Dollar Index In View Ahead of Data
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- April 20, 2024
Ahead of this week’s US GDP first estimate print and the PCE Price Index numbers, the US Dollar Index will likely be a watched market. Buyers remain firmly at the wheel. YTD, we are nearly +5.0%, with April on track to close higher for a fourth consecutive month, up +1.5% MTD. And from a technical
READ MOREYour weekly outlook of technical patterns and structure. The FP Markets Research Team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: USD/JPY Eyeing 1990 Highs Monthly Timeframe – The USD/JPY currency pair recently refreshed multi-decade highs of ¥154.79, a move probing offers at channel resistance, taken from the high of
READ MOREYour weekly outlook of technical patterns and structure. The FP Markets Research Team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: EUR/USD Tentatively Tests Support Ahead of ECB Meeting Daily Timeframe – Following hotter-than-expected US CPI inflation numbers pulling the EUR/USD southbound yesterday, the currency pair is now testing the
READ MOREYour weekly outlook of technical patterns and structure. The FP Markets Research Team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: Dollar Index Testing Support Daily Timeframe – Following Fed Chair Powell’s comments yesterday, in which he emphasised a wait-and-see vibe, the US Dollar Index pulled lower from resistance at
READ MORE8-1 Vote in Favour of Bank Rate Hold Following the Fed holding its Fed funds target rate at 5.25%-5.50%, and the Swiss National Bank (SNB) surprising markets this morning and cutting its overnight Policy Rate by 25bps, the Bank of England (BoE) followed the Fed and left the Bank Rate on hold at 5.25% (a
READ MOREYour weekly outlook of technical patterns and structure. The FP Markets Research Team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: Dollar Index Targeting Support Daily Timeframe – Following yesterday’s FOMC event—rates were left unchanged at 5.25%-5.50%, and the Fed’s dot plot showed officials still project three rate cuts this
READ MOREIt was all about the FOMC yesterday. In a unanimous decision, the Fed held the benchmark lending rate at 5.25%-5.50% for a fifth consecutive meeting (this is the highest rate in more than two decades), as widely expected. The majority of Fed officials also still favour three rate cuts this year, which was moderately dovish
READ MOREFollowing the Reserve Bank of Australia (RBA) standing pat on rates and the Bank of Japan (BoJ) raising its Policy Rate by 10bps, consequently putting a cap on NIRP, as well as ending YCC, the focus shifts to today’s FOMC rate decision at 6:00 pm GMT. Fed Funds Rate to Remain at 5.25%-5.50% It is
READ MOREEarlier this morning, UK inflation numbers hit the wires. The Consumer Prices Index including owner occupiers’ housing costs (CPIH), which is essentially an extension to the Consumer Prices Index (CPI), slowed to 3.8% in the twelve months to February, down from January’s reading of 4.2%. The CPI year-on-year rate saw consumer prices cool to 3.4%
READ MOREYour weekly outlook of technical patterns and structure. The Research Team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: EUR/USD Buyers Resilient Monthly Timeframe – Price action on the monthly chart of the EUR/USD offers an interesting technical landscape to work with. You will acknowledge that support from $1.0519 has
READ MOREYour weekly outlook of technical patterns and structure. The Research Team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: Dollar on the Ropes Daily Timeframe – Following the break of channel support (extended from the low of 100.62) and subsequent push through the 200-day and 50-day simple moving averages (SMA)
READ MOREYour weekly outlook of technical patterns and structure. The Research Team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: AUD/NZD Offers Potentially Weak at Resistance Daily Timeframe – Following Aussie CPI data and the RBNZ holding the Official Cash Rate unchanged, the AUD/NZD cross has been well bid from support
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