US Dollar Falls Amid Pre-Positioning Before FOMC Rate Decision
The US Dollar traded broadly lower overnight in a move that looked to be corrective following the surge triggered by better-than-expected CPI data on Friday. The yields- and sentiment-sensitive Australian, Canadian and New Zealand Dollars outperformed as S&P 500 futures rose and Treasury bond yields edged lower, seemingly reflecting moderation in the “hawkish Fed” narrative.
A quiet economic calendar in European and US trading hours suggests Asia-session trends may find few barriers to continuation. Significant follow-through seems unlikely however, with traders probably unwilling to commit to a firm directional bias ahead of this week’s pivotal monetary policy announcements from theBank of Japan and the Federal Reserve.
Asia Session
|
GMT |
CCY |
EVENT |
ACT |
EXP |
PREV |
|
22:00 |
Westpac Consumer Confidence (3Q) |
108 |
- |
106 |
|
|
22:30 |
NZD |
Performance Services Index (AUG) |
57.9 |
- |
54.5 |
|
23:01 |
Rightmove House Prices (MoM) (SEP) |
0.7% |
- |
-1.2% |
|
|
23:01 |
GBP |
Rightmove House Prices (YoY) (SEP) |
4.0% |
- |
4.1% |
|
01:30 |
CNY |
China August Property Prices |
- |
- |
- |
European Session
|
GMT |
CCY |
EVENT |
EXP |
PREV |
IMPACT |
|
|
08:00 |
Current Account SA (JUL) |
- |
28.2b |
Low |
||
|
08:00 |
EUR |
Current Account NSA (JUL) |
- |
37.6b |
Low |
|
|
08:00 |
Total Sight Deposits (SEP 16) |
- |
515.8b |
Low |
||
|
08:00 |
CHF |
Domestic Sight Deposits (SEP 16) |
- |
438.6b |
Low |
|
|
09:00 |
EUR |
Eurozone Construction Output (MoM) (JUL) |
- |
0.0% |
Low |
|
|
09:00 |
EUR |
Eurozone Construction Output (YoY) (JUL) |
- |
0.6% |
Low |
|
Critical Levels
|
CCY |
Supp 3 |
Supp 2 |
Supp 1 |
Pivot Point |
Res 1 |
Res 2 |
Res 3 |
|
1.0985 |
1.1085 |
1.1120 |
1.1185 |
1.1220 |
1.1285 |
1.1385 |
|
|
1.2583 |
1.2833 |
1.2917 |
1.3083 |
1.3167 |
1.3333 |
1.3583 |
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