USD is strengthening against the euro, the pound and AUD, and demonstrated lateral dynamics paired with the yen. ISM Manufacturing Index in the US, published yesterday afternoon was worse than expected and dropped to 59.8 points in September from 61.3 points a month earlier, but it had no effect on USD. The US macroeconomic calendar lacks important releases today. However, today's speech of the Fed Chairman, Jerome Powell, in Boston at the 60th annual meeting of the National Association for Business Economics (NABE) at 18:45 (GMT+2) is worth attention. Jerome Powell's comments on monetary policy may increase the volatility of USD.


Quotes of the EUR/USD pair continue to show a moderate downtrend and have fallen below the level of 1.1553. The EU macroeconomic calendar lacks important releases today. Investors are waiting for tomorrow's publication of Markit Services PMI in the eurozone and of statistics on retail sales.


The GBP/USD pair dropped to 1.3016 during the Asian session. Today, investors expect the publication of PMI Construction in the UK. The indicator is expected to fall to 52.5 points in September from 52.9 points a month earlier. If the forecast proves right, the pair will fall under pressure.


After several attempts to consolidate above the level of 114.06, the USD/JPY quotes corrected downwards and are trading around the level of 113.80. There are no important releases in the macroeconomic calendar of Japan and the United States today, so the movement of the instrument will be technical. If the current dynamics is maintained and if the market conditions are calm, a correction to the level of 113.60 is likely.


Quotes of the pair AUD/USD fell to the level of 0.7195 after the RBA expectedly left the interest rate at a record low level of 1.5%. The Australian regulator believes that the policy of low interest rates has a positive effect on the national economy. The accompanying statement of the RBA, in fact, did not contain anything new. The regulator has noted positive trends in the economy and expects gradual progress in reducing unemployment and returning inflation to the target value.


The gold rate during the Asian trading session went up to the level of 1193.36. Due to the lack of important fundamental data, the movement of the instrument is of technical nature.

Morning Market Review

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