Dollar Awaits Fed Rate Decision For Action

Dollar Awaits Fed Rate Decision For Action

By: Oliver Miller | Where To Trade | On:29-10-2014 08:03
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Key Highlights

  • US dollar continued its decline against most major currencies during the last two sessions, as the market is waiting for the fed interest rate decision.
  • Fed is expected to complete their taper plan in this meeting, but it might be that the central bank would stay from mentioning anything regarding interest rates.
  • Aussie dollar was one of the best performers against the US dollar as it traded above the 0.8860 level during the London session and maintained its bullish tone.
  • French consumer confidence remained flat at 85 in October, whereas the market was expecting it to climb to 86.
  • UK Consumer Credit released by the Bank of England exceeded the market expectation and registered a reading of £0.915B.
  • GBPUSD pair traded a touch lower, as there were some other releases which affected the pair during the London session.

 

Canadian Industrial Product Price

There was a low risk event lined up during the NY opening in the Canada. The Canadian Industrial Product Price was released by the Statistics Canada earlier. The market was expecting it to decline by 0.1% in September 2014. However, the outcome was even worse as the Canadian Industrial Product Price fell by 0.4%. Similarly, the Canadian Raw material price index fell by 1.8% in September 2014 whereas the market was only expecting a decline of 0.9%. The Canadian dollar was seen trading higher after the release, as the USDCAD pair fell below the 1.1130 level.

 

Where To Trade - Canadian Industrial Product Price

 

London Session Recap

There was no market moving event lined up during the London session, especially in the Euro zone. There was a low-risk event scheduled in the Euro area i.e. the French consumer confidence was released by the INSEE. The outcome was nothing impressive, as the French consumer confidence came in at 85, compared with the expectation of 86. There was a revision for the last reading, which not stands at 85. So, there was no change in the French consumer confidence in October 2014.

There were a couple of important economic releases lined up in the UK, including the Consumer Credit, M4 Money supply, Mortgage Approvals and UK Net Lending to Individuals. The outcome was mixed, as the UK Consumer Credit released by the Bank of England came better than expected with a reading of £0.915B, compared with the expectation of £0.800B. On the other hand, the UK M4 Money Supply released by the Bank of England missed the mark. The market was expecting it to register a gain of 0.5% in September 2014. However, the outcome was disappointing, as the UK M4 Money Supply registered a decline of 0.7%. When we consider the yearly change, then it decreased by 2.5% in September 2014 compared with the same month of the previous year.

Overall, the FX market was not impressed by the outcome as the British pound traded lower against the US dollar. The pair traded as low as 1.6102 during recently where it managed to gain a few buyers to hold the downside.

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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