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Dollar Index (DXY) Soars, Dragging Down Major Pairs
The US Dollar Index (DXY) continued its upward trajectory, breaching the 103.00 mark, driven by risk-off sentiment in the global market. Key economic indicators and speeches from Federal Reserve officials are scheduled for the day.
The Euro (EUR/USD) weakened further, falling below the 1.0900 level, as the US Dollar strengthened. German Wholesale Prices and Eurozone Economic Sentiment are expected to be released later.
The British Pound (GBP/USD) experienced slight declines, trading near the 1.3050 mark, ahead of the crucial UK jobs report.
The Japanese Yen (USD/JPY) extended its gains, approaching the 150.00 level, following the US Dollar’s appreciation. Japanese Industrial Production and Capacity Utilization data are anticipated.
The Australian Dollar (AUD/USD) reversed its upward trend, falling towards 0.6700. The Westpac Leading Index and a speech by the Reserve Bank of Australia’s Hunter are scheduled for October 16.
Crude oil prices (WTI) declined, pressured by concerns over Chinese demand and a pessimistic OPEC report. Prices dipped below the $74.00 per barrel mark.
Gold prices retreated slightly, trading near $2,640 per ounce troy, as the US Dollar strengthened. Silver prices also declined, briefly falling below the $31.00 per ounce level.
