By Jay and Julie Hawk of www.TheFXperts.com
The U.S. Dollar Index (DXY) is currently holding above the 95.50 level, down a fraction as U.S. stocks trade sharply lower. Also, New York Fed President John Williams said in a speech that, “Indeed, the Federal Reserve has attained its dual mandate objectives of maximum employment and price stability about as well as it ever has.” Williams added that, ” Looking forward, I continue to expect that further gradual increases in interest rates will best foster a sustained economic expansion and achievement of our dual mandate goals.”
Sterling was among the strongest currencies, despite missing estimates for monthly GDP, which showed no growth compared to an expectation of a +0.1% rise, while UK Manufacturing Production declined by -0.2% versus an expected increase of +0.1%. Also, Brexit Minister Dominic Raab said he was shooting for a deal by next month and that the EU will most likely have to meet “half way” in their negotiations with the UK or no deal will be made.
Thursday will feature two speeches by BOE Governor Mark Carney, as well as the release of U.S. Core CPI and CPI, which are both expected to increase by +0.2%. Thursday also has the tentative release of the U.S. Treasury Currency Report scheduled. Friday’s highlights include the first day of the G20 and IMF Meetings in Bali, Indonesia, as well as the release of the RBA’s Finacial Stability Review. Saturday concludes week with a speech by FOMC Member Randal Quarles.
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