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Gulf Press > Business > Forex > Today’s Forex Update: US Dollar Continues to Suffer Following Fed Rate Cut
Forex

Today’s Forex Update: US Dollar Continues to Suffer Following Fed Rate Cut

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Last updated: 2024/09/23 at 7:49 PM
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The US Dollar remains under pressure following the Federal Reserve’s recent rate cut, with the US Dollar Index continuing to hover around the 100.50 level. Investors are closely watching Fed Governor Michelle Bowman, with Chicago Fed President Neel Kashkari indicating that future rate cuts may be slower than expected. The Euro struggled after pan-EU PMI figures missed the mark, while the Pound Sterling climbed to a fresh 30-month high despite weak UK PMI data and concerns about the economy.

USD/JPY is struggling around the 144.00 handle as the Yen continues to strengthen against the US Dollar. Japanese Tokyo CPI inflation figures are due later in the week, with JPY traders keeping an eye on BoJ Governor Kazuo Ueda. Meanwhile, AUD/USD hit a nine-month high as traders anticipate the RBA’s rate call, with the Australian labor market remaining tight despite signs of a potential economic slowdown.

WTI Crude Oil prices have rebounded over 10.5% since hitting their lowest point in May of 2022, as the US deploys additional military personnel to the Middle East in response to escalating tensions between Israel and Palestinian Hamas. Gold prices have reached a new record high below $2,640, benefiting from the latest Fed rate cut and climbing over 45% in value from last October’s lows.

Overall, the Greenback remains off-kilter and the markets are eagerly awaiting the next Fed rate call in light of recent developments. The Euro and Pound Sterling are facing challenges despite the Dollar’s weakness, while the Yen continues to strengthen against the US Dollar. In the commodities market, WTI Crude Oil prices have rebounded amid geopolitical tensions in the Middle East, while Gold continues to climb to record highs on the back of the latest Fed rate cut. Investors will be closely monitoring economic data and central bank announcements for further cues on market movements in the coming days.

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News Room September 23, 2024
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