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US Dollar Gains on Fed Outlook, Pound Looks to Carney for Lifeline

US Dollar Gains on Fed Outlook, Pound Looks to Carney for Lifeline

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Soars on Fed Rate Outlook, Aussie and NZ Dollars Underperform
  • British Pound Might Find Support as BOE’s Carney Drives Tightening Bets
  • See Economic Releases Directly on Your Charts with the DailyFX News App

The US Dollar resumed pushing higher in overnight trade, adding as much as 0.4 percent on average against its leading counterparts. Firming interest rate hike expectations appeared to be behind the move. Fed Funds futures rose to hint the FOMC may deliver as many as two increases in the target range for the baseline lending rate by year-end. The Australian and New Zealand Dollars bore the brunt of the greenback’s advance, sinking as much as 0.9 and 1.1 percent respectively.

The economic calendar is relatively quiet in European trading hours. EU finance ministers are scheduled to hold a meeting in Brussels, with Greek funding issues likely to loom large once again. The emergence of anything concrete beyond yesterday’s inconclusive Eurogroup sit-down seems unlikely. Athens is due to begin negations with the so-called “institutions” (EU, ECB, IMF) on Wednesday and a breakthrough before then is probably too much to hope for.

Later in the day, Bank of England Governor Mark Carney is due to testify before the House of Lords’ economic affairs committee. If the outing follows the template set by Mr Carney’s recent Parliamentary appearances explaining February’s quarterly Inflation Report, a mildly hawkish tone is to be expected. That could help rekindle BOE rate hike speculation, offering a lift to the British Pound.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

21:00

NZD

ANZ Truckometer Heavy (MoM) (FEB)

-1.3%

-

0.8%

21:45

NZD

Card Spending Retail (MoM) (FEB)

1.0%

0.4%

-0.3%

21:45

NZD

Card Spending Total (MoM) (FEB)

0.4%

-

0.1%

22:30

AUD

ANZ Roy Morgan Weekly Consumer Conf

110.3

-

112.5

23:50

JPY

Japan Money Stock M2 (YoY) (FEB)

3.5%

3.5%

3.4%

23:50

JPY

Japan Money Stock M3 (YoY) (FEB)

2.9%

2.9%

2.8%

0:01

GBP

BRC Sales Like-For-Like (YoY) (FEB)

0.2%

0.5%

0.2%

0:30

AUD

NAB Business Confidence (FEB)

0

-

3

0:30

AUD

NAB Business Conditions (FEB)

2

-

2

1:30

CNY

Consumer Price Index (YoY) (FEB)

1.4%

1.0%

0.8%

1:30

CNY

Producer Price Index (YoY) (FEB)

-4.8%

-4.3%

-4.3%

6:00

JPY

Machine Tool Orders (YoY) (FEB P)

-

20.4%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

6:45

CHF

Unemployment Rate s.a. (FEB)

3.2%

3.1%

Low

6:45

CHF

Unemployment Rate (FEB)

3.5%

3.5%

Low

10:00

EUR

EU Finance Ministers Meet in Brussels

-

-

Medium

17:30

GBP

BOE’s Carney Testifies at House of Lords

-

-

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.0693

1.0777

1.0814

1.0861

1.0898

1.0945

1.1029

GBPUSD

1.4877

1.4987

1.5058

1.5097

1.5168

1.5207

1.5317

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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

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