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USD Turns to First of Two Major Pre-FOMC Data Prints Today

USD Turns to First of Two Major Pre-FOMC Data Prints Today

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- EURUSD holding near $1.1300 after mixed data from the Euro-Zone.

- The AUDNZD and EURGBP flags/pennants have yet to breakout.

- See the September forex seasonality report.

As one of two "high" rated events on the DailyFX Economic Calendar before Thursday's FOMC meeting, the August US Advance Retail Sales report should prove to be market moving. With markets moving closer to giving up hope on a September hike - the Fed funds futures contract implies a 30% chance of a 25-bps move up - today's sales report (a proxy for broader consumption trends) could prove to be the proverbial nail in the coffin for the greenback if the data disappoints.

Outside of USD-pairs ahead of the FOMC meeting, two pairs in particular are sticking out due to the similarity of their patterns: AUDNZD and EURGBP. See the above video for technical considerations for those pairs as well as for AUDUSD, NZDUSD, USDCAD, and the USDOLLAR Index.

Read more: USD on Shaky Footing at the Start of FOMC Week

--- Written by Christopher Vecchio, Currency Strategist

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.