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Market Update Today: Forex Pairs, Gold and Oil

Dollar hits one-year high as U.S. yields rise, inflation data on tap


EUR/USD – Euro US Dollar
p 1.1527
a 1.1535 +0.0008 +0.07%
GBP/USD – British Pound US Dollar
p 1.3585
a 1.3584 -0.0001 -0.01%
USD/JPY – US Dollar Japanese Yen
p 113.6
a 113.56 -0.04 -0.04%


The dollar hit a one-year high on Tuesday on expectations the U.S. Federal Reserve will announce a tapering of its massive bond-buying program next month, and as concerns over soaring energy prices also sent investors to the safe-haven greenback.


Investors will watch U.S. Consumer Price Index data on Wednesday and retail sales data on Friday for further clues as to when the Fed might begin winding down stimulus.


September 2021 CPI data are scheduled to be released on October 13, 2021, at 8:30 A.M. Eastern Time.


GBP/USD The pound is unlikely to be rescued by the increasing odds of a Bank of England rate hike as the currency may struggle to escape the clutches of stagflation just as the impact of Brexit begins to emerge
JPY/USD The spike in U.S. yields prompted investors to dump the Japanese yen versus the dollar, resulting in the second-biggest daily fall in the Japanese currency on Monday.


If the price continues climbing, the next critical level for the pair is 114.03.

Oil steadies as energy crunch stirs up volatility, recovery concerns


BRENT:
P:83.42
A:83.12
WTI:
P: 80.64
A: 80.33
IMF lowers global growth outlook
China rust-belt province warns of shortages in energy crisis

Gold Up, Steadies as Fed Taper Expectations Widen


P: 1760.62
A: 1761.34 + 0.72 + 0.005%


Surging energy prices and wide expectations that the U.S. Federal Reserve will soon begin asset tapering contributed to the dollar’s rally.
IMF said that the global economy is losing momentum.


Democratic controlled US House of Representatives gave final approval on Tuesday, temporarily raising gov’t borrowing limit to $28 Trillion.

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