News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • S&P 500, Nasdaq Rally After the Fed; 10 Year Yield to Two-Month-Highs https://www.dailyfx.com/forex/market_alert/2021/09/23/SPX-SPY-ES-SP500-Nasdaq-NQ-QQQ-Rally-After-the-Fed-10-Year-Yield-2-Month-High.html https://t.co/peftVleO0y
  • #Bitcoin Outlook: $BTCUSD Bounce From 40K, Fake-out or Shake-out? - https://t.co/ixsRMKgCom https://t.co/KDQv4wgfot
  • While JPY gets clobbered, CHF decides to turn a blind eye to yields $CHF https://t.co/MViWZiiPZ7
  • The surprise 100 basis point cut from the Turkish central bank (to 18%) generated the expected pressure for $USDTRY. That said, I don't think it was the market that decided the momentum should die out at 8.8000 again... https://t.co/4jmOPnzzK9
  • surprised that $NQ is holding up so well with what rates are doing. 10 year yield at a 2 month high, $Nasdaq still holding resistance at prior support https://t.co/UBWBxY2nFC
  • The S&P 500 has recovered all the ground it lost at the start of the week and the Dollar has slumped post FOMC and PMIs. DailyFX's @JohnKicklighter gives a brief overview of the market for Thursday! https://t.co/jihKB44ELn
  • https://t.co/lbNvVbQq4n
  • The future taper isn't enough to urge the Dollar to a critical bullish break. In turn, $EURUSD has reversed shy of of August's trough and keeps in play an inverse head-and-shoulders pattern with a neckline at 1.19 https://t.co/EgUtX6Pmvy
  • USD/CAD testing short-term moving average support. Traders have cut their long exposure over the week. Get your market update from @nickcawley1 here:https://t.co/iEL5cbFnHs https://t.co/6kLkUFkFvU
  • In the West, that qualifies as a default action. Let's see how it is treated in the world's second largest economy https://t.co/PKWy7SE8Dt
US Dollar Pairs Trading in Ranges With Markets in Wait and See Mode

US Dollar Pairs Trading in Ranges With Markets in Wait and See Mode

Justin McQueen, Strategist

US Dollar Analysis & News

  • FX Muted with Markets in Wait and See Mode
  • US Durable Goods Broadly Better Than Expected, USD Impact Minimal

FX Muted with Markets in Wait and See Mode

FX markets are very much in wait and see mode ahead of Fed Chair Powell’s speech at the Jackson Hole Symposium. Although, markets participants are beginning to anticipate a more cautious statement by Powell after the typically hawkish Kaplan last week suggested that the timing of the Fed’s taper could be altered in light of the rise in Covid cases. In turn, the USD has since pulled back from its multi-month highs, while the risk assets have been underpinned. Another tell that it will become harder to ignore the current Covid backdrop is that the Jackson Hole Symposium will now take place virtually.

Further framing of market expectations will be determined by the raft of Fed speakers in the lead up to Powell’s speech. CNBC has released their Fed interview schedule which will predominantly consist of the more hawkish members and thus should we see similar rhetoric over mounting covid concerns, the USD may extend its pullback. A reminder that the official Fed schedule will be released at 01:00BST Friday 27th.

CNBC Fed Interview Schedule

Thursday

13:00BST: Bullard

15:30BST: Kaplan

Friday

12:30BST: Bostic

13:15BST: Harker

14:00BST: Mester

US DURABLE GOODS RECAP

US durable goods fell for the first time in two months (-0.1%), however, the drop was better than expected (-0.3%), while ex-transport also printed ahead of consensus. The impact on the USD was minimal albeit continuing to hold support at the psychological 93.00. Short term resistance resides at 93.20 with 93.50 above, while on the downside support sits at 92.73 (20DMA) and 92.50.

DailyFX Calendar

US Dollar Pairs Trading in Ranges With Markets in Wait and See Mode

Source: DailyFX

US Dollar Chart: Daily Time Frame

US Dollar Pairs Trading in Ranges With Markets in Wait and See Mode

Source: Refinitiv

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

DISCLOSURES