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Here is what you need to know on Thursday, September 26: After witnessing a solid turnaround in American trading on Wednesday, the US Dollar (USD) pauses its recovery and remains in a consolidative mode heading into the European opening bells on Thursday. Traders turn cautious and refrain from placing fresh bets on the USD before the release of the pre-recorded speech by US Federal Reserve (Fed) President Jerome Powell. A host of other Fed officials are also due to make their scheduled appearances along with Chair Powell, with their respective speeches trickling in from 13:10 GMT. The Fed commentary will be critical to gauging the size of the next rate cut in November. Markets are already pricing in a 61% chance of a 50 basis points (bps) rate reduction, according to the CME Group’s Fed WatchTool. Fed Governor Adriana Kugler said late Wednesday that she “strongly supported” the Fed’s decision to cut the interest rates by a half point last week. Kugler added that she “will support additional rate cuts going forward.” Apart from the Fedspeak, investors will also look to the mid-impact US Durable Goods Orders and the Jobless Claims data for fresh trading directives. The US Dollar also stalls its previous upswing, as risk sentiment turns positive, courtesy of the renewed optimism surrounding China’s stimulus measures. US Dollar PRICE This week The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the strongest against the Japanese Yen.   USD EUR GBP JPY CAD AUD NZD CHF USD   0.13% -0.18% 0.51% -0.69% -0.85% -0.72% 0.04% EUR -0.13%   -0.36% 0.40% -0.81% -1.03% -0.84% -0.10% GBP 0.18% 0.36%   0.81% -0.45% -0.67% -0.48% 0.27% JPY -0.51% -0.40% -0.81%   -1.19% -1.44% -1.22% -0.58% CAD 0.69% 0.81% 0.45% 1.19%  …

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Filed under: News - @ September 26, 2024 6:16 am