the figure. The ECB’s Buch is due to speak ahead of the release of the preliminary Consumer Confidence gauge.

GBP/USD has followed the rest of its risk-linked peers and started the week in a downbeat mood, revisiting the 1.3370-1.3360 band. Public Sector Net Borrowing and the CBI Industrial Trends Orders will be published.

USD/JPY has built on previous gains and advanced further north of the 157.00 barrier amid the resumption of the Greenback’s upside traction. Next on tap in “The Land of the Rising Sun” will be the publication of the advanced S&P Global PMIs on September 24.

AUD/USD has added to its recent advance, briefly revisiting the 0.7140 region just to retreat to the 0.7120 area afterwards, all amid marginal gains and firmer Greenback. The next data release in Oz will be the preliminary S&P Global PMIs on September 23.

Front-month WTI futures have receded further and flirted with the area of three-week lows near the $91.00 mark per barrel, always on the back of the resurgence of hopes of a diplomatic end to the US-Iran crisis.

Gold has traded with decent losses, setting aside a two-day positive streak while meeting a tough resistance around the $4,400 mark per troy ounce. The yellow metal’s correction has come amid a firmer US Dollar, underpinned by steady speculation of further Fed rate hikes.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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