News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • El Salvador's adoption of Bitcoin as legal tender has immediate negative implications for the country's credit rating - S&P Global via BBG $BTCUSD #Bitcoin
  • A stellar retail sales report takes the USD to fresh session highs and raises the probability of a more hawkish Fed at next week’s meeting. Get your market update from @JMcQueenFX here:https://t.co/upf3QgIuty https://t.co/SZaPbW5W4r
  • WTI Crude rebounds from intraday slide, turns positive for the session $CL_F #WTI #Oil https://t.co/XYgiTfcX27
  • #Oil Price Outlook: #Crude Breakout Eyes August Highs- $WTI Technicals - $USOil - https://t.co/i8YnZeqEx8 https://t.co/Yu5ySZ1cQb
  • While Gold's -2% slide is turning heads, Silver is taking an even more significant -4% hit - its biggest drop in three months. That said, 22.50 is not a support level to be taken lightly for $XAGUSD https://t.co/ZXbGJElXf6
  • RT @BrendanFaganFx: 74 counterparties take $1.147 trillion at Fed's fixed-rate reverse repo $USD $DXY https://t.co/9ouJNl8oYL
  • AUD/USD attempting to retrace some of its losses following this morning's US retail sales print $AUDUSD https://t.co/yWFEeszHtP
  • The US Dollar has spiked up to a fresh September high this morning on the back of a really strong retail sales report out of the US. Get your market update from @JStanleyFX here:https://t.co/Ve6TuQrMSS https://t.co/qx8BjQdn2Z
  • US Dollar Price Action Setups: EUR/USD, GBP/USD, AUD/USD https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/09/16/US-Dollar-Price-Action-Setups-EUR-USD-EURUSD-GBP-USD-GBPUSD-AUD-USD-AUDUSD.html https://t.co/w262MKMg5c
  • Goldman Sachs upgrades Q3 GDP forecast to 4.5% from 3.5%
US Dollar Turns to Fed Speakers Next Two Days for Help

US Dollar Turns to Fed Speakers Next Two Days for Help

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- Fed Vice Chair Stanley Fischer speaks today at 15:15 GMT; previously advocated for two rate hikes this year; likely to come out hawkish.

- Japanese Yen remains quite resilient despite risk appetite improving.

- See the DailyFX economic calendar for the week of September 25 to September 30, 2016.

We haven't discussed the US election at all up to this point in time, but our focus has shifted thus. For me personally, this is an exciting time of year, one of the few times I get to leverage the other side of my double major, my political science degree, into (hopefully) useful information and insight.

So: after the US Presidential Debates last night, the race to November 8 has officially started. There's been a lot of noise at this point in time from both candidates, but historically speaking, polls only begin to matter after Labor Day in the US, and the general public only begins to follow the day-to-day activities of the candidates more closely after the first debate.

Going forward, with each passing day, the polls regarding the election will matter more and more to markets (stocks, bonds, FX - you name it), and in turn, speculation around the Fed will matter less and less. The likely reality is that the November FOMC meeting is just window dressing for the December meeting anyhow - when the new staff economic projections come out - so barring a dramatic shift in US economic data betwwen now and then, the Fed will likely be in a very public holding pattern.

With that said, if there were ever two speakers that could light a fire under the US Dollar this week (which is off of its highs todays as higher yielding currencies pick up ground, which according to mainstream media is indicative of a favorable reaction to Clinton's debate performance), it would be the two top Fed officials: Chair Janet Yellen and Vice Chair Stanley Fischer.

Fed Vice Chair Fischer speaks today at 11:15 EDT/15:15 GMT regarding the US economy, and he's probably one of the more hawkish policymakers that could be speaking. In August at the Jackson Hole Economic Policy Symposium, Vice Chair Fischer suggested that up to two rates hikes could be warranted this year.

We know that the Fed just recently lower its median assessment for the year-end Fed funds rate to 0.60%, suggesting consensus is for only one hike. As such, it's quite likely that Vice Chair Fischer's hawkish tilt - he seems to be the type to express confidence in a hike this year - could help the US Dollar recover ground later in the session today.

See the video (above) for technical considerations in EUR/USD, GBP/USD, USD/JPY, EUR/JPY, GBP/JPY, and the USDOLLAR Index.

Read more: GBP-crosses Revisiting Brexit Lows, JPY Poised to Strengthen

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, please fill out this form

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

DISCLOSURES