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US Dollar Falls Amid Pre-Positioning Before FOMC Rate Decision

US Dollar Falls Amid Pre-Positioning Before FOMC Rate Decision

Talking Points:

  • US Dollar corrects lower after Friday’s surge in the wake of firm CPI data
  • Commodity currencies rise with S&P 500 futures as risk appetite recovers
  • Overnight trends likely to carry forward but lasting follow-through unlikely

The US Dollar traded broadly lower overnight in a move that looked to be corrective following the surge triggered by better-than-expected CPI data on Friday. The yields- and sentiment-sensitive Australian, Canadian and New Zealand Dollars outperformed as S&P 500 futures rose and Treasury bond yields edged lower, seemingly reflecting moderation in the “hawkish Fed” narrative.

A quiet economic calendar in European and US trading hours suggests Asia-session trends may find few barriers to continuation. Significant follow-through seems unlikely however, with traders probably unwilling to commit to a firm directional bias ahead of this week’s pivotal monetary policy announcements from the Bank of Japan and the Federal Reserve.

Losing money trading in the FX market? This might be why.

Asia Session

22:00NZDWestpac Consumer Confidence (3Q)108-106
22:30NZDPerformance Services Index (AUG)57.9-54.5
23:01GBPRightmove House Prices (MoM) (SEP)0.7%--1.2%
23:01GBPRightmove House Prices (YoY) (SEP)4.0%-4.1%
01:30CNYChina August Property Prices ---

European Session

08:00EURCurrent Account SA (JUL)-28.2bLow
08:00EURCurrent Account NSA (JUL)-37.6bLow
08:00CHFTotal Sight Deposits (SEP 16)-515.8bLow
08:00CHFDomestic Sight Deposits (SEP 16)-438.6bLow
09:00EUREurozone Construction Output (MoM) (JUL)-0.0%Low
09:00EUREurozone Construction Output (YoY) (JUL)-0.6%Low

Critical Levels

CCYSupp 3Supp 2Supp 1Pivot PointRes 1Res 2Res 3

--- Written by Ilya Spivak, Currency Strategist for

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