US Dollar Awaits FOMC Minutes For Action

US Dollar Awaits FOMC Minutes For Action

By: Simon Furman | Where To Trade | On:8-10-2014 12:57
Back

Key Highlights

  • Canadian Housing starts in September 2014 registered a better than expected reading of 197.3K.
  • Swiss unemployment rate, released during the London session came in at 3.2% as expected.
  • UK Halifax House Price Index registered a better than expected reading and increased by 0.6% versus the forecast of 0.2% in September 2014.
  • Spanish Industrial production registered a gain of 0.6%, but was softer than expected. The market was expecting a rise of 1.4%.
  • US MBA Mortgage Applications report was released by the Mortgage Bankers Association, which registered an increase of 3.8%, compared to the last reading of -0.2%.
  • FOMC is the most important event lined up later during the NY session.
  • EURUSD managed to hold the ground during the London session, and looks like set for gains moving ahead.

Canadian Housing Starts

About an hour ago, the Housing Starts was released by the Canadian Mortgage and Housing Corporation. The market was expecting the trend measure of housing starts in Canada to be around 196.1K units in September compared to 191,095 in August. However, the outcome was a bit better, as the Canadian Housing starts measure stood at 197.3K. The outcome was mostly in line with the expectation, and that is the reason why the Canadian dollar was broadly unchanged after the release.

The FOMC meeting minutes is the next major release which can impact the market a lot in the upcoming few hours. Let us see how the market sentiment changes after the release of meeting minutes.

Swiss Unemployment Data

There was no major market moving event lined up during the London session. Some of the low risk events include Swiss unemployment data, Spanish industrial production and Halifax House Price Index. The first in the line was the Swiss unemployment rate, which was released by the State Secretariat for Economic Affairs (SECO). The forecast was of no change from the previous reading of 3.2% in the seasonally adjusted terms. The outcome was as expected as the Swiss unemployment rate stayed at 3.2% in September 204. If we consider non-seasonally adjusted terms, then too the outcome was in line with the forecast with a reading of 3.0%.

The next major release was the Spanish industrial production data, which was published by the National Institute of Statistics. The market was expecting production to increase by 1.4% in August 2014, compared to the last month of the previous year. However, the outcome was a touch lower than the forecast. The Spanish industrial production managed to register a gain of 0.6% in August 2014. Nevertheless, the EURUSD pair was not bothered at all after the release.

Where To Trade - Spanish IP - 08-10-2014Where To Trade - Spanish IP - 08-10-2014

 

Moving ahead, there is a fact which we highlighted recently as well that the Euro might continue to struggle around the 1.2700-10 levels. Only a break and a daily close above the mentioned area might call for a sharp reversal in the pair. On the downside, the 1.2600 level could act as a barrier for the Euro sellers in the short term.

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

EURUSD Slow and Steady Uptrend

EURUSD Slow and Steady Uptrend

By: Ben Myers | Where To Trade | On:02-05-2015 11:21

Euro traded higher versus the US Dollar Intraday, and registered a new weekly high as buyers were optimistic after a report which points that better growth is possible in the Euro Area.

Euro Above 1.1200 And Looks Set For More Gains

Euro Above 1.1200 And Looks Set For More Gains

By: Simon Furman | Where To Trade | On:30-04-2015 11:11

Euro continued to gain momentum against the US dollar as the latter one weakened recently, which means there is more room for gains in the EURUSD pair.

EURUSD Moved Above 1.1000, Eyes a Test of 1.1040

EURUSD Moved Above 1.1000, Eyes a Test of 1.1040

By: Oliver Miller | Where To Trade | On:29-04-2015 11:06

UK Nationwide Housing Prices highlighting the value of the houses prices in UK and indicate current movements in the housing market posted an increase of 1% in April, compared to the preceding month.

EURUSD Looks Set To Break 1.0920

EURUSD Looks Set To Break 1.0920

By: Darryl Frankfort | Where To Trade | On:28-04-2015 10:53

Euro managed to gain bids during the London session against the US dollar, and it looks like the pair might break the recent high of 1.0920 to trade close to the 1.0950 level.

FX Market Continues To Consolidate Post Dollar Losses

FX Market Continues To Consolidate Post Dollar Losses

By: James Ansher | Where To Trade | On:27-04-2015 10:46

US dollar continued to weaken against a few currencies and managed to recover some ground against currencies like the Euro and the British Pound

StockPair

Press Release

YesOption Voted Best Technical Analysis by DailyForex

YesOption Voted Best Technical Analysis by DailyForex

August 12, 2014 - London, UK, - Leading online forex and binary options trading platform - www.yesoption.com has once again made the news by being awarded the prestigious award of ‘Best Technical Analysis of 2014’ ...
24option binary options broker review

24option binary options broker review

Plus500Findings.com is recently launched online to help traders decide which broker they could open an account. 24Option, one of the popular trading platform online is reviewed whether it is legitimate broker or scam. This reviews and findings are of great benefits for traders, especially for those novice ones, who are just starting in the trading industry. ...
Banc De Binary Expands Investment Research Service

Banc De Binary Expands Investment Research Service

Leading Investment Firm, Banc De Binary, which specializes in binary options trading, has added a new weekly video series and trading webinars to the investment research service that it provides to its clients. ...

Articles

Citigroup Inc. is to pay $25 million amends

Citigroup Inc. is to pay $25 million amends

Citigroup accepted to pay the amends without denying the accusation ...
Netflix added 7.1 million new subscribers

Netflix added 7.1 million new subscribers

Netflix Inc. managed to add in the last quarter of 2016 more subscribers than expected ...
The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

On Wednesday, Federal Reserve Chair Janet Yellen spoke about the interest rates and about the United States' economy ...
StockPair

Featured Listings