Forex Today: Caution is poised to increase ahead of US CPI

Source Fxstreet

The US Dollar added to Friday’s strong recovery despite US yields trading mostly on the back foot, all against the backdrop of steady expectations of a rate cut by the Fed later in the month.

Here is what you need to know on Tuesday, September 10:

The US Dollar Index (DXY) rose to three-day tops near 101.80 as investors priced in a 25 bps rate cut as the most likely scenario at the Fed’s next meeting. The NFIB Business Optimism Index is due on September 10 along with the API’s weekly report on US crude oil supplies.

EUR/USD succumbed once again to the upbeat tone in the Greenback, approaching to recent lows around the 1.1030 zone. The final Inflation Rate in Germany will take centre stage on September 10.

Further weakness saw GBP/USD retreat to three-week lows near 1.3070 following the intense recovery in the US Dollar. On September 10 comes the publication of the significant UK’s labour market report.

USD/JPY set aside a four-day negative streak and flirted with the 144.00 region on the back of the strong move higher in the Greenback. Next on tap on the Japanese calendar will be the speech by the BoJ’s Nakagawa on September 11.

AUD/USD traded in a volatile fashion and ended the day with humble losses around 0.6660. The Westpac Consumer Confidence is expected on September 10, seconded by the NAB Business Confidence, final Building Permits and final Private House Approvals.

The resurgence of supply disruptions concerns seem to have temporarily offset Chinese demand jitters, helping prices of WTI regain some composure and advance to the vicinity of the $69.00 mark per barrel.

Gold prices rose modestly on Monday, leaving behind part of recent losses and regaining the area beyond the key $2,500 mark per ounce troy. Silver prices followed suit despite the stronger US Dollar and reclaimed the $28.00 mark per ounce and above.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
EURUSD Long-term Forecast: Can ECB Hawks Overcome the Dollar Bullishness? As one of the most traded currency pair in the forex markets, the price of EURUSD affects many traders. Check out our EURUSD long-term forecast for more information.
Author  Mitrade
Mar 13, 2023
As one of the most traded currency pair in the forex markets, the price of EURUSD affects many traders. Check out our EURUSD long-term forecast for more information.
placeholder
Copper Long-term forecast: Will Copper Price Expected To Soar In 2023?The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.
Author  Mitrade
Mar 13, 2023
The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.
placeholder
Will the Palestine-Israel Conflict Impact BTC Safe-Haven Demand? What Is the Future Outlook for BTC?The current Palestinian-Israeli conflict is not enough to stimulate investor demand for BTC, but it cannot be ruled out that the escalation of the conflict will drive BTC to a high of $31,000.
Author  Mitrade
Oct 10, 2023
The current Palestinian-Israeli conflict is not enough to stimulate investor demand for BTC, but it cannot be ruled out that the escalation of the conflict will drive BTC to a high of $31,000.
placeholder
Understanding the first crypto market crash of 2024 and what to expect nextThe 365-day MVRV ratio suggests that this crash may be just the beginning. If the ETF is rejected before the second quarter of 2024, it could trigger a sharp correction.
Author  FXStreet
Jan 04, Thu
The 365-day MVRV ratio suggests that this crash may be just the beginning. If the ETF is rejected before the second quarter of 2024, it could trigger a sharp correction.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, Mon
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
goTop
quote