US Dollar Continues To Rise After Fed Bullard Proposes Tapering In The Near Future, While UK Tax Hike Weighs GBP
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US dollar, benefits, forex, trading, trade

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MARKET RECAP
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1️⃣ Asian stock markets closed lower amid concerns of a growing economic recovery.

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FOREX RECAP
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1️⃣ USD: The rising in U.S. Treasury yields supports the strength of the U.S. dollar. President of the Federal Reserve branch of St. Louis, James Bullard proposed to cut the central bank’s bond-buying program despite the recent weaker U.S. jobs data.

2️⃣ GBP: The pound declined after British Prime Minister Boris Johnson on Tuesday announced an increase in National Insurance contributions in the form of health and social care collections by 1.25%, which will be implemented from April 2022.

3️⃣ NZD/AUD: A negative market environment pressured high-beta currencies.

4️⃣ JPY/CHF: Investor concerns about the spread of coronavirus sparked demand for safe-haven currencies.

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COMMODITIES RECAP
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1️⃣ WTI crude oil price traded steady around $ 68, amid concerns of declining crude oil demand. Meanwhile, Saudi Aramco will cut the selling price of oil for October by at least $ 1 to buyers in Asia.

2️⃣ Gold prices fell below the $ 1,800 level, amid a surge in the US dollar.

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Economic Data Focus On Today
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1️⃣ Japan Final GDP for Q2 (07:50 Malaysia Time) — No Prediction — No prediction on the revisions data.

2️⃣ BOC Rate Decision for September (22:00 Malaysia Time) — No Prediction — No prediction from the central bank.