The dollar extended Monday’s optimism and advanced to two-day highs, supported by rising geopolitical concerns ahead of key data releases and a series of Fed speeches.
Here’s what you need to know on Wednesday, October 2:
The US Dollar Index (DXY) broke through the key 101.00 barrier amid rising safe-haven demand in response to geopolitical concerns. ADP’s job change takes center stage, followed by weekly mortgage applications tracked by the MBA and the EIA’s report on US crude oil inventories. Additionally, Barkin, Bostic, Hammack, Musalem and Bowman of the Fed.
EUR/USD plunged to two-week lows near 1.1040 following the strength of the US Dollar and the prevailing risk-off sentiment. The eurozone unemployment rate will be published alongside speeches by the ECB’s De Guindos, Buch, Elderson and Schnabel.
In line with its risk-affected peers, GBP/USD fell to multi-day lows and revised the 1.3240-1.3230 band on Tuesday. The next key data release in the UK will be the final S&P Global Services PMI on October 3.
USD/JPY rose marginally amid a volatile session, which saw the Dollar gain additional momentum and global yields retreat further. The publication of the consumer confidence index for September is expected.
AUD/USD reversed three consecutive daily advances and revised the 0.6860 zone following the strength of the Dollar and the stance offered in the risk complex. The Ai Group survey will be the only publication in Australia.
WTI prices notably advanced to new highs around the $72.00 per barrel level following Iran’s attack on Israel.
Gold prices regained their composure thanks to safe haven demand and revisited the $2,670 per troy ounce area. Silver prices followed suit, advancing to the vicinity of the $32.00 per ounce level after two consecutive days of losses.
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.