Central Bank Impacts on Forex: September 17, 2024 Overview
Forex Market Update – September 17, 2024
Today, the forex market is seeing steady movements, with traders preparing for central bank meetings. The Federal Reserve is expected to announce a 0.50% rate cut, which has affected the US dollar’s performance across major currency pairs.
Major Currency Pairs:
- EUR/USD: The euro is trading at 1.11205, down 0.08% for the day. Traders are focused on the upcoming Fed meeting, where a potential rate cut could further weaken the US dollar(FXSSI – Forex Sentiment Board).
- GBP/USD: The pound is holding at 1.32048, slightly down by 0.04% today. The UK economy remains stable ahead of the Bank of England’s decision, with traders expecting more rate updates(FXSSI – Forex Sentiment Board).
- USD/JPY: The yen has strengthened, with the pair trading at 140.46, down 0.24%. The yen continues to gain as traders move toward safe-haven currencies(FXSSI – Forex Sentiment Board).
Commodities:
- Crude Oil: Crude oil is priced at $70.62 per barrel, up 0.76% today. Oil has seen a rise of 7.47% this week, driven by supply concerns and improving demand outlook(FXSSI – Forex Sentiment Board).
- Gold: Gold remains stable at $2,585.21 per ounce, up 0.06% today. Investors continue to see gold as a safe-haven asset amid central bank uncertainty(FXSSI – Forex Sentiment Board)(DailyForex).
Key Events Today:
- Federal Reserve Meeting: The Fed is expected to cut interest rates by 0.50%, which could further influence the USD’s movements. This decision may impact USD-based pairs as the market awaits further guidance from the central bank(DailyForex).
- US Retail Sales: Retail sales data released today could provide additional insight into the US economy’s performance and affect market sentiment ahead of the Fed’s decision.
Stay tuned as these central bank decisions and economic data releases are expected to create volatility in the forex market throughout the week!