Crude Oil Climbs, US GDP Data Looms – Forex Market Update Sept 25, 2024

Written by

Anthony Bull

Daily Currency Update

Forex Market Update – September 25, 2024

Today’s markets stay stable with attention on tomorrow’s US GDP (Q2) release. Meanwhile, major currency pairs are reacting to global shifts, and commodities are showing moderate fluctuations.

Currency Movements

  • EUR/USD: The euro is trading at 1.11910, unchanged today but up 0.69% for the week. Traders are keeping an eye on tomorrow’s US GDP report, which could influence the euro-dollar pair.
  • GBP/USD: The pound is trading at 1.34006, down 0.19% today. After strong UK retail sales figures last week, the pound faces slight pressure ahead of upcoming US economic data.
  • AUD/USD: The Australian dollar is at 0.68822, down 0.34% for the day. After the RBA’s decision to keep interest rates steady at 4.35%, the market remains focused on potential global economic shifts.
  • NZD/USD: The New Zealand dollar is down 0.37% at 0.63283, showing some weekly gains of 1.90%. Markets are cautious as investors wait for upcoming data from the US and other key economies.

Commodities Overview

  • Crude Oil: Crude oil is trading at $71.16 per barrel, up 1.13% today. Prices continue to rise on the back of supply restrictions from OPEC+. However, concerns over global demand remain in the picture.
  • Brent Oil: Brent is trading at $74.93, with a gain of 0.95% today. Despite the price increases, Brent is still down nearly 8% for the month due to broader economic concerns.
  • Natural Gas: Natural gas prices are up 1.22%, now sitting at $2.58/MMBtu. Supply limitations and seasonal factors are pushing gas prices higher as we approach the colder months.
  • Gold: Gold remains steady at $2,656.71 per ounce, with a slight decrease of 0.05% for the day. Investors are maintaining their positions in gold as they await tomorrow’s US economic data.
  • Silver: Silver is trading at $31.77 per ounce, down 1.16%. Despite this dip, silver has posted weekly gains of 5.24%.

Key Economic Events

Tomorrow’s US GDP Annualized (Q2) is expected to show 3% annualized growth. Depending on the outcome, we could see movement in currency pairs like EUR/USD and USD/JPY. Stronger growth could potentially boost the US dollar. A weaker-than-expected result may lead to softer dollar performance, impacting commodities like oil and gold.

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