Forex Update: Key FX Rates – Sept 10, 2024
Forex Market Update – September 10, 2024
The forex market is active today with key movements in major fx exchange rates as traders react to fresh data.
Major Currency Pairs:
- EUR/USD: The euro is trading at 1.10406, down 0.40% as markets prepare for the European Central Bank (ECB) rate decision on Thursday. Speculation of a potential rate cut is weighing heavily on the euro in the forex exchange market(R Blog – RoboForex).
- GBP/USD: The pound is currently at 1.30955, down 0.24% following the UK unemployment data release. The unemployment rate for July came in at 4.1%, meeting expectations but slightly lower than the previous 4.2%. This data plays a vital role in the fx rate movements, especially as traders assess its impact on future Bank of England policies(R Blog – RoboForex).
- USD/JPY: The yen is trading at 143.34, up 0.78% in today’s forex market. Investors are focused on tomorrow’s US CPI report, which could have a major impact on the forex exchange rate of the US dollar(R Blog – RoboForex).
Commodities:
- Oil: WTI crude is trading at $68.51 per barrel, up 1.24% for the day. Oil prices have been volatile due to ongoing concerns about global demand in the fx exchange market(R Blog – RoboForex).
- Gold: Gold is holding steady at $2,502.52 per ounce, up 0.62% as traders await tomorrow’s US inflation data, which could influence the forex exchange rate and drive demand for safe-haven assets like gold(R Blog – RoboForex).
Key Events This Week:
- UK Employment Data (September 12): UK unemployment data released today confirmed a stable rate of 4.1%, matching expectations. This will likely play a role in fx exchange rate shifts for GBP/USD this week(IG)(R Blog – RoboForex).
- US CPI Report (September 11): Tomorrow’s CPI report is expected to show a slight rise in inflation. This data could have a significant impact on the US dollar’s forex rate and drive volatility across major currency pairs(IG)(IG).