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Forex Today: The big week of central banks begins calmly

This is what you need to know to trade today Monday, September 18:

Financial markets begin the week relatively calmly, as investors prepare for central banks’ monetary policy meetings. The People’s Bank of China and the Federal Reserve will announce their interest rate decisions on Wednesday, followed by the Swiss National Bank, the Bank of England and the Bank of Japan.

After posting gains for the ninth consecutive week, the Dollar Index goes back early Monday morning. Meanwhile, US stock index futures are trading slightly higher and the 10-year US Treasury yield remains above 4.3%.

Price of the Dollar today

The following table shows the percentage change of the United States Dollar (USD) against the main currencies. The Dollar was the weakest currency against the Japanese Yen.

USD 0.02% 0.03% -0.08% -0.01% -0.15% -0.12% -0.03%
EUR -0.04% 0.00% -0.13% -0.04% -0.19% -0.15% -0.05%
GBP -0.03% 0.00% -0.13% -0.04% -0.21% -0.15% -0.07%
CAD 0.09% 0.11% 0.11% 0.06% -0.08% -0.03% 0.06%
AUD 0.01% 0.05% 0.05% -0.07% -0.16% -0.11% -0.02%
JPY 0.14% 0.15% 0.18% 0.08% 0.14% 0.02% 0.12%
NZD 0.11% 0.14% 0.15% 0.03% 0.11% -0.05% 0.10%
CHF 0.01% 0.03% 0.05% -0.06% 0.01% -0.15% -0.10%

The heat map shows the percentage changes of the major currencies against each other. The base currency is chosen in the left column, while the quote currency is chosen in the top row. For example, if you choose the euro in the left column and scroll down the horizontal line to the Japanese yen, the percentage change that appears in the box will represent EUR (base)/JPY (quote).

After the sharp drop registered after the political decisions of the European Central Bank (ECB) last week, the EUR/USD It remains in a consolidation phase above 1.0650 in the early stages of the European session. The German Bundesbank plans to report its monthly publication throughout the day.

He GBP/USD recorded a daily close below 1.2400 on Friday for the first time since late May. The pair is holding on to small recovery gains near that level early on Monday. Ahead of the BoE’s policy decisions on Thursday, the UK’s Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday.

He AUD/USD remains stable around 0.6450, after the turmoil of the previous week. In the early hours of Tuesday’s Asian session, the Reserve Bank of Australia (RBA) will publish the minutes of the August monetary policy meeting, at which officials decided to keep the cash rate unchanged at 4.1% .

He NZD/USD trading in positive territory above 0.5900 early Monday. The inflation outlook for the year ending March 2024 has been revised upwards. The New Zealand Institute of Economic Research (NZIER) released revised economic projections earlier in the day and said annual CPI inflation is forecast to decline to 4.3% in the year ending March 2024 before declining to 2.4% in 2025.

He USD/JPY came under slight downward pressure early on Monday and retreated to the 147.50 area.

The price of Gold staged a decisive rebound on Friday and erased all of its weekly losses. Early on Monday, the XAU/USD pair remains firm and is trading in positive territory near $1,930 amid the pullback in US yields.

Source: Fx Street

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