DailyFX US AM Digest: US Dollar Bobs Back and Forth; Euro Weakens
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The Euro has turned lower while the British Pound has edged higher during otherwise quiet trading conditions through the European trading day on Tuesday. Concerns over the next phase of elections in Germany appear to be lingering on investors’ minds. The US Dollar, on balance, has benefited, with the DXY Index pushing slightly higher for the second day in a row. Outgoing Federal Reserve Chair Janet Yellen announced that she will leave the Federal Reserve Board of Governors when she passes the Fed Chair baton to Jerome Powell. Elsewhere, the commodity currencies are staging a brief comeback versus the Japanese Yen and the US Dollar as risk appetite has started to rebound globally.
DailyFX Economic Calendar: Tuesday, November 21, 2017 – North American Releases
It’s a quiet week on the economic calendar overall, with Tuesday being no different from the trend. While there is still the October US Existing Home Sales report to be released at 10 EST/15 GMT, the data today are unlikely to prove material to the US Dollar’s broader direction. The round of US economic data tomorrow will matter more, however, as the Atlanta Fed will provide an update to its GDPNow Q4’17 US growth forecast after the October US Durable Goods Orders report is released.
DailyFX Webinar Calendar: Tuesday, November 21, 2017
Five Things Traders are Reading
- “DXY Index Firms Up, but Still Stuck in Range” by Christopher Vecchio, CFA, Senior Currency Strategist
- “Technical Analysis for Gold, Silver, Crude Oil, DAX & More” by Paul Robinson, Market Analyst
- “EUR/GBP Pressured Lower by Politics, Support Under Scrutiny” by Nick Cawley, Analyst
- “DAX Technical Analysis: Trading in Tight Window of Support & Resistance” by Paul Robinson, Market Analyst
- “EUR/GBP Technical Analysis: Move Back Below 0.88 Hinted Ahead” by Ilya Spivak, Senior Currency Strategist
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