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Currency Markets Brace for Impact Ahead of FOMC Meeting Outcome

Currency Markets Brace for Impact Ahead of FOMC Meeting Outcome

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Aussie, NZ Dollars rise alongside S&P 500 futures in Asian trade
  • US Housing Starts, Building permits top otherwise quiet calendar
  • Consolidative tone likely to persist ahead of FOMC rate decision

The Australian and New Zealand Dollars narrowly outperformed in otherwise quiet overnight trade. The sentiment-linked currencies edged higher alongside S&P 500 futures, hinting at cautiously improving risk appetite as the catalyst behind the move. The Kiwi narrowly led the way higher, perhaps reflecting the currency’s yield advantage relative to its Aussie counterpart.

A quiet economic calendar in European trading hours is likely to translate into restrained volatility going forward. US Housing Starts and Building Permits figures may generate a bit of activity, but lasting follow-through seems unlikely as traders wait for the FOMC monetary policy announcement to cross the wires before committing to a firm directional bias.

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

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

23:30

AUD

Weekly Consumer Confidence Index (SEP 18)

115.5

-

118.1

01:30

AUD

RBA Sept. Meeting Minutes

-

-

-

01:30

AUD

House Price Index (QoQ) (2Q)

2.0%

2.8%

-0.2%

01:30

AUD

House Price Index (YoY) (2Q)

4.1%

5.1%

6.8%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

05:45

CHF

SECO September 2016 Economic Forecasts

-

-

Medium

06:00

CHF

Trade Balance (AUG)

-

2.81b

Low

06:00

CHF

Exports Real (MoM) (AUG)

-

5.5%

Low

06:00

CHF

Imports Real (MoM) (AUG)

-

9.2%

Low

06:00

EUR

German PPI (MoM) (AUG)

0.0%

0.2%

Low

06:00

EUR

German PPI (YoY) (AUG)

-1.6%

-2.0%

Low

07:00

JPY

Convenience Store Sales (YoY) (AUG)

-

0.3%

Low

09:40

GBP

BOE ILTR Operation Results

-

-

Medium

13:10

GBP

BOE Exec Director Hauser Speaks in London

-

-

Low

13:50

GBP

BOE Bond-Buying Operation Results

-

-

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EUR/USD

1.1076

1.1125

1.115

1.1174

1.1199

1.1223

1.1272

GBP/USD

1.2849

1.2944

1.2987

1.3039

1.3082

1.3134

1.3229

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

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