Forexlive Americas FX news wrap: Oil hits a fresh 10-month high

<ul><li><a href="https://www.forexlive.com/news/eia-boosts-2023-world-oil-demand-growth-but-cuts-2024-forecast-20230912/">EIA boosts 2023 world oil demand growth but cuts 2024 forecast</a></li><li><a href="https://www.forexlive.com/news/goldman-sachs-ceo-the-chance-of-a-soft-landing-has-risen-very-meaningfully-20230912/">Goldman Sachs CEO: The chance of a soft landing has risen very meaningfully</a></li><li><a href="https://www.forexlive.com/news/us-sells-10-year-notes-4289-vs-4289-wi-20230912/">US sells 10-year notes 4.289% vs 4.289% WI</a></li><li><a href="https://www.forexlive.com/news/walmart-ceo-says-he-feels-pretty-good-about-second-half-20230912/">Walmart CEO says he feels 'pretty good' about second half</a></li><li><a href="https://www.forexlive.com/news/bp-ceo-bernard-looney-to-resign-20230912/">BP CEO Bernard Looney to resign</a></li><li><a href="https://www.forexlive.com/centralbank/ecb-rate-hike-odds-now-sit-at-5050-20230912/">ECB rate hike odds now sit at 50/50</a></li><li><a href="https://www.forexlive.com/news/us-august-cpi-preview-are-we-worried-about-now-or-later-20230912/">US August CPI preview: Are we worried about now or later?</a></li></ul><p>Markets:</p><ul><li>Gold down $9 to $1912</li><li>US 10-year yields down 1.6 bps to 4.27%</li><li>WTI crude oil up $1.60 to $88.89</li><li>S&amp;P 500 down 0.5%</li><li>CAD leads, JPY lags</li></ul><p>Today's price action largely confirmed that the market is in a wait-and-see mode until we get CPI data and hear from the ECB. The latest leak from the ECB sure sounds like a hike is coming, though it could be a dovish hike. The euro has perked up here late in the day after a sources report saying the 2024 inflation forecast will be bumped above 3%.</p><p>FX moves were largely rangebound otherwise, though USD/JPY clawed back some of Monday's losses despite no real help from the bond market. That fits in with the 'buy USD/JPY unless there's a reason not to' mode that's been driving FX all year.</p><p>Oil found good bids again and rose to a fresh 10-month high, helping to lift the Canadian dollar. USD/CAD fell 15 pips to 1.3556 and is down more than 130 pips from Monday's high.</p><p>Cable was soft early in Europe on weak employment data but clawed some of it back despite a weak risk backdrop. That could be position squaring ahead of tomorrow's all-important CPI report.</p>

This article was written by Adam Button at www.forexlive.com.