Market Update – September 29 – Dollar off 10-months high; Yen regains ground

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<p>Stock as well as bond market are moving higher at the end of the quarter. GER30 and UK100 are up 0.7% and 0.8% respectively, after the Hang Seng bounced 2.7%. US futures are also posting gains, and yields are coming down. The German 10-year rate has corrected -5.1 bp, the 10-year Gilt yield is down -3.9 bp and the US 10-year rate has dropped -2.4 bp.</p>
<p><a href="https://forextraderhub.com/wp-content/uploads/2023/09/2023-09-29_11-28-13.jpg"><img decoding="async" class="aligncenter size-full wp-image-734524" src="https://forextraderhub.com/wp-content/uploads/2023/09/2023-09-29_11-28-13.jpg" alt="" srcset="/wp-content/uploads/2023/09/2023-09-29_11-28-13.jpg 1305w, /wp-content/uploads/2023/09/2023-09-29_11-28-13-300×59.jpg 300w, /wp-content/uploads/2023/09/2023-09-29_11-28-13-1024×200.jpg 1024w, /wp-content/uploads/2023/09/2023-09-29_11-28-13-768×150.jpg 768w, /wp-content/uploads/2023/09/2023-09-29_11-28-13-696×136.jpg 696w, /wp-content/uploads/2023/09/2023-09-29_11-28-13-1068×209.jpg 1068w" /></a></p>
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<li><strong>USDIndex</strong> reverted to <strong>105.54</strong> from <strong>106.50</strong> giving the <strong>Yen</strong> some breathing room amid intervention concerns. The <strong>USDJPY</strong> slide to <strong>148.50</strong> has put investors on high alert for the risk of intervention. But Japanese authorities could find propping up their currency both difficult to achieve and hard to justify. (Reuters)</li>
<li><strong>Stocks </strong>up on the last trading day of the Q3 amid optimism over spending during China’s Golden Week holiday and on talks of a possible meeting between US and China leaders.</li>
<li><strong>UK:</strong> Q2 GDP was confirmed at 0.2% q/q &amp; German retail sales unexpectedly correct again coupled with weak consumer confidence readings.</li>
<li><strong>US:</strong> Tight reading on jobless claims, a mixed GDP report &amp; US mortgage rates at the highest level since 2000, as elevated interest rates and climbing bond yields push up borrowing costs.</li>
<li><strong>Gold</strong> at <strong>$1858,</strong> braced for their biggest monthly fall since February.</li>
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<p><strong>Today</strong>: The key US PCE but a partial government shutdown is looming, which could affect the release of any economic data.</p>
<p><a href="https://forextraderhub.com/wp-content/uploads/2023/09/Copy-of-TELEGRAM-MARKET-UPDATE-3.png"><img decoding="async" class="aligncenter size-full wp-image-734509" src="https://forextraderhub.com/wp-content/uploads/2023/09/Copy-of-TELEGRAM-MARKET-UPDATE-3.png" alt="" srcset="/wp-content/uploads/2023/09/Copy-of-TELEGRAM-MARKET-UPDATE-3.png 1640w, /wp-content/uploads/2023/09/Copy-of-TELEGRAM-MARKET-UPDATE-3-300×169.png 300w, /wp-content/uploads/2023/09/Copy-of-TELEGRAM-MARKET-UPDATE-3-1024×577.png 1024w, /wp-content/uploads/2023/09/Copy-of-TELEGRAM-MARKET-UPDATE-3-768×433.png 768w, /wp-content/uploads/2023/09/Copy-of-TELEGRAM-MARKET-UPDATE-3-1536×865.png 1536w, /wp-content/uploads/2023/09/Copy-of-TELEGRAM-MARKET-UPDATE-3-696×392.png 696w, /wp-content/uploads/2023/09/Copy-of-TELEGRAM-MARKET-UPDATE-3-1068×602.png 1068w, /wp-content/uploads/2023/09/Copy-of-TELEGRAM-MARKET-UPDATE-3-745×420.png 745w" /></a></p>
<p><strong>Interesting Mover: USDJPY</strong> (-0.40%) pulled back to 148.50, after a rally closed to the 150 level. However, key support remains at 148.00</p>
<p><strong>Click </strong><a href="https://www.hfm.com/en/trading-tools/economic-calendar.html"><strong>here</strong></a><strong> to access our Economic Calendar</strong></p>
<p><strong>Andria Pichidi<br />
</strong></p>
<p><strong>Market Analyst</strong></p>
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