US recap: EUR/USD rallies, commodities currencies shine
USD/JPY soft heading toward close as US yields ease
AUD/USD-Lifts in riskier assets help a 14-month high get set
Sept 24 (Reuters) -Commodity currencies rallied Tuesday, fueled by surging oil and metal prices after China's central bank unveiled its biggest stimulus since the pandemic.
The dollar index fell and the U.S. Treasury yield curve steepened following a report that U.S. consumer confidence dropped the most in three years in September.
Bundesbank President Joachim Nagel said the German economy will recover as temporary headwinds such as high inflation and interest rates fade, though structural reforms are needed.
Germany’s Ifo index for September slipped more-than expected.
Governor Andrew Bailey said in an interview published on Tuesday that the Bank of England should be able to lower interest rates gradually as it gains confidence that inflation will remain close to its 2% target.
Rising commodity prices and a stronger yuan helped lift kiwi 1% while macro accounts bought Australian and Canadian dollars.
Bank of Canada Governor Tiff Macklem said with progress on inflation it is reasonable to expect further cuts, with the pace to be determined by incoming data.
Treasury yields were mixed as curve the steepened. The 2s-10s curve was up about 2 basis points to +18.7bp.
The S&P 500 rose 0.17%, briefly reaching a new record amid lower Treasury 2-year yields.
WTI rose 0.86% as OPEC boosted its medium-term demand forecasts.
Gold rose 0.98%, reaching a record high as Middle East tensions, PBOC stimulus and stronger yuan lent support.
Copper surged 3.45% to the strongest level in over two months amid a broad rally in base metals.
Heading toward the close: EUR/USD +0.48%, USD/JPY -0.13%, GBP/USD +0.39%, AUD/USD +0.66%, DXY +0.35%, EUR/JPY +0.41%, GBP/JPY +0.57%, AUD/JPY +0.53%.
For more click on FXBUZ
Editing by Burton Frierson
Reporting by Robert Fullem
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