{"id":113742,"date":"2017-09-29T00:19:29","date_gmt":"2017-09-29T04:19:29","guid":{"rendered":"http:\/\/countingpips.com\/?p=113742"},"modified":"2017-09-29T00:19:29","modified_gmt":"2017-09-29T04:19:29","slug":"dollar-takes-month-end-hit-despite-upbeat-data-quarter-end-profit-taking-in-play-29-9-2017","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/09\/dollar-takes-month-end-hit-despite-upbeat-data-quarter-end-profit-taking-in-play-29-9-2017\/","title":{"rendered":"Dollar Takes Month End Hit Despite Upbeat Data; Quarter-End Profit-Taking in Play? 29-9-2017"},"content":{"rendered":"
September 29, 2017<\/div>
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By<\/b> Mexgroup.com<\/a><\/p>\n

Greenback Dips Despite Upbeat Data.<\/strong>\u00a0Even though the most of U.S. data numbers were in the green, underscoring the odds of more Fed tightening moves down the line, the dollar\u00a0happened to be the worst-performing currency for the day, as investors looked to take profits on the greenback’s rally this week ahead of the end of the quarter.<\/p>\n

Aussie Bounces After Steep Fall.\u00a0<\/strong>The Aussie suffered a steep sell off following proposed changes to both private and corporate tax systems by U.S. president Donald Trump.\u00a0Having found support at 0.78 the Aussie rallied into the close as profit taking and quarterly position management forced a correction in the USD. Attentions now turn to next Tuesday\u2019s RBA rate announcement and monetary policy statement for further direction and guidance on monetary policy divergence. As we watch key support at 0.78, a break and consolidated close below this threshold could signal a shift in short term ranges.<\/p>\n

Loonie Higher as US Dollar Rally Loses Steam.<\/strong>\u00a0The Canadian dollar gained on its U.S. counterpart, after earlier touching a four-week low, helped by steadier oil prices. The currency pair is trading at 1.2430 as the boost from the Fed and President Trump\u2019s short lived tax plans, mounting a comeback ahead of GDP data later in the day.<\/p>\n

Gold Rebounds from 6-Week Low, Silver Bounces Higher<\/strong>\u00a0as US Dollar Drops.\u00a0<\/strong>The gold price was up 90 cents to US$1,288.70 an ounce.\u00a0Gold has rebounded above a six-week low, as the US dollar has turned lower and ushered in short-covering. Bullion was earlier pressured on proposed US tax reforms and strong economic data that supported the case for another US interest rate hike this year.\u00a0Silver rose to as high as $16.892 and ended with a gain of 0.54%, while copper climbed five cents to US$2.98 a pound.<\/p>\n

Oil Dropped Over 1% on Profit Taking, But Retains Grip on Monthly, Quarterly Gains.<\/strong>\u00a0Oil prices finished lower Thursday, pulling back after hefty month-to-date gains as traders take positions ahead of the conclusion of the third quarter. Crude oil fell 58 cents to US$51.56 per barrel, Brent crude shed 49 cents to $57.41 a barrel ahead of the contract\u2019s expiration at Friday\u2019s finish, natural gas gave back four cents at US$3.02 per MMBtu.<\/p>

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Watch Out Today for:\u00a0<\/strong><\/p>\n

08:00 am GMT: EUR Unemployment Change (Sep)\u00a0<\/strong><\/p>\n

09:00 am GMT: EUR Consumer Price Index\u00a0<\/strong><\/p>\n

12:30 pm GMT: USD Core Personal Consumption Expenditure – Price Index\u00a0<\/strong><\/p>\n

14:15 pm GMT: EUR ECB President Draghi’s Speech\u00a0<\/strong><\/p>\n

14:45 pm GMT: GBP BOE’s Governor Carney speech<\/strong><\/p>\n

By MEX Group Team<\/strong><\/p>\n

The post Dollar Takes Month End Hit Despite Upbeat Data; Quarter-End Profit-Taking in Play? 29-9-2017<\/a> appeared first on mexgroupblog<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Mexgroup.com Greenback Dips Despite Upbeat Data.\u00a0Even though the most of U.S. data numbers were in the green, underscoring the odds of more Fed tightening moves down the line, the dollar\u00a0happened to be the worst-performing currency for the day, as investors looked to take profits on the greenback’s rally this week ahead of the end […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-113742","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/113742","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=113742"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/113742\/revisions"}],"predecessor-version":[{"id":113743,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/113742\/revisions\/113743"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=113742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=113742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=113742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}