Forex Today: Weekly claims and ISM Services keep the focus on the real economy
The US Dollar (USD) has traded in quite a volatile fashion on Wednesday, always amid the unabated tensions from the US-Iran crisis, speculation over another bout of FX intervention by Japanese authorities and bets for whatever the Fed might do or not do in the next few months.
The US Dollar has experienced significant volatility on Wednesday, influenced by ongoing tensions between the US and Iran, speculation of Japanese FX intervention, and potential moves by the Fed. The US Dollar Index (DXY) fluctuated between 99.50 and 99.60, experiencing a brief dip after reaching a three-week high. The upcoming weekly Initial Jobless Claims report, ISM Services PMI, Balance of Trade results, and Fed speeches from Waller and Hammack will provide crucial insights into the real economy.
EUR/USD showed a slight downward trend but managed to rebound from two-week lows near 1.1570. GBP/USD struggled to maintain a break above 1.3500, settling around 1.3470. USD/JPY declined sharply, briefly breaching its 200-day SMA near 158.40 due to rumors of further Japanese FX intervention. AUD/USD rebounded from Tuesday's decline, climbing past 0.7170, ahead of the final S&P Global Services PMI and Balance of Trade results.
WTI oil prices surged past $92.00 per barrel, marking six-week highs, while Gold rebounded to near $4,400 per troy ounce, breaking a multi-day decline. GBP/USD continued its negative streak, but Gold showed signs of life amid mixed US Treasury yields and geopolitical concerns.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
