The USD is the Strongest and the AUD is the Weakest

The USD is the Strongest and the AUD is the Weakest

2020-09-23 • Updated

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Ichimoku Kinko Hyo

USD/JPY: The pair is trading in a bullish sentiment below the cloud. The currency pair has just surpassed the Kijun-sen and the Tenkan-sen, confirming bullish momentum.

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Fibonacci Levels

 XAG/USD: Silver has made a full correction but still struggles to touch the 23.6% correction.

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US Market View

The dollar hit a two-month high against its developed-market peers, as the strength ebbed away from cyclical currencies against a backdrop of weakening global economic momentum and signs of sustained tension between the U.S. and China. The dollar is also benefiting from a bout of euro weakness. ‘flash’ purchasing managers index for the euro zone fell to 50.1 in September, barely above the line that represents growth, as a surge in Covid-19 cases hit customer-facing services particularly hard. Manufacturing fared better, particularly in Germany. U.S. stocks are set to open higher, building on Tuesday’s tech-led gains after signs that a dispute over the vacant Supreme Court seat will not entirely derail Washington’s other business.

US Key Point

  • Fed's Clarida supports not even going to think about raising rates until actual inflation is at 2%
  • Euro area PMIs a mixed bag
  • Fed expects to keep rates lower for longer

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