EURUSD losing steam
Traders are still digesting the recent Fed announcement that another two rate cuts are on the horizon in the final quarter.
- More volatility for the dollar is likely, as well as for gold, as uncertainty continues across the board.
- With the Fed under more pressure to amend the current monetary policy, President Trump could get involved if the upcoming non-farm payroll data does not meet expectations.
- EURUSD is falling towards 1.1350, with 1.1500 the higher target.
GBPUSD falls from multi-week highs
The pound is another currency that is pressured by a resurgent dollar.
- With the greenback gaining momentum against its peers, sellers have been attracting sellers as the bearish rally continues.
- With no major fundamental events for sterling this week, all eyes will be on America’s outlook for Q4.
- GBPUSD is heading towards 1.3150 with 1.3400 as a fresh resistance.
SPX 500 reaches for another record
The S&P 500 resumed the climb as stocks battle back against higher energy prices.
- The markets are looking to recover from the early September sell-off as focus intensifies on the jobs market.
- With tech stocks leading the charge, another correction could cause a full reversal and see recent gains erased.
- However, with AI leading the way, it looks like the rally could continue.
- The index is looking to test the key resistance at 7825, with 7600 being the first support.
EURUSD remains one of the key pairs to watch as traders assess the dollar’s next move.
