USD is weak

Markets on Tuesday: Can the USD Grind Higher?

Posted Monday, September 3, 2018 by
Rowan Crosby • 1 min read

With the US on holiday on Monday, markets had a slow start to the week. The lack of US traders kept Europe quiet and the lead-in from Asia was much the same.

Oil was interesting, as the supply issues out of Iran are keeping oil supplies a little tight. That is pushing the price of oil back above the $70 mark for the time being. And making things look a little more bullish than we previously thought.

Looking to the day ahead in Asia and the main focus for the time being is on the RBA minutes. However, the expectations are simply for a ‘cut and paste’ type update. We have heard a lot from the RBA in the last month and there is little to add at the moment.

That said, the out-of-cycle rate hikes by some of the big banks is going to be a worry for the RBA.

 

The USD is Grinding

The support level at 95.00 is and resistance at 95.50 is the immediate focus for the USD. We have found a bit of a base but the trade concerns appear to still be weighting on the DXY.

As traders return, there are some data points out for us to look at. Mainly ISM manufacturing PMI. So again, as expected it is a slow grind at the moment.

DXY
DXY -240min.
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 is our 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
eToro announces a significant cut in spreads on cryptoassets to increase awareness of the potential of crypto and blockchain more broadly
SPONSORED
Today, the single currency Euro and Canadian dollar remain under the spotlight in the wake of a series of high impact economic events from..
42 mins ago
Comments

Leave a Reply

avatar
  Subscribe  
Notify of
SPONSOR BROKER