"Horror data" exceeded expectations, and the US dollar fell below the 97 mark

On September 17, in the early trading of the Asian market on Wednesday, Beijing time, the US dollar index hovered at 96.69. On Tuesday, the dollar index fell to its lowest level in more than 10 weeks and ended up closing down 0.71% at 96.65 as investors bet on the Fed would cut interest rates this week and assess the possibility of further monetary easing in the www.vifu.neting months. The benchmark 10-year U.S. Treasury yield closed at 4.0350%, and the 2-year U.S. Treasury yield closed at 3.5120%. Spot gold broke through $3,700 per ounce for the first time, and then plunged in the short term, eventually closing up 0.29%, closing at $3,689.46 per ounce; spot silver finally closed down 0.38%, at $42.50 per ounce. International crude oil rose as Ukraine's attacks put increasing pressure on Russian oil production and Israel launched air strikes on the Yemeni port city of Hodeida. WTI crude oil finally closed up 2.01% at $64.54 per barrel; Brent crude oil finally closed up 1.51% at $68.50 per barrel.

Analysis of major currencies

Dollar Index: As of press time, the US dollar hovered around 96.69. The U.S. dollar index fell below 97.00 support, hitting a two-month low as strong selling pressure and U.S. yields fell over different time frames. Federal Open Market www.vifu.netmittee (FOMC) meeting and updated "dot map" will be the focus of attention, followed by new home starts, building permits, MBA mortgage applications and EIAWeekly report on U.S. crude oil inventories. Technically, the US dollar index closed below support level 97.10–97.30 and is moving towards the next support level 96.40–96.50.

Euro: As of press time, the euro/dollar hovers around 1.1859. The euro/dollar rose to 1.1878 on Tuesday, a four-year high, amid investors selling the dollar, adding to the Fed's bet that it would resume a loose cycle this week. The dollar is under pressure as market participants await the Fed's decision and a press conference by Fed Chairman Jerome Powell. Traders ignored good data on U.S. retail sales and industrial production, pushing the EUR/USD up more than 100 points, to its highest level since 2021. Next, Euro/USD traders will pay attention to the release of Eurozone inflation data. Technically, successfully testing the resistance level 1.1870–1.1885 will open the road for testing the next resistance level 1.1960–1.1975.

GBP: As of press time, GBP/USD is hovering around 1.3645. The GBP/USD was again on Monday with a cautious bullish move, breaking through 1.3600 for the first time since July. The US dollar (USD) generally fell back at the beginning of a new trading week, with investors preparing for the key interest rate decisions the Federal Reserve is about to make. U.S. retail sales data for August will be released on Tuesday, but the overall impact may be curbed as the market focuses on the Fed's interest rate decision on Wednesday. Technically, if GBP/USD closes above resistance level 1.3665–1.3680, it will move towards the next resistance level 1.3775–1.3790.

Analysis of gold and crude oil market trends

1) Analysis of gold market trends

During the Asian session on Wednesday, gold hovered around 3691.76. Precious metals rose slightly amid weak dollar and rising expectations of multiple Fed rate cuts. Everyone's eyes will be focused on the Federal Reserve's interest rate decision late Wednesday. It is widely expected that the Fed will cut key loan interest rates by 25 basis points (bps) at its September meeting. This will be the first rate cut in 2025 and reduce the federal funds rate to the target range of 4.0% to 4.25%.

Technical: The daily chart of gold shows that despite the overbought situation, it still retains most of the intraday tradingIncrease, and there are more gains. The Relative Strength Index (RSI) indicator aims at around 80 northwards, while the momentum indicator is close to the overbought area and shows no sign of upward exhaustion. Meanwhile, gold rebounded well above the bullish moving average, consistent with the dominant uptrend. The 20 Simple Moving Average (SMA) is currently $3,497. In the short term, according to the 4-hour chart, gold will continue to rise. The technical indicators move almost vertically upward, close to overbought readings, but there is still room for upwards. Meanwhile, the flat 20SMA provides intraday support at around $3,642, while the 100 and 200SMA continue to move firmly northward, well below the shorter SMA.

2) Analysis of crude oil market trends

On Wednesday, crude oil trading around 64.15. WTI continued its rally due to concerns about disruptions in Russia's supply and weak USD. Traders are ready for the International Energy Agency's (IEA) inventory report and the Federal Reserve's (Fed) interest rate decision late Wednesday. Reuters reported on Tuesday that Transneft, a Russian oil pipeline monopoly that handles more than 80% of the country's oil, warned producers that they may have to cut production after Ukraine launches drone attacks on key export ports and refineries.

Technical: Crude oil (WTI) continued to rebound on Tuesday, rising for the third consecutive day as supply risks caused by a new round of attacks from Russian refineries kept the risk premium unchanged. As of this writing, WTI traded at about $63.68, up nearly 1.0% on the day. The recovery www.vifu.netes after a successful defense of the $61.50 support level, with buyers stepping in last week to stop downward pressure. However, the gains are still limited by the $21 63.25 simple moving average (SMA), a dynamic cap that has repeatedly limited the upward momentum over the past few trading days.

Forex market trading reminder on September 17, 2025

21:45 Bank of Canada announced interest rate resolution

22:30 EIA crude oil inventories in the week from the United States to September 12

22:30 EIA Cushing crude oil inventories in the week from the United States to September 12

22:30 EIA strategic oil reserve inventories in the week from the United States to September 12

22:30 Bank of Canada Governor Mai Klem held a press conference

The next day, 02:00, the Federal Reserve FOMC announced a summary of interest rate resolution and economic expectations

The next day, 02:30, the Federal Reserve Chairman Powell held a press conference on monetary policy

The next day, 03:00, the next day, US President Trump was interviewed by Fox News in the UK

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