What you need to know on Thursday, September 23:
The dollar closed higher against most major rivals on Wednesday, as the US Federal Reserve was quite aggressive, hinting at clearer definitions on the downsizing schedule at its next November meeting. “If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases will soon be warranted,” the FOMC statement said.
President Powell said that while the inflation threshold for phasing out has already been achieved, the employment threshold is only seen by “many” members of the FOMC, but not all. “Many in the FOMC think the job reduction test has been met; others think it is close,” he said. Among other things, Powell said the Fed can easily move on to the next meeting … or not. He added that you don’t need to see an impressive employment report, just a good one to convince yourself that the labor sector has reached the desired threshold.
EUR / USD peaked at 1.1755, but eventually broke through the 1.1700 level, trading in the 1.1690 price zone. GBP / USD is trading around 1.3620, approaching the August low at 1.3601. The USD / JPY pair advanced and is currently trading around 109.80.
Commodity-linked currencies ended the day little change against the dollar as gains in global equities limited their declines. AUD / USD is hovering around 0.7240, while USD / CAD is trading slightly lower around 1.2770.
Gold ended the day lower at $ 1,767.50 a troy ounce. Crude oil prices rose, after commercial crude oil inventories in the US fell by 3.5 million barrels in the week ending September 17. WTI is trading around $ 72.00 a barrel.
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