Forex Market Review: Dollar Firms, German Ifo Rises
United States of America. The US dollar is strengthening against the pound and the yen, while showing mixed performance against the euro.
Markets
7
October
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By Sagar Dua - 473
Brent Crude Oil prices remain within a long-term downtrend, but this week opened with gains, reaching 65.62 (Murray level [2/8]) supported by the latest OPEC+ decisions.
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By Sagar Dua
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EUR/USD. The euro is weakening against the U.S. dollar during the Asian session, consolidating near 1.1685. Investors are focused on Germany’s August factory orders, which showed a 1.5% increase year-on-year after a –3.3% decline the previous month, while monthly data revealed a 0.8% contraction following –2.9%, missing the 1.4% growth forecast.
6
October
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By Sagar Dua
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United States. The U.S. dollar is strengthening against the euro, pound, and yen.
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By Sagar Dua
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The USD/CHF pair remains stable near the 0.7960 mark during the Asian session, as investor activity slows amid a lack of macroeconomic data from the U.S. due to the ongoing government shutdown. Democrats continue pushing for the extension of healthcare and social welfare programs, while Republicans, aligned with President Donald Trump’s fiscal agenda, are seeking further budget cuts.
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By Sagar Dua
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During the Asian session, EUR/USD is trading near 1.1668 as investors digest comments from European Central Bank (ECB) President Christine Lagarde, who stated that the eurozone economy is “in a good position” to maintain inflation around the 2.0% target.
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USD/JPY. The U.S. dollar shows steady growth in the USD/JPY pair during Asian trading, testing the 150.40 level for an upward breakout. The instrument opened with a bullish gap and is currently updating local highs from August 1, while investors focus on the outcome of the Liberal Democratic Party leadership elections in Japan.
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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.
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