Forex Today: Dollar sheds further ground amidst risk-on mood – FXStreet
Here is what you need to know on Friday, September 10:
The greenback enters the European trading hours slightly into the negative territory, as investors keep favouring the risk complex in the second half of the week. Traders’ shift towards the riskier assets comes after the dovish “recalibration” of the PEPP at the ECB event on Thursday, at the time when the central bank revised higher its forecasts for GDP and inflation.
In the meantime, omnipresent Delta concerns continue to hover around global growth prospects in combination with supply shortages, all against the backdrop of some auspicious results in China and US Initial Claims returning to pre-pandemic levels on Thursday.
EUR/USD is up smalls in the 1.1830 region as markets keep digesting the ECB gathering ahead of the opening bell in Euroland and with the focus on the final German inflation figures for the month of August and the EuroGroup meeting.
GBP/USD navigates withing a tight range in the mid-1.3800s ahead of key releases, including GDP figures, Trade Balance and Industrial/Manufacturing Production.
USD/JPY creeps higher and approaches the 110.00 barrier amidst the upbeat momentum surrounding the risk-linked galaxy and the rebound in yields of the US 10-year note from Thursday’s lows.
Prices of the WTI manage to regain some composure after testing the sub-$68.00 region in response to news that China released part of its strategic reserves on Thursday.
Cryptos navigate a “sea of green” so far, with Bitcoin a tad below the 47,000 mark at the time of writing.
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