The USD Slightly Eases in the Markets Today Despite Solid Overnight Gains

USD

Commodities rose on a weaker USD. Some Fed speakers might be giving hawkish statements later today.

The US Dollar softened in the Asian session today following a solid rally in the aftermath of Federal Reserve speakers spelling out the plan for interest rate rises.

GBP/USD managed a small uptick in the face of the rating agency Fitch’s alarm bell and downgrading the outlook for the UK to negative.

The market had hopes that the Fed will bring their aggressive rate tightening to an end. They have however been disappointed by the hawkish stance of Fed speakers, especially San Francisco Fed President Mary Daly.

She has had her hands full in the past days, ensuring that the market is ready for another large hike at the next Federal Open Market Committee (FOMC) meeting in early November.

The market is pricing in a 75bp hike and the 1-year Treasury yield is again approaching 4.20%.

The OPEC+ cut  oil production by 2 million barrels per day with the WTI futures contract near US$ 89 bbl while the Brent contract is around US$ 93.50 bbl at the time of going to print. The market has accepted the turn of events.

Gold came in slightly higher, trading above US$ 1,720 an ounce working with US equity indexes. APAC equites were mixed after Wall Street closed slightly lower. Japan was up, Hong Kong was down and Australia was flat while China is still on holiday.

Contact Us

Disclaimer

Forex, Crypto, Options, and Binary Options have both large potential rewards and large potential risks. Therefore, before investing or trading any of the assets, ensure you are aware of and willing to accept the accompanying risks. Do not trade money you cannot afford to lose.

All Rights Reserved. None of the content of this website can be published elsewhere by any means without the prior consent of the owner(s). Please, check our terms & conditions and privacy policy before continuing to use this website.

This website and its owner(s) are not in any way liable for any incurred loss, whether caused by the information provided on this website or otherwise. The use of this website, including the content and information provided, is the user’s sole liability.