Forex markets have experienced a relatively quiet start to the week, with the US Dollar (USD) hovering near the 99.00 mark on Tuesday, as reflected in the US Dollar Index (DXY). Heightened geopolitical tensions in the Middle East, surging energy prices, and climbing US Treasury yields have placed inflation data at the center of market attention. Investors are closely watching upcoming Producer Price Index (PPI) and Consumer Price Index (CPI) reports from the United States scheduled for Thursday and Friday.
Key Market Developments for Wednesday, September 9:
The US Dollar Index (DXY), which measures the greenback against a basket of six major currencies, was last seen trading at 98.82, close to Tuesday’s opening level. The index formed a ‘doji’ candlestick on the chart, signaling market indecision. Wednesday’s economic calendar features the ADP Employment Change 4-week Average, leading up to Thursday’s highly anticipated Producer Price Index (PPI) release.
EUR/USD has finally pushed past the 1.1600 threshold, propelled by broad US Dollar weakness. With a relatively light economic docket, traders are awaiting comments from European Central Bank (ECB) President Christine Lagarde. Market participants are fully focused on the upcoming ECB monetary policy meeting on Thursday, with money markets pricing in a 100% probability of a 25 basis point rate hike.
GBP/USD climbed to a peak of 1.3561 before pulling back slightly to around 1.3539, reacting to comments from Bank of England (BoE) officials. Governor Andrew Bailey noted that the conflict between the US and Iran is driving energy prices upward, while Megan Greene expressed concern over the sustained elevated levels of oil prices. Alan Taylor advocated for keeping interest rates “moderately restrictive,” whereas Dave Ramsden viewed the domestic inflation outlook as relatively benign. Aside from these remarks, the economic calendar remains quiet until Friday’s GDP release.
USD/JPY extended its decline following suspected intervention by Japanese authorities, dipping below the 153.00 mark before staging a partial recovery. Despite US Treasury Secretary Scott Bessent urging Japanese policymakers to tighten monetary conditions, the pair may retest pre-intervention levels in the near term. This movement will likely be driven by upcoming US inflation data and the strong correlation with the US 10-year Treasury yield. Traders will also keep an eye on Japan’s Machine Tool Orders data.
AUD/USD reached its daily high following comments from Reserve Bank of Australia (RBA) Deputy Governor Hauser, who stated that officials will debate a rate hike at the upcoming meeting. While the local economic docket is empty, Chinese inflation data could significantly influence the pair, ahead of the Australian Consumer Inflation Expectations report for September.
Oil prices, led by West Texas Intermediate (WTI) crude, surged to a six-week high amid escalating hostilities. The rise was fueled by Houthi attacks on Saudi Arabia, as major investment banks warned that the ongoing conflict could persist through 2027.
Gold prices edged lower, trading below the $4,400 per troy ounce level as investors await the release of key US inflation figures. Although gold traditionally serves as a hedge against inflation, higher interest rates typically support rising bond yields, creating a headwind for bullion. Consequently, the precious metal is likely to remain within familiar trading ranges ahead of Friday’s crucial inflation report.
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the New Zealand Dollar.
| Base / Quote | USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF |
|---|---|---|---|---|---|---|---|---|
| USD | -0.00% | 0.02% | -0.22% | -0.24% | 0.03% | 0.39% | 0.03% | – |
| EUR | 0.00% | 0.02% | -0.20% | -0.22% | 0.05% | 0.40% | 0.03% | – |
| GBP | -0.02% | -0.02% | -0.23% | -0.26% | -0.00% | 0.38% | 0.01% | – |
| JPY | 0.22% | 0.20% | 0.23% | -0.01% | 0.25% | 0.63% | 0.26% | – |
| CAD | 0.24% | 0.22% | 0.26% | 0.01% | 0.26% | 0.63% | 0.28% | – |
| AUD | -0.03% | -0.05% | 0.00% | -0.25% | -0.26% | 0.38% | 0.02% | – |
| NZD | -0.39% | -0.40% | -0.38% | -0.63% | -0.63% | -0.38% | -0.36% | – |
| CHF | -0.03% | -0.03% | -0.01% | -0.26% | -0.28% | -0.02% | 0.36% | – |
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).
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