Market News
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Chinese Yuan: Range-bound with slight downside bias against US Dollar – UOB
Quek Ser Leang at UOB notes USD/CNH remains directionless, trading narrowly around 6.71 with little change in momentum. Intraday, the pair is expected to hold between 6.7060 and 6.7160.
Mexican Peso retreats as USD/MXN bounces from near YTD low
The Mexican Peso (MXN) loses some ground against the US Dollar (USD) on Tuesday, with USD/MXN rising by over 0.09% amid a sour market mood and a stronger Greenback, ahead of the FOMC monetary policy decision on Wednesday. The exotic pair trades at 17.15, after hitting a daily low of 17.10.
Indonesian Rupiah: Market tests Indonesia policy credibility – Commerzbank
Commerzbank analysts report that USD/IDR extended gains as investors assessed the appointment of Suahasil Nazara as Indonesia’s new Finance Minister, the third in under two years.
Crude Oil rallies again as Saudi Arabia's route around Hormuz shuts
West Texas Intermediate (WTI) Crude Oil trades just above $100.00, up about 3% on the day. It is on track for a third straight weekly gain.
Chinese Yuan: Slow appreciation with weak demand – Commerzbank
Commerzbank’s Volkmar Baur notes that Chinese growth remains export-led as domestic demand stays soft, with investment and retail sales under pressure and car sales slumping.
Forex Today: US Dollar firms as markets brace for Fed rate decision
The US Dollar Index (DXY) gained to 99.60 mark on Tuesday, and the bond market drove the move.
Singapore Dollar: Downtrend seen limited against US Dollar – UOB
UOB’s Quek Ser Leang notes USD/SGD extended gains toward 1.2725 as the US Dollar strengthened broadly and Singapore Dollar (SGD) Nominal Effective Exchange Rate (NEER) stayed around 1.65% above its mid-point.
EUR/USD Price Forecast: Bears crack 100-day SMA, eye 1.1500
The Euro (EUR) extends its losses against the US Dollar (USD) on Tuesday, sliding below the 100-day Simple Moving Average (SMA) at 1.1555, opening the door to further downside, with sellers setting their sights on Monday’s low of 1.1523.
Japanese Yen slips as Oil lifts yields ahead of the Fed
USD/JPY trades near 155.20 on Tuesday, rising for a second straight day and pulling away from the roughly seven-month low it set last week. A firmer US Dollar (USD) is doing the work, helped by a sharp jump in Oil that has pushed US Treasury yields higher.
China: Growth risks rise with softer demand – Standard Chartered
Standard Chartered economists Hunter Chan and Shuang Ding assess China’s July-August data and conclude that domestic demand weakened while production held up.
NZD/USD Price Forecast: Bears break 0.5800 as Kiwi slide deepens
The New Zealand Dollar (NZD) tumbles against the US Dollar (USD) on Tuesday for the second straight day this week, down 0.37% as risk appetite sours, with AI company CEOs expressing concerns about the rapid pace of evolution and as high energy prices push markets to expect further tightening by the
100 threshold: United States Dollar Index faces make-or-break Fed decision
The US Dollar Index (DXY) holds firm near a two-week high on Tuesday as traders prepare for the Federal Reserve’s (Fed) monetary policy decision on Wednesday. At the time of writing, the index trades around 99.66, up 0.17% on the day.
Gold bulls hit 100-day SMA wall as US yields bite
Gold (XAU/USD) price holds firm on Tuesday, capped on the upside by solid resistance at the 100-day Simple Moving Average (SMA) at $4,328, while broad US Dollar strength and elevated US bond yields weighed on the non-yielding metal.