US data takes center stage ahead of FOMC meeting

There was no respite for the sell-off sentiment that plagued the greenback on Monday as market participants gave even more credit to the likelihood that the Fed would surprise everyone and cut rates by half a percentage point Wednesday.

Here’s what you need to know on Tuesday, September 17:

The US dollar index (DXY) fell for a third straight session, trading well south of the 101.00 support in combination with lower yields across the board. Retail sales, industrial and manufacturing production, business inventories, the NAHB housing market index and the API report on US crude oil inventories are all due on September 17.

Further weakness in the US dollar propelled EUR/USD well above the 1.1100 barrier to see fresh multi-day highs. On September 17 comes the Economic Sentiment measured by the ZEW institute in Germany and the wider Euroland.

GBP/USD resumed its uptrend and managed to break above the 1.3200 level, or two-week highs. The next risk event on the UK docket will be the release of the inflation rate on 18 September.

USD/JPY fell to fresh lows near 139.60 on greenback selling and lower US yields. The tertiary industry index is expected on September 17.

AUD/USD climbed further north of the 0.6700 mark and hit fresh two-week highs. Next to touch Down Under will be the release of the Westpac Leading Index on September 18.

WRTI prices maintained their bullish stance and breached the key $70.00 per barrel threshold, rising for the fourth consecutive day.

Gold prices hit a record high and gradually edged closer to the key $2,600 a barrel mark amid a weaker dollar and speculation of a bigger rate cut by the Fed. Silver prices cruised through an inconclusive session, falling just below the $31.00 per ounce mark.