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Is a US Dollar Rally Brewing Ahead?

Is a US Dollar Rally Brewing Ahead?

Ilya Spivak,

Talking Points:

  • US Dollar may rise as Fed-speak boosts December rate hike bets
  • Yen to stay volatile as BOJ continues to explain new policy regime
  • Crude oil may decline on OPEC fails to secure output freeze deal

The US Dollar may rise if extensive commentary from Federal Reserve officials mirrors the hawkish tone of Chair Janet Yellen, who all but promised tightening in December. A slew of speeches Yellen herself as well as eight regional branch Presidents, two Governors and Vice Chair Fischer is set to cross the wires.

The Japanese Yen continues to look to the Bank of Japan for direction clues as policymakers continue to explain the new stimulus delivery strategy announced last week. Two separate speeches from Governor Haruhiko Kuroda and a report outlining the range of opinions presented at the September 20-21 policy meeting take top billing.

Crude oil prices may decline as OPEC countries fail to secure an output management deal at an informal meeting on the sidelines of the International Energy Forum in Algiers. Speculation about such an accord has been a key driver of price action over the past two months. As with a similar attempt in Doha, disagreement between Iran and Saudi Arabia may doom negotiations.

--- 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.