Forex Today: The prospects of a US soft landing remain challenged by data

The Greenback regained balance and returned in a strong fashion following Monday's inconclusive price action amidst the Labor Day holiday, advancing to two-week highs against the backdrop of further weakness in the risk-linked assets.

Here is what you need to know on Wednesday, September 4:

The US Dollar Index (DXY) advanced further and flirted with the key 102.00 barrier following reignited recession concerns and despite declining US yields. The weekly Mortgage Applications by MBA are due on September 4, followed by Balance of Trade results, Factory Orders, and the Fed Beige Book.

EUR/USD picked up extra downside traction and dropped below 1.1030 following the strong bounce in the Greenback. The final HCOB Services PMI in Germany and the euro bloc is expected on September 4.

GBP/USD added to the ongoing bearish correction and breached the 1.3100 support to hit two-week lows. The final S&P Global Services PMI will be released on September 4.

The sharp comeback of the Japanese yen dragged USD/JPY to the proximity of the 145.00 zone after four consecutive daily advances. On September 4, comes the final Jibun Bank Services PMI.

AUD/USD plummeted more than 1% and traded just pips away from the key support at 0.6700 the figure, all in response to the stronger US Dollar, Chinese demand jitters, and persistent weakness around commodities. The Ai Group Industry Index and the final Judo Bank Services PMI are due on September 4.

WTI prices collapsed to the boundaries of the key $70.00 mark per barrel on the back of a potential deal in Libya, which could see local oil production and exports resume their activity in the very near term.

Prices of Gold broke below the $2,500 mark per ounce troy to print new multi-day lows amidst the resumption of the bid bias in the US Dollar. Silver also saw its recent leg lower gather pace, deflating to three-week lows below the $28.00 mark per ounce.