{"id":354870,"date":"2024-09-24T12:46:38","date_gmt":"2024-09-24T07:16:38","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=354870"},"modified":"2024-09-24T12:46:38","modified_gmt":"2024-09-24T07:16:38","slug":"us-dollar-holds-ground-amid-china-optimism-mideast-concerns-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/us-dollar-holds-ground-amid-china-optimism-mideast-concerns-crypto-news\/","title":{"rendered":"US Dollar holds ground amid China optimism, Mideast concerns – Crypto News"},"content":{"rendered":"

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Here is what you need to know on Tuesday, September 24:<\/em><\/p>\n

Risk flows seem to have returned in Tuesday\u2019s trading, as investors cheer China\u2019s stimulus announcement and the overnight dovish US Federal Reserve (Fed) commentary. People\u2019s Bank of China (PBOC) Governor Pan Gongsheng announced plans to roll out a series of measures to boost the economic recovery, including the intention to cut the reserve requirement ratio (RRR) by 50 basis points (bps).<\/p>\n

Wall Street indices closed modestly flat, as the dovish Fed bets continued to offer support to stocks<\/a>, despite the discouraging S&P Manufacturing and Services PMI readings worldwide. The S&P Global US preliminary Manufacturing PMI<\/a> contracted further to 47.0 in September, compared to 48.5 expected and August\u2019s 47.9. The Services PMI also dipped to 55.4 in September from 55.7 in August.<\/p>\n

Fed policymakers Raphael Bostic<\/a>, Austan Goolsbee and Neel Kashkari spoke on Monday and all three suggested that more rate cuts are on the cards, with Goolsbee seen as the most dovish, as he noted that \u201cmany more rate cuts are likely needed over the next year, rates need to come down significantly.\u201d \u201cI am comfortable with the Fed’s 50 basis points (bps) rate cut, it shows the Fed is focused on risks to employment, not just inflation,\u201d he added.<\/p>\n

Markets currently price in 75 bps in rate cuts by the end of 2024, according to the CME Group\u2019s FedWatch Tool.<\/p>\n

Despite the market\u2019s optimism, the US Dollar (USD) looks to build onto overnight recovery gains, as the US Treasury bond yields rebound. Escalating geopolitical tensions between Israel and the Lebanese militant group \u2013 Hezbollah appear to keep the safe-haven demand for the USD afloat.<\/p>\n

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US Dollar PRICE Today<\/h2>\n

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Japanese Yen.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/th>\nUSD<\/th>\nEUR<\/th>\nGBP<\/th>\nJPY<\/th>\nCAD<\/th>\nAUD<\/th>\nNZD<\/th>\nCHF<\/th>\n<\/tr>\n<\/thead>\n
USD<\/th>\n\u00a0<\/td>\n-0.04%<\/td>\n-0.04%<\/td>\n0.56%<\/td>\n-0.16%<\/td>\n0.06%<\/td>\n-0.04%<\/td>\n0.09%<\/td>\n<\/tr>\n
EUR<\/th>\n0.04%<\/td>\n\u00a0<\/td>\n0.00%<\/td>\n0.61%<\/td>\n-0.16%<\/td>\n0.09%<\/td>\n-0.02%<\/td>\n0.12%<\/td>\n<\/tr>\n
GBP<\/th>\n0.04%<\/td>\n-0.01%<\/td>\n\u00a0<\/td>\n0.60%<\/td>\n-0.13%<\/td>\n0.11%<\/td>\n-0.03%<\/td>\n0.13%<\/td>\n<\/tr>\n
JPY<\/th>\n-0.56%<\/td>\n-0.61%<\/td>\n-0.60%<\/td>\n\u00a0<\/td>\n-0.70%<\/td>\n-0.50%<\/td>\n-0.64%<\/td>\n-0.47%<\/td>\n<\/tr>\n
CAD<\/th>\n0.16%<\/td>\n0.16%<\/td>\n0.13%<\/td>\n0.70%<\/td>\n\u00a0<\/td>\n0.23%<\/td>\n0.11%<\/td>\n0.26%<\/td>\n<\/tr>\n
AUD<\/th>\n-0.06%<\/td>\n-0.09%<\/td>\n-0.11%<\/td>\n0.50%<\/td>\n-0.23%<\/td>\n\u00a0<\/td>\n-0.11%<\/td>\n0.03%<\/td>\n<\/tr>\n
NZD<\/th>\n0.04%<\/td>\n0.02%<\/td>\n0.03%<\/td>\n0.64%<\/td>\n-0.11%<\/td>\n0.11%<\/td>\n\u00a0<\/td>\n0.16%<\/td>\n<\/tr>\n
CHF<\/th>\n-0.09%<\/td>\n-0.12%<\/td>\n-0.13%<\/td>\n0.47%<\/td>\n-0.26%<\/td>\n-0.03%<\/td>\n-0.16%<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)\/JPY (quote).<\/p>\n<\/div>\n<\/div>\n

