EUR/USD drops below 0.9990 as traders brace for the Fed’s decision – by christianborjon EURUSD Majors Currencies Fed ECB
eral Reserve, which is expected to raise rates by 75 bps on Wednesday. Therefore, US equities tumbled, while US bond yields rose sharply.
The EUR/USD remains under pressure after hitting a weekly high at around 1.0050 earlier, bolstered by higher than expected German PPI. However, as the North American session began, the exchange rate tumbled below parity and its opening price.
In the meantime, the US Dollar Index, a gauge of the buck’s value vs. a basket of currencies, is rising 0.42%, up at 110.052, while the US 10-year bond yield edges up eight bps, at 3.573%, a headwind for the EUR/USD. Elsewhere, data revealed in the Euro area, mainly Germany, showed that prices paid by producers climbed in August by 7.9% MoM, vs. 2.4% estimates, and two and a half percent higher than July’s reading. On an annual basis, the reading edged up by 45.8% above 37% estimates. Sources quoted by Reuters said that “surging costs are seen in not only oil and gas but also electricity.”
Regarding energy themes, German regulators reported that gas inventory levels are at 89.67% as of Monday, as the winter season looms. Even though the rhythm of stockpiling has been impressive, the possibility of no more Rusian gas flowing through the coldest season may spur rationing.
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