Morning Preview: USD Marches Higher as Central Banks Come into Focus - Forex News by FX Leaders

Morning Preview: USD Marches Higher as Central Banks Come into Focus

Posted Tuesday, October 24, 2017 by
Rowan Crosby • 1 min read

Morning Guys,

The USD rose against the major currencies overnight while stocks ground their way up. There were some rumours around about US President Trump and his tax reforms failing, but they were quickly put to bed. At the same time, the announcement of the new Fed Chairman is getting closer and that has markets on the edge of their seats.

As the week rolls on we are going to be running into some big data events that will be the key drivers for a few of the key forex pairs. The ECB rate decision is on Thursday and on Wednesday with have the BOC.

In early Asian trade, there's a heap of data out of Australia, with most of the interest being in CPI. There are rumours of interest rate increases, however, as yet signs are still mixed. A strong reading might help spark the AUD which has taken a beating in recent sessions.

The US Dollar Index (DXY) still hasn’t been able to rally past the 94.00 mark. If we are able to break out, then there will be extreme pressure on the majors. The commodity currencies, in particular, look vulnerable at the moment.

 

DXY

US Dollar Index – 240 min Chart.

 

Top Economic Events Today

AUD – CPI

EUR – Business Climate

GBP – GDP

USD – Core Durable Goods & New Home Sales

CAD – BOC Monetary Policy

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of