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USD Weakens as Markets Await Central Bank Bonanza - US Market Open

USD Weakens as Markets Await Central Bank Bonanza - US Market Open

Justin McQueen, Strategist

MARKET DEVELOPMENT – USD DROPS MARKETS AWAIT CENTRAL BANK BONANZA

USD: The US Dollar has begun the week on the backfoot, losing ground against its major counterparts, with the exception of the Canadian Dollar. Losses in the greenback had been exacerbated by the large miss in the NY Fed Manufacturing Index, which dropped to 10.9, below the expected 20. Elsewhere, newsflow is relatively quiet as markets await the central bank bonanza (Fed, BoE, BoJ, Riksbank).

EUR: While the pullback in the Dollar has largely supported the Euro this morning, the currency has yet again met support at the 1.13 handle. Softer Eurozone inflation with the yearly rate dropping to 1.9% from 2%, failed to derail the firmer Euro.

Data as of 1345GMT

DailyFX Economic Calendar: Monday, December 17, 2018 – North American Releases

DailyFX Webinar Calendar: Monday, December 17, 2018

Four Things Traders are Reading

  1. Gold Price Analysis: Fed Meeting Crucial for Breakout” by Justin McQueen, Market Analyst
  2. Sterling (GBP) Week Ahead: Brexit, BoE and FOMC on Tap | Webinar”by Nick Cawley, Market Analyst
  3. EURUSD Likely to Fade Lower on Weak Data, Strong US Dollar” by Nick Cawley, Market Analyst
  4. Weekly CoT Update for Crude Oil, Gold, and Other Major Contracts” by Paul Robinson, Market Analyst

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

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