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The US dollar fluctuates above 97, and Powell may open the door for further interest rate cuts!
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Hello everyone, today XM Forex will bring you "[XM official website]: The US dollar fluctuates above 97, and Powell may open the door for further interest rate cuts!". Hope it will be helpful to you! The original content is as follows:
On September 24, in the early trading of Asia on Wednesday, Beijing time, the US dollar index hovered at 97.30. On Tuesday, the US dollar index fluctuated above the 97 mark and finally closed down 0.08% at 97.22. The benchmark 10-year U.S. Treasury yield closed at 4.107%, while the 2-year U.S. Treasury yield closed at 3.594%. Spot gold then refreshed its historical high above $3790, but then fell back and fell below $3760 for a time, finally closing up 0.46%, closing at $3764.02/ounce; spot silver rose first and then fell, and gave up all the intraday gains during the US session, and finally closed down 0.07%, at $44.02/ounce. International crude oil rebounded slightly as negotiations on resuming oil exports in Iraq's Kurdish region encountered obstacles, alleviating some investors' concerns about global oversupply. WTI crude oil started to rise during the European session and returned to above $63, rising more than 2% in the day and finally closed up 2.05% at $63.53/barrel; Brent crude oil finally closed up 1.81% at $67.22/barrel.
Analysis of major currencies
Dollar Index: As of press time, the US dollar hovered around 97.30. Powell's statement today may consolidate this expectation and may break it. If he sends a signal of "staying patient" or reiterates concerns about inflation, the US dollar index may climb to the 98 mark; but if he expresses his dovishness (especially when referring to labor market risks), he may put pressure on the US dollar index to fall back to the fulcrum of 97.021. Before this, the US dollar index will most likely be mainly range oscillating. Technically, ifThe dollar index closed below the most recent support level of 97.10–97.30 and it will move to the next support level, which is in the 96.40–96.55 range.
Analysis of gold and crude oil market trends
1) Analysis of gold market trends
In the Asian session on Wednesday, gold hovered around 3763.33. Gold's historic surge this time is a perfect storm woven by geopolitical safe-haven demand and Fed's expectation of interest rate cuts. It not only shows the resilience of independent strengthening when traditional related assets such as the US dollar remain stable, but also becomes an ideal destination for capital rotation when concerns about high valuations in the stock market emerge. Although the road ahead is still driven by economic data and policy signals, and there may be technical adjustments, the shining moment of gold has not yet ended in the context of global uncertainty and monetary policy turning to looseness.
2) Analysis of crude oil market trends
On Wednesday, crude oil trading around 63.57. International oil prices closed up more than $1 per barrel after a previous agreement to resume oil exports in Iraq's Kurdish region stagnated, alleviating investors' concerns about global oversupply.
Forex market trading reminder on September 24, 2025
09:30 Australia's August weighted CPI annual rate
16:00 Germany's September IFO business prosperity index
16:00 Switzerland's September ZEW Investor Confidence Index
22:00 Total U.S. New Home Sales in August
22:30 EIA crude oil inventories in the week from the United States to September 19
22:30 EIA Cushing crude oil inventories in the week from the United States to September 19
22:30 EIA strategic oil reserve inventories in the week from the United States to September 19
The next day, the Federal Reserve Daly delivered a speech
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