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Aussie, Pound Lead; US Dollar Holds Gains Despite Misleading Syrian Report

Aussie, Pound Lead; US Dollar Holds Gains Despite Misleading Syrian Report

Christopher Vecchio, CFA, Senior Strategist

Talking Points

- UK PMI Construction best since September 2007, signaling a broader recovery.

- Syrian missile headlines highlight how sensitive market is right now.

- Heavy US economic calendar today.

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(vs USD)








Dow Jones FXCM Dollar Index (Ticker: USDOLLAR): -0.13% (+0.66%prior 5-days)


The US Dollar was firmer throughout the Asian and European sessions to start the first full trading day of September but a bevy of rumors and ill-conceived headlines derailed price action this morning. However, what we saw this morning from 08:30 GMT to 09:45 GMT revealed several key factors about the FX market.

Earlier, headlines emerged that Russia reported that military activity was taking place in the east Mediterranean Sea, implicitly saying that missiles had been launched at Syria. Even though the reports were unconfirmed, denied, and later proved to be false (all over the course of an hour-plus), it’s clear the market remains on edge regarding the (very fluid) situation developing in the Middle East.

Moreover, it also suggests that the rally we’ve seen since futures markets opened this week is predicated on a diminished chance of military conflict in Syria. The decision to hedge risk, then, should there be escalated conflict, as exhibited today: long precious metals; long Crude Oil; long the Japanese Yen and the Swiss Franc.

Elsewhere, the European session was rather quiet with only the UK PMI Construction (AUG) report due, which beat expectations handily – in line with UK data on the whole recently. Looking ahead to the US economic docket, the ISM Manufacturing (AUG) report is due which should drive USD-based pairs around 10:00 EDT/14:00 GMT.

USDJPY 1-minute Chart: September 3, 2013 Intraday

Aussie_Pound_Lead_US_Dollar_Holds_Gains_Despite_Misleading_Syrian_Report_body_Picture_1.png, Aussie, Pound Lead; US Dollar Holds Gains Despite Misleading Syrian Report

Read more: US Dollar Continues Climb amid Emerging Markets Rebound; Yields Up


Aussie_Pound_Lead_US_Dollar_Holds_Gains_Despite_Misleading_Syrian_Report_body_x0000_i1028.png, Aussie, Pound Lead; US Dollar Holds Gains Despite Misleading Syrian Report

See the DailyFX Economic Calendar for a full list, timetable, and consensus forecasts for upcoming economic indicators. Want the forecasts to appear right on your charts? Download the DailyFX News App.

--- Written by Christopher Vecchio, Currency Analyst

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