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The selling sentiment that was undermining the dollar on Monday persisted, as traders continued to assign more weight to the possibility that the Fed might shock the markets by lowering interest rates by a half percentage point on Wednesday.
For the third straight day, the US Dollar Index (DXY) fell, trading far below the 101.00 support level along with generally declining rates. September 17 is when the API’s report on US crude oil stocks, retail sales, business inventories, industrial and manufacturing production, and the NAHB housing market index are all due.
Forex Space
The US dollar’s continued decline sent the EUR/USD pair above the 1.1100 barrier and to fresh multiday highs. The Economic Sentiment Index for Germany and the wider Euroland is released on September 17. It is measured by the ZEW institute.
The GBP/USD pair continued to rise and broke through the two-week tops, or 1.3200 obstacle. The September 18 release of the Inflation Rate is the next risk event on the UK schedule.
After the US yields started to decline and the greenback began to sell off, the USD/JPY fell and then rebounded from fresh lows around 139.60. On September 17, the Tertiary Industry Index is anticipated.
The AUD/USD pair reached new two-week highs as it continued to rise north of the 0.6700 yardstick. The Westpac Leading Index will be released on September 18 and will be the next item on Tap Down Under.
Commodities
WTI prices continued to rise for the fourth straight day, breaking beyond the crucial $70.00 per barrel threshold.
Amid the declining value of the US dollar and expectations of a bigger rate drop by the Fed, gold prices reached a record high and progressively moved closer to the crucial $2,600 per barrel. During a lackluster session, silver prices managed to stay slightly under $31.00 per ounce.
Also Read:
GBP/USD Maintains Bullish Outlook Ahead of Looming Fed Rate Cut
EUR/GBP Undergoes A Persistent Bearish Trend
EUR/GBP Undergoes A Persistent Bearish Trend
Rate Cut Looms Large as Some US Stocks Hover Near Fresh Records
