Morning Preview: USD the Laggard on RBA Day - Forex News by FX Leaders

Morning Preview: USD the Laggard on RBA Day

Posted Monday, November 6, 2017 by
Rowan Crosby • 1 min read

Morning All,

If you’re an Aussie or at the very least a trader of the AUD, then we have a big day ahead. While expectations are low for a change in the official cash rate at today's meeting of the RBA, you never know what might be in store.

Overnight it was the USD that was the lagger. I spoke yesterday about the USD/JPY and the USD/CHF in particular as they were struggling at overhead resistance and sure enough both sold off.

The GBP was the big surprise packet as it rebounded in a move that we might have expected on BOE day. We are now trading in a nice range that we might be able to capitalize on going forward.

As expected the US Dollar Index wasn’t able to break through overhead resistance and has weakened touch. We’ve had good support at 94.50, so I’m going to wait on a move towards that level before getting bullish on the USD in the short term. The weakness might help with the GBP, which I think has some more upside potential.

 

DXY

US Dollar Index (DXY) – 240 min Chart.

 

Top Economic Events This Week

Tuesday

AUD – RBA Interest Rate Decision

USD – Jolt Job Openings

 

Wednesday

NZD – RBNZ Interest Rate Decision

 

Friday

GBP – Manufacturing Production

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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.
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