The dollar alternated gains with losses amid higher yields on Monday, as investors continued to digest Friday’s payrolls data against a backdrop of continued caution in response to rising geopolitical tensions in the Middle East.
Here’s what you need to know on Tuesday, October 8:
The US Dollar Index (DXY) started the week with an unresolved tone, although it managed to keep trading near recent peaks well above the 102.00 barrier. The NFIB Business Optimism Index will be published along with the results of the Balance of Trade, the RCM/TIPP Economic Optimism Index and the API weekly report on US crude oil inventories. Additionally, Bostic, Musalem, Kugler and Collins of the Fed.
EUR/USD remained on the defensive for yet another session, testing recent lows near 1.0950 on Monday. Industrial Production in Germany will be published, followed by speeches by Schnabel and McCaul of the ECB.
GBP/USD extended its decline for the fifth consecutive day and flirted with four-week lows near 1.3060. Next on the calendar is the BRC Retail Sales Monitor.
USD/JPY gave up early gains to fresh highs beyond the 149.00 level amid Dollar wavering and higher US yields. Household Spending, Current Account and Earnings data to be released Average Cash.
AUD/USD accelerated its monthly decline and revised three-week lows near the 0.6740 area. The publication of the RBA Minutes will be the focus, followed by the NAB Business Confidence Index and the RBA’s Hauser speech.
WTI prices rose further and flirted with the key 200-day SMA north of the $77.00 per barrel mark, always supported by lingering geopolitical concerns in the Middle East.
Gold prices extended their decline to the region of $2,640 per troy ounce following rising US yields and bets of a smaller rate cut by the Fed. Silver prices tested lows of three days near the $31.40 per ounce zone, reversing four consecutive days of gains.
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.
