Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Economic Indicator

Forex Today: US inflation and the size of the Fed’s rate cut

Source Fxstreet

The Greenback added to the ongoing uptrend, although it seems to have run out of some upside impetus on Tuesday amidst the broad-based cautious stance ahead of the release of key US CPI readings on Wednesday.

Here is what you need to know on Wednesday, September 11:

The US Dollar Index (DXY) managed well to maintain business in the upper end of the range near 101.70 prior to key data releases on Wednesday. The release of the Inflation Rate tracked by the CPI will be the salient event on September 11, seconded by the weekly MBA Mortgage Applications, and the EIA’s weekly report on crude oil inventories.

EUR/USD could not help retreating for the third consecutive day, approaching the key support area near 1.1000. The next risk event in the euro area will be the ECB’s interest rate decision on September 12.

GBP/USD alternated gains with losses within a tight range against the backdrop of the generalized prudent tone in the FX universe. On September 11, the UK docket will feature GDP figures, Balance of Trade results, Construction Output, Industrial and Manufacturing Production, and the NIESR Monthly GDP Tracker.

USD/JPY resumed its downtrend and broke below the 143.00 support, shifting its attention to recent lows in the sub-142.00 region. The BoJ’s Nakagawa is due to speak on September 11.

AUD/USD retreated for the third consecutive day, although it seems to have met some decent contention in the 0.6650-0.6640 band for the time being. Consumer Inflation Expectations and the speech by the RBA’s Hunter are expected on September 11.

Persistent demand concerns and a disheartening OPEC report sent WTI prices to the vicinity of the $65.00 mark per barrel for the first time since early May 2023.

Prices of Gold added to Monday’s uptick amidst marginal gains in the greenback and declining US yields prior to the release of the US CPI on Wednesday. Silver prices posted humble losses around the $28.30 zone following an earlier uptick to two-day highs.

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

Recommended Articles

Dollar holds above 100 near a 3-month high — three Fed speakers and a $69 billion auction land tonight The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

Author Suzie

Sep 22, Tue

The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

Sep 23, Wed

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Memory chips surge, Nasdaq notches a second straight record close — why the Dow fell 185 points anyway Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

Author Irene Q.

Sep 23, Wed

Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

US input costs rose at the fastest pace in four years — the September flash PMI beat is an inflation story, not a growth story US September flash PMIs came in far above expectations, with the composite at 58.4, a five-year high. But the detail that moved markets was input cost inflation at its fastest since October 2022, driven by fuel, transport and supply shortages. Brent is back above $100 and the 10-year Treasury yield has hit its highest since 2007.

Author Suzie

Sep 24, Thu

US September flash PMIs came in far above expectations, with the composite at 58.4, a five-year high. But the detail that moved markets was input cost inflation at its fastest since October 2022, driven by fuel, transport and supply shortages. Brent is back above $100 and the 10-year Treasury yield has hit its highest since 2007.

Gold Price Forecast: Gold Drops Below $4,300, Will It Continue to Fall? As of the European session on September 24, gold prices (XAUUSD) extended their correction, dipping below $4,300 intraday to hit a low of $4,262.45. After previously rebounding close to $

Author TradingKey

Sep 24, Thu

As of the European session on September 24, gold prices (XAUUSD) extended their correction, dipping below $4,300 intraday to hit a low of $4,262.45. After previously rebounding close to $

Related Instrument