Morning Preview: Can Anything Stop the USD & Stocks?
Rowan Crosby • 1 min read
Another day, another big market rally!
Stocks continued to drive higher overnight as U.S. equities marched onward and upward. All the majors were put under pressure as the Greenback, bounced off support and pushed higher.
It appears that traders are getting excited at the idea of a rate hike in the U.S. and appetite for American Dollars is finally on the improve. With talk out of the Fed that interest rates will be pushed higher by year's end are only going to keep the upward pressure piling on, as it’s clear momentum has turned.
Australian RBA Interest Rates
While Asian markets have a light calendar, the AUD will be firmly in focus today with the latest RBA rate decision. The expectation is for no change in rates, but we will keep you posted with our insights later in the morning.
What Can Stop the USD?
The USD has hit our first upside target of 93.50 quite comfortably. The next major target is 94.00. And don’t forget we have U.S. non-farm payrolls later in the week so that has the potential to stifle any rally in the lead-up.
U.S. Dollar Index – 240 min Chart.
Top Economic News This Week
AUD – RBA Interest Rate Decision
GBP – Construction PMI
GBP – Services PMI
USD – ADP Employment
USD – ISM Non-Manufacturing
AUD – Retail Sales
EUR – ECB Minutes
USD – Non-Farm Payrolls
CAD – Employment
CAD – Ivey PMI