Dollar Slips and Oil Falls as Markets Reprice Fed and Iran Risks
United States. The US dollar is strengthening against the Japanese yen today while posting moderate losses against the euro and the British pound.
Markets
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October
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By Sagar Dua - 369
GBP/USD. The pound is strengthening in the GBP/USD pair during the morning session, building on the bullish momentum formed late last week and holding around 1.3441. U.S. investors continue to monitor negotiations between Democrats and Republicans in Congress, expecting that a budget agreement for the new fiscal year, which began on October 1, will soon be reached. Meanwhile, the federal government remains shut down, costing the GDP an estimated $15.0 billion per week. The White House administration stated that the funding pause could be used for large-scale staff and payment reductions across federal agencies.
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EUR/USD. The euro shows mixed movement in EUR/USD during the Asian session, holding around 1.1657. Market activity remains subdued as participants hesitate to open new positions ahead of the eurozone’s August retail sales release at 11:00 (GMT+2).
3
October
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By Sagar Dua
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United States. The U.S. dollar is weakening against the euro and the pound, while showing mixed dynamics against the yen.
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By Sagar Dua
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USD/JPY Pair Corrects to 3-Week Lows Before Rebounding — The pair dipped to 146.60, its lowest level in three weeks, following the U.S. government shutdown and weak September ADP employment data, before recovering today.
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By Sagar Dua
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AUD/USD climbed to 0.6607 after the Reserve Bank of Australia (RBA) decided on September 30 to keep its interest rate unchanged at 3.60%.
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By Sagar Dua
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Forex: EUR/USD pair consolidates near 1.1720. The euro shows mixed dynamics against the US dollar during the Asian session, holding around 1.1720. With the US government shutdown, investors lack access to key macro data, including the September jobs report, which heightens uncertainty around the Fed’s next steps.
2
October
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By Sagar Dua
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The EUR/USD pair is testing the middle line of the Bollinger Bands at 1.1750, while the U.S. dollar remains under pressure amid weak labor market data.
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By Sagar Dua
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United States – Forex Market Focus. The U.S. dollar is losing ground on the forex market against the euro and yen, while showing mixed dynamics against the pound
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By Sagar Dua
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After strong gains last week, the USD/JPY pair is correcting toward the 146.33 support level as the likelihood of tighter monetary policy from the Bank of Japan increases.
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By Sagar Dua
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EUR/USD. The euro shows mixed dynamics in the EUR/USD pair during the Asian session, consolidating around 1.1735. Market activity remains subdued as investors avoid opening new positions ahead of the potential release of U.S. labor market data on Friday at 14:30 (GMT+2). However, the report may be delayed due to the government shutdown, as Republicans and Democrats failed to agree on the new fiscal year budget.
1
October
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By Sagar Dua
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WTI Crude Oil prices are correcting downward this week amid the resumption of exports from Iraqi Kurdistan and expectations of another production hike from OPEC+. At the moment, the asset is holding near 62.03. Over the weekend, disputes between Iraq’s central government and local authorities were resolved, allowing Kurdish oil to re-enter the market at volumes of 180,000–190,000 barrels per day. At the same time, OPEC and its allies may discuss an additional production increase of around 137,000–140,000 barrels during their Sunday meeting. This would add significant supply to the market, while demand for energy remains weak due to the global trade slowdown and reduced manufacturing activity.
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By Sagar Dua
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This week, the EUR/USD pair is regaining lost ground, testing the middle line of the Bollinger Bands near 1.1750. The U.S. dollar has come under pressure following reports of a government shutdown starting today, after Republicans and Democrats failed to reach an agreement on additional funding due to disagreements over extending Obamacare tax credits.
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