The Greenback has been on the defensive recently, hitting three-week lows as traders await the outcome of the US election and the upcoming Fed meeting. The US Dollar Index (DXY) continued its downward trajectory, approaching 103.40 despite a rebound in US yields. Mortgage Applications and the EIA’s report on US crude oil inventories are expected today.
EUR/USD rose to four-week highs near 1.0940, supported by the final HCOB Services PMI in Germany and the euro area. Germany’s Factory Orders and the EMU’s Producer Prices will also be released, along with speeches from ECB’s Buch and De Guindos. GBP/USD surpassed the 1.3000 barrier, reaching new multi-day highs with the release of the S&P Construction PMI.
USD/JPY dropped to two-week lows around 151.40-151.30 as traders await the BoJ Minutes and the final Jibun Bank Services PMI. AUD/USD climbed above the 0.6600 level, breaking the key 200-day SMA and hitting two-week peaks due to the weaker US Dollar. The RBA’s Chart Pack will be released today.
WTI prices reached three-week highs above $72.00 per barrel before falling back, still slightly negative for the day after the OPEC+ decision to delay its planned oil output increase in December. Gold prices hovered around $1,750 per ounce, supported by caution ahead of the US election. Silver prices also rose to two-day highs near $33.00 per ounce.
