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analysis.hotforex.comMarket Update – September 13 – Cooler USD & Stocks Higher Ahead of CPI

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Market Update - September 13 - Cooler USD & Stocks Higher Ahead of CPI


  • USDIndex - Slips (108.00 tested) for a 5th straight day, lifting EUR & GBP. Fed Funds Futures back to 90% chance of 75 bp (third consecutive) hike. 10-yr Bond Auction was weak, only filled after it hit 3.33% (2.76% last time). “Higher for longer” mantra from Reuters Poll¹. Has Inflation peaked ?

  • EUR – Trades at 1.0135 now from a test of 1.0200 yesterday.

  • JPY markets not convinced BOJ intervention is imminent. Although Yen up today against others still weak vs. USD, touched 143.50 yesterday and holds 142.30 now.

  • GBP traded over 1.1700 yesterday and holds 1.1723 now, following good jobs data. London remains muted (politics suspended) but open ahead of Queen's funeral September 19 (Bank Holiday).

  • Stocks US stocks moved higher again as Dollar & Yields cooled (S&P500 +1.06% 4110) FUTS trade at 4121. Nasdaq best performer (APPL +3.85%, PTON +7.18%). Asian stock markets have rallied too, and European FUTS are higher pre-open.




  • USOil topped at $89.00 on Monday on more chatter of supply issues and possible easing of geopolitical tensions. Trades at $86.75 now. 20-day moving average sits at $89.00.

  • Gold – also rallied to $1735 and holds over $1720 now.

  • BTC – rallied higher too and holds at $22.3k.


Overnight & TodayUK Jobs, (Wages beat & Unemployment Rate fell back, Claimant Count reversed sharply (+20.8k) German HICP (steady at 8.8%). To come German ZEW and US CPI.



Biggest FX Mover @ (06:30 GMT) AUDJPY (-0.51%) Signs the 6-week rally from 90.00, maybe cooling.  Topped at 98.45 earlier back under 98.00 to 97.76 now. MAs aligning lower, MACD histogram & signal line positive but falling, RSI neutral 43.20, H1 ATR 0.174, Daily ATR 0.972.



 


https://www.reuters.com/markets/us/fed-set-another-75-basis-point-rate-hike-early-pivot-unlikely-2022-09-13/


Click here to access our Economic Calendar


Stuart Cowell


Head Market Analyst


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