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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,

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

23:30AUDWeekly Consumer Confidence Index (SEP 18)115.5-118.1
01:30AUDRBA Sept. Meeting Minutes ---
01:30AUDHouse Price Index (QoQ) (2Q)2.0%2.8%-0.2%
01:30AUDHouse Price Index (YoY) (2Q)4.1%5.1%6.8%

European Session

05:45CHFSECO September 2016 Economic Forecasts --Medium
06:00CHFTrade Balance (AUG)-2.81bLow
06:00CHFExports Real (MoM) (AUG)-5.5%Low
06:00CHFImports Real (MoM) (AUG)-9.2%Low
06:00EURGerman PPI (MoM) (AUG)0.0%0.2%Low
06:00EURGerman PPI (YoY) (AUG)-1.6%-2.0%Low
07:00JPYConvenience Store Sales (YoY) (AUG)-0.3%Low
09:40GBPBOE ILTR Operation Results --Medium
13:10GBPBOE Exec Director Hauser Speaks in London --Low
13:50GBPBOE Bond-Buying Operation Results --Medium

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.