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DXY: Market attention centers on FOMC – OCBC

Ahead of the FOMC meeting, the US Dollar weakened, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Dot-plot and the voting split are a center of attention

"This softness came despite stronger-than-expected US economic data: both retail sales and industrial production surprised to the upside, reinforcing expectations for a solid third quarter (Q3) US GDP print. Notably, Federal Reserve Bank of Atlanta’s GDPNow upwardly revised its Q3 annualised growth estimate to 3.4%, from 3.1% previously."

"While a rate cut at tonight’s FOMC meeting is widely viewed as a given, market attention will centre on two key elements: the dot-plot and the voting split among committee members. Resistance for the DXY sits at 97.40 and 98.10 (50 DMA). Support is at 96.40, 95.20 levels."

USD/IDR jumps to near 16.40 as BI unexpectedly cuts interest rates, Fed policy eyed

The USD/IDR pair climbs to near 16.40 during the European trading session on Wednesday. The pair attracts significant bids as the Bank Indonesia (BI) has surprisingly cut its benchmark 7-day reverse repurchase rate by 25 basis points to 4.75%.
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GBP: Fiscal policy remains the weakest link – ING

The rug was pulled from under the sterling rally yesterday when the Financial Times reported that the Office for Budget Responsibility had indeed lowered its productivity forecasts for the UK economy.
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