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United States Dollar Index loses ground on possible Yen intervention
The US Dollar Index (DXY) trades on the back foot on Wednesday as a sharp rise in the Japanese Yen (JPY) forces the Greenback to reverse its earlier intraday gains. At the time of writing, DXY trades around 99.55, down 0.11% on the day, after reaching 99.86, its highest level since August 14.
Wed, Sep 2
Russia Unemployment Rate rose from previous 2.2% to 2.3% in July
Wed, Sep 2
Euro: Downside risks build against US Dollar as oil rises – Scotiabank
Scotiabank strategists Shaun Osborne and Eric Theoret note EUR/USD has slipped to the upper 1.15s, with sentiment turning bearish despite supportive yield spreads. They link the renewed deterioration to rising Oil prices and concerns over Euro area terms of trade.
Wed, Sep 2
Australian Dollar: Strong GDP and carry support – BBH
Brown Brothers Harriman’s (BBH) Elias Haddad notes AUD/USD fell toward 0.7125 on broad US Dollar (USD) strength, even as Australia’s Q2 GDP beat expectations at 0.4% q/q and 2.1% y/y.
Wed, Sep 2
Euro tumbles against the Yen as intervention fears hit crosses
The Euro tumbles against the Japanese Yen on Wednesday amid growing speculation that Japanese authorities might intervene in the FX markets, as most related Yen pairs collapsed to fresh two-week lows, with the EUR/JPY bottoming at around 183.64, after reaching a high of 185.75.
Wed, Sep 2
British Pound slides against Japanese Yen as suspected intervention rattles markets
GBP/JPY falls nearly 1% on Wednesday as the Japanese Yen (JPY) strengthens across the board. At the time of writing, the cross trades around 214.43 after hitting an intraday low near 213.70, its lowest level since August 10.
Wed, Sep 2
Denmark Currency Reserves declined to 693.6B in August from previous 699.6B
Wed, Sep 2
Euro: Headwinds from Fed and energy – ING
ING’s Chris Turner highlights growing headwinds for the Euro as higher energy prices and a more hawkish Federal Reserve push EUR/USD lower.
Wed, Sep 2
United States EIA Heating Oil Stocks Change down to -0.033M in August 28 from previous 0.027M
Wed, Sep 2
Gold: Data risks and CTA selling – TD Securities
TD Securities’ Ryan McKay and Bart Melek highlight that upcoming US Non-farm Payrolls (NFP) and a renewed hawkish Fed tone are critical for Gold, with prices near CTA (Commodity Trading Advisors) selling thresholds around $4,300/oz.
Wed, Sep 2
Canadian Dollar gains after Bank of Canada keeps rates unchanged
USD/CAD falls to around 1.3875 on Wednesday, down 0.15% on the day, following the Bank of Canada’s (BoC) monetary policy decision. The Canadian Dollar (CAD) strengthens against the US Dollar (USD) after the central bank leaves its policy rate unchanged at 2.25%, in line with market expectations.
Wed, Sep 2
New Zealand Dollar: RBNZ cautious tightening path – UOB
UOB’s Lee Sue Ann notes that the Reserve Bank of New Zealand (RBNZ) raised the Official Cash Rate (OCR) to 2.75% and kept a tightening bias, stressing the need to prevent fuel-driven inflation from becoming entrenched.
Wed, Sep 2
Japanese Yen hits one-week high against US Dollar on intervention speculation
The Japanese Yen (JPY) outperforms its major peers on Wednesday, with USD/JPY falling nearly 0.90% on the day as hawkish Bank of Japan (BoJ) expectations support the Japanese currency.
Wed, Sep 2
Japanese Yen: BoJ hawks raise hike risk – BBH
Brown Brothers Harriman’s (BBH) Elias Haddad observes USD/JPY testing 160.00 as hawkish Bank of Japan comments briefly supported the Japanese Yen (JPY).
Wed, Sep 2
US Dollar: Fed hike risk and yields back in focus – MUFG
According to MUFG’s Lee Hardman, rising energy prices are pushing market expectations for further Federal Reserve tightening, with 17bps priced for the 16th September FOMC and the 2-year US Treasury yield at a year-to-date high.
Wed, Sep 2
Silver rebounds above $64 as weak US jobs data challenges hawkish Fed bets
Silver (XAG/USD) rebounds on Wednesday, trading around $64.30 at the time of writing, up 0.32% on the day after recovering from earlier losses.
Wed, Sep 2
Euro stays under pressure against US Dollar despite softer ADP data
EUR/USD consolidates its daily losses during American trading hours on Wednesday as the US Dollar (USD) holds firm, supported by hawkish Federal Reserve (Fed) expectations and escalating tensions in the Middle East.
Wed, Sep 2
European Central Bank: Dovish hike path as energy drives inflation – ING
ING’s Carsten Brzeski expects the European Central Bank (ECB) to raise rates by 25bp next week, characterizing it as an ‘insurance’ or dovish hike. He notes Eurozone resilience, but stresses that inflation is mainly driven by energy, limiting the case for further tightening.
Wed, Sep 2
Reserve Bank of Australia: September hike expectations strengthen – TD Securities
TD Securities’ Prashant Newnaha now expects the Reserve Bank of Australia (RBA) to raise the cash rate by 25bps to 4.60% at the late-September meeting. The change follows stronger-than-expected Q2 Gross Domestic Product (GDP) and firm discretionary consumption.
Wed, Sep 2
Canadian Dollar: Weak fundamentals cap gains against US Dollar - BNY
BNY’s Geoff Yu notes that Canadian Dollar (CAD) positioning remains weak ahead of the Bank of Canada (BoC) decision, with USD/CAD dominating flows and cross-currency activity surprisingly limited.
Wed, Sep 2
