There was no respite from the selling sentiment affecting the dollar on Monday as market participants gave more credence to the likelihood that the Fed will surprise everyone and cut rates by half a percentage point on Wednesday.
Here’s what you need to know on Tuesday, September 17:
The US Dollar Index (DXY) fell for a third consecutive session, trading well south of the 101.00 support in combination with lower yields across the board. Retail sales, industrial and manufacturing production, business inventories, the NAHB housing market index and the API report on US crude oil inventories are all due on September 17.
Further weakness in the US Dollar pushed EUR/USD well above the 1.1100 barrier to record fresh multi-day highs. On September 17, the Economic Sentiment measured by the ZEW institute in Germany and the Eurozone in general will be published.
GBP/USD resumed its uptrend and managed to break the 1.3200 hurdle, or two-week highs. The next event risk on the UK agenda will be the release of the inflation rate on September 18.
USD/JPY fell and bounced from fresh lows near 139.60 following the Dollar sell-off and falling US yields. Tertiary Industry Index is due on September 17.
AUD/USD rose beyond the 0.6700 level and hit fresh two-week highs. Next on Australia’s agenda will be the release of the Westpac Leading Index on September 18.
WTI prices maintained their bullish stance and surpassed the key $70.00 per barrel mark, rising for the fourth consecutive day.
Gold prices hit a record high and gradually approached the key $2,600 per barrel mark amid a weaker dollar and speculation of a larger rate cut by the Fed. Silver prices navigated an inconclusive session, hovering just below the $31.00 per ounce mark.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
