Forex Market Update: Key Developments for September 2024
Forex Market Update – September 23, 2024
Today’s forex markets are moving by key data and upcoming central bank decisions. Here’s a breakdown of the major currency pairs, commodities, and this week’s economic calendar:
Major Currency Pairs:
- EUR/USD: The euro is trading at 1.11409, down 0.20% today. The PMI data out of the Eurozone showed a decline in both manufacturing and services sectors, which is keeping the euro under pressure(Forex Factory).
- GBP/USD: The pound is trading at 1.32871, down 0.26%. The UK’s S&P Global/CIPS Manufacturing PMIfor September is expected to come out later today, which may impact the pound’s performance depending on whether it meets or misses expectations(Forex Factory)(DailyForex).
- AUD/USD: The Australian dollar is relatively steady at 0.68105, up 0.06% for the day. Traders are closely watching the Reserve Bank of Australia (RBA) interest rate decision, which is scheduled for tomorrow(DailyForex)(Forex Factory).
- USD/JPY: The yen is trading at 143.875, gaining 0.04% today. Despite some movement in the USD, the yen remains relatively weak due to Japan’s continued loose monetary policy(Forex Factory).
Commodities:
- Crude Oil: Crude oil is priced at $71.127 per barrel, up 0.18% today. Supply concerns are keeping prices stable despite some volatility in recent weeks(Forex Factory).
- Brent Oil: Brent crude is at $74.566, up 0.10%, as it continues to gain from supply issues and tight global markets(Forex Factory).
- Gold Prices: Gold is trading at $2,621.33 per ounce, nearly unchanged today. Investors are holding their positions as they await data releases later this week(Forex Factory).
- Natural Gas: Natural gas is priced at $2.4645 per MMBtu, rising 1.25%. Gas prices have been supported by growing demand as the colder months approach(Forex Factory).
Key Economic Calendar Highlights:
- Monday, September 23: Eurozone HCOB PMI data showed a mixed picture, with services holding steady at 52.4 while manufacturing remains in contraction at 45.6. The UK’s S&P Global/CIPS Composite PMI and Services PMI will be released today(Forex Factory)(DailyForex).
- Tuesday, September 24: The RBA interest rate decision is expected, with markets forecasting no change at 4.35%(Forex Factory).
- Wednesday, September 25: Australia’s Monthly CPI is expected to show inflation stabilizing at 3.1%, down from 3.5%(Forex Factory)(DailyForex).
- Thursday, September 26: The Swiss National Bank (SNB) is set to announce its interest rate decision, with markets predicting a 1% rate(DailyForex).
- Friday, September 27: The US Core PCE Price Index, a key inflation measure, will be released, expected at 0.2% month-on-month(Forex Factory)(DailyForex).
As the week progresses, expect volatility in the forex and commodities markets as traders digest the latest economic data and central bank decisions.