Approximately 22.7% of daily forex trades. This pair, often called “Fiber,” is the most traded due to the economic strength of the Eurozone and the United States, offering high liquidity and tight spreads.
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US Core PPI rose 2.8% year-over-year in August, below expectations of 3.5%, signaling easing inflation pressures at the wholesale level. Despite a stronger headline PPI monthly gain driven by energy prices, the softer core reading may support a pause in Fed rate hikes this month. Markets responded positively with lower Treasury yields and modest equity gains.
Forex Market Update: USD Softens as Traders Brace for Key US CPI Data and Central Bank Decisions
Adapted from Mitrade’s live news article originally published on September 10, 2023.
As the forex market kicks off the week, a cautious mood prevails among traders. The US dollar has eased slightly following strong gains over recent weeks, reflecting market participants’ anticipation of upcoming high-impact events. The US Consumer Price Index (CPI) report stands out as particularly significant, with expectations that it will shape Federal Reserve policy decisions. In addition, central bank meetings in Europe and Japan add layers of complexity this week. Below is a comprehensive analysis of current market trends, key drivers, and outlook for major currency pairs.
Market Overview
– The US Dollar Index (DXY) slipped modestly, retreating from recent six-month highs as traders took profits.
– Attention centers on the US CPI report for fresh signals on inflation trends and Fed rate projections.
– EUR/USD remained rangebound amid uncertainty ahead of the European Central Bank’s policy meeting.
– USD/JPY climbed slightly, underpinned by yield advantages and speculation of a possible Bank of Japan policy shift.
– GBP/USD stayed relatively steady with the Bank of England meeting approaching.
– Commodity-linked currencies such as AUD and
EUR/USD remains steady as markets await the ECB’s anticipated rate cut and U.S. CPI inflation data. Decisions this week could reshape short-term currency trends amid mixed economic signals and ongoing inflation concerns in both regions.
EUR/USD falls below 1.0700 as upbeat US inflation data boosts the dollar. Higher-than-expected CPI figures and rising Treasury yields reinforce Fed’s slower rate cut outlook. Meanwhile, subdued eurozone growth and easing inflation keep euro under pressure. Downside risks persist.
EUR/USD held a tight range on September 10 as traders awaited key US data and ECB signals. Technical indicators show indecision, with support near 1.0680 and resistance around 1.0730. A break beyond 1.0750 or below 1.0650 could set the next direction. Original article credit DailyForex.com
EUR/USD remains in focus as traders await US May CPI data and the ECB’s June policy decision. Market eyes are on inflation trends and central bank signals that will shape the dollar and euro outlook in the weeks ahead.
EUR/USD holds steady near 1.1760 as the US dollar retreats amid softer economic data and dovish Federal Reserve signals. The euro benefits from resilient eurozone indicators and a cautious ECB stance. Markets await further cues for the next directional move.
EUR/USD remains cautious ahead of key US employment data. Strong US labor indicators and Fed’s patient approach contrast with ECB’s stance, fueling uncertainty. Technicals show resistance near 1.0885 and support around 1.0800. Market eyes NFP for direction.
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