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Forex Today: Dollar reigns as risk aversion leads
What you need to take care of on Tuesday, September 6:
The greenback started the week advancing against most major rivals, although a Federal holiday in the US maintained volumes at their lows and major pairs within limited intraday ranges.
The EUR/USD pair fell to 0.9877, a fresh 22-year low, as the energy crisis steepens. Russian gas provider Gazprom shut down the Nord Stream 1 pipeline on Friday, reporting a leakage. On Monday, news agencies reported that Moscow’s decision to cut energy to Europe would continue until Western nations lift sanctions imposed after the Ukraine invasion. Germany announced it will keep maintaining two nuclear power plants until April. Uncertainty ahead of the winter is likely to maintain the shared currency on the negative side of the equation.
The GBP/USD pair settled at 1.1515 after falling to 1.1442. The United Kingdom confirmed Liz Truss would become the next Prime Minister after beating Rishi Sunak as Tory leader.
USD/CAD is lifeless around 1.3140, while the AUD/USD pair battles the 0.6800 level ahead of the Reserve Bank of Australia monetary policy decision. The central bank is expected to hike the cash rate by 50 bps for a fourth consecutive month.
Safe-haven gold saw no action, stuck around $1,710 a troy ounce. The OPEC+ announced plans to cut production targets by about 100,000 K barrels per day starting October. The announcement lifted oil prices, although the US holiday limited activity around WTI, now changing hands at $88.80 a barrel.
The USD/JPY pair trades at around 140.50, while USD/CHF hovers around 0.9800.
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