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Weekly Preview: RBA and RBNZ the Focus for the Week

Posted Sunday, November 5, 2017 by
Rowan Crosby • 1 min read

Morning Guys,

Last week was a very big one for forex traders. First, we had both the Federal Reserve and the Bank of England, giving their latest interest rate decisions, which surprised markets. Then on Friday, we got a snapshot of the US economy as US employment data was released. The data was a little mixed and is still unclear to some degree because of the hurricanes that have caused havoc in many parts of the US. Overall the USD found some strength against the majors, which gave us some great opportunities.

In the coming week, our attention turns to Asia, as both the RBA and RBNZ have their official interest rate decisions. Both currencies have been in freefall and any hope of a rate rise might be enough to stem the fall.

Elsewhere the big news is that Bitcoin has crossed the $7000 mark. During the week, the CME said that it would be releasing a futures contract based on the cryptocurrency. Investors and traders alike, seemingly praised the move and Bitcoin rallied to new highs.

DXY

US Dollar Index (DXY) – 240 min Chart.

The US Dollar Index (DXY) has reached 95.00 resistance. If we can push through that mark and hold, then there is certainly the potential for more downside in the majors. However, we are due for some consolidation after the big central bank announcements in the last two weeks.

The Calendar is a little quieter this week, however, keep an eye out for a few central bank speakers that will be adding to the talk from last week.