Bloomberg reported that\u00a0Israel intensified its airstrikes in southern Lebanon, killing about 500 people while injuring 1000, marking the deadliest attack since the 2006 Israel-Hezbollah war. This follows the weekend\u2019s exchange of missiles by both, Israel and Hezbollah, as the Middle East strife now looks to translate into a wider regional conflict.<\/p>\n

With the Reserve Bank of Australia (RBA) policy event out of the way, Fed Governor Michelle Bowman\u2019s speech, US Conference Board (CB) Consumer Confidence data and Middle East geopolitical updates will now be on traders\u2019 radars. Also, of note will be Germany\u2019s IFO survey findings, especially after the downbeat Euro area preliminary business PMI reports, which rekindled recessionary fears.<\/p>\n

AUD\/USD witnessed good way price moves on the RBA policy announcements, initially jumping to refresh 2024 high at 0.6870 after the central bank held the benchmark interest rate at 4.35% at its September policy meeting. However, the pair turned south following RBA<\/a> Governor Michele Bullock\u2019s press conference, where she said that the bank did not ‘explicitly’ discuss rate rise. The Aussie was last seen trading at around 0.6830, as the downside appears limited due to the Chinese stimulus announcement.<\/p>\n

USD\/JPY<\/strong><\/a>\u00a0regains 144.00 and beyond after dropping as low as 143.38. The US Dollar upswing and a better market mood lift the pair even as Bank of Japan (BoJ) Governor Kazuo Ueda<\/a> repeated on Tuesday that it is \u201cappropriate to raise rates if trend inflation heightens in line with our forecast.\u201d<\/p>\n

USD\/CAD<\/a><\/strong> looks to test the 1.3500 support area, notwithstanding the broad US Dollar rebound due to the renewed Oil<\/strong> price rally. Oil price found fresh demand amid Middle-East tensions and China policy optimism, with WTI<\/strong> adding over 1% so far to regain $71.<\/p>\n

GBP\/USD<\/strong> is recovering above 1.3350, having dipped to 1.3330 in an immediate reaction to Bank of England<\/a> (BoE) Governor Andrew Bailey\u2019s latest remarks. Bailey said that \u201cI’m very encouraged that the path of inflation is downwards therefore I do think the path for interest rates will be downwards, gradually.\u201d<\/p>\n

EUR\/USD<\/strong><\/a>\u00a0has bounced off the 1.1100 level in the early European session, drawing support from the risk-friendly market environment. Traders await the German IFO survey and European Central Bank<\/a> (ECB) policymaker Joachim Nagel\u2019s speech for some fresh trading incentives.<\/p>\n

Gold<\/strong>\u00a0consolidates the upside, just below the new lifetime high of $2,640, courtesy of the Chinese stimulus measures and Mideast strife.<\/p>\n

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Economic Indicator<\/h2>\n
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Fed’s Bowman speech<\/h3>\n

Michelle W. “Miki” Bowman”<\/a> is an American attorney and a Governor on Federal Reserve’s board. She took office as a member of the Board of Governors of the Fed on November 26, 2018, to fill an unexpired term ending January 31, 2020. Bowman is the first person to fill the community bank seat on the Fed\u2019s board, which was created under a 2015 law.<\/p>\n

Read more.<\/span> <\/a><\/div>\n

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Next release:<\/strong> Tue Sep 24, 2024 13:00 <\/span><\/p>\n

Frequency:<\/strong> Irregular<\/span><\/p>\n

Consensus:<\/strong> –<\/span><\/p>\n

Previous:<\/strong> –<\/span><\/p>\n

Source:<\/strong> Federal Reserve<\/span> <\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Here is what you need to know on Tuesday, September 24: Risk flows seem to have returned in Tuesday\u2019s trading, as investors cheer China\u2019s stimulus announcement and the overnight dovish US Federal Reserve (Fed) commentary. People\u2019s Bank of China (PBOC) Governor Pan Gongsheng announced plans to roll out a series of measures to boost the […]<\/p>\n","protected":false},"author":2,"featured_media":32134,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,297,246,257,459,843,366,255,250,252,247,253,385,249,256,254],"class_list":["post-354870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-china","tag-coin","tag-cryptocurrency","tag-dollarindex","tag-economicindicator","tag-fed","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-riskappetite","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/354870","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=354870"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/354870\/revisions"}],"predecessor-version":[{"id":354873,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/354870\/revisions\/354873"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/32134"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=354870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=354870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=354870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}