Forex Today: Modest hopes ahead of Fed – FXStreet
Here is what you need to know on Wednesday, September 16:
Majors traded choppy this Tuesday, with the dollar recovering during US trading hours some of the ground given earlier in the day. Most pairs remained within familiar levels, as investors remain focused on first-tier events, starting with the US Federal Reserve this Wednesday.
The EUR/USD pair peaked at 1.1900, underpinned by an upbeat ZEW survey, but closed the day in its comfort zone around 1.1850.
The Pound was able to retain gains, despite mounting Brexit tensions, after the Commons passed the Internal Market Bill. UK employment data were generally positive, providing support to the Sterling.
The Japanese yen appreciated further, despite the market’s mood was mostly positive. USD/JPY fell to 105.29 before bouncing some but is still at risk of falling.
The WTO ruled that US tariffs on China violate trade rules. The market ignored the headline, but may hint trouble ahead and an escalation of US-China tensions.
Crude oil prices edged higher, underpinned at the beginning of the day by a weaker dollar, and later by resurgent equities demand. WTI moved above $38.00 a barrel despite OPEC’s gloomy demand perspective.
Gold has managed to post a higher high for the week, reaching 1,972 before trimming intraday gains. It continues to trade in its comfort zone around $1,950 a troy ounce.
US Treasury yields ticked higher as investors asset coronavirus developments. Wall Street managed to advance but closed unevenly as the DJIA turned red ahead of the close.
The WHO has warned that Europe should be expecting an increase in the death rate in October and November. The number of cases has risen sharply in recent weeks, especially in Spain and France. Meanwhile, in the US, the death toll is about to reach the 200,000 threshold.
Also, the University of Pittsburgh School of Medicine scientists have isolated the smallest biological molecule to date that completely and specifically neutralizes the SARS-CoV-2 virus, which is the cause of COVID-19. This antibody component, known as Ab8, has potential use as a therapeutic and prophylactic against SARS-CoV-2.
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