{"id":146740,"date":"2019-04-30T11:01:28","date_gmt":"2019-04-30T15:01:28","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=146740"},"modified":"2019-04-30T10:40:34","modified_gmt":"2019-04-30T14:40:34","slug":"us-dollar-weaker-as-traders-wait-for-fomc-2","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/04\/us-dollar-weaker-as-traders-wait-for-fomc-2\/","title":{"rendered":"US Dollar Weaker As Traders Wait For FOMC"},"content":{"rendered":"
April 30, 2019<\/div>
\r\n<\/div><\/div>

By <\/strong>Orbex<\/strong><\/a><\/p>\n

The US index has traded lower over the European session<\/strong>\u00a0on Monday,\u00a0<\/strong>trading back down to retest the broken 97.68 level. Price traded higher into the end of last week on positive US data surprises.<\/p>\n

Traders will be keen to hear the Fed\u2019s latest assessment at the upcoming\u00a0FOMC meeting this week<\/strong>\u00a0for any signs that a 2019 rate hike could still be forthcoming. Looking ahead to today\u2019s US session, traders are waiting on March PCE data which, given its importance to the Fed, could be very market moving.<\/p>\n

EUR Rallies on USD Weakness<\/strong><\/h2>\n

EURUSD has been a little higher this morning on the back of USD weakness.<\/strong>\u00a0Price is\u00a0fighting to get back above the broken 1.1175 low. Eurozone economic concerns continue to keep EUR trading heavily with focus remaining on an eventual break lower in the near term.<\/p>\n

BOE in Focus<\/strong><\/h2>\n

GBPUSD is tracking the moves in EUR this morning, moving higher<\/strong>\u00a0as the dollar retracement continues. The key focus for traders this week will be the\u00a0BOE meeting due on Thursday.\u00a0<\/strong>This\u00a0is likely to see the BOE reiterating\u00a0its message of frustration<\/a>\u00a0regarding ongoing Brexit uncertainty and the need to keep rates on hold. This should keep GBPUSD pressured toward the 1.28 level over the week barring any surprise comments from the BOE.<\/p>\n

Risk Remains Buoyant<\/strong><\/h2>\n

Risk sentiment has started the week firmly with SPX500 rallying above the 2939.87 level in early trading on Monday, though we have since seen some retracement.\u00a0Commentary over the weekend regarding the likelihood of a US\/Japan trade deal has compounded<\/strong>\u00a0the sense of optimism around ongoing US\/China trade talks, keeping sentiment buoyant.<\/p>

\r\n
\r\n

Free Reports:<\/p><\/div>\r\n

\r\n

<\/a>\r\n\t Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p>

\r\n
\r\n
\r\n

<\/a>\r\n\t Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p>

\r\n<\/div>\r\n

\r\n
<\/div>\n

Safe Havens Down On Risk Rally<\/strong><\/h2>\n

Safe havens have not had such a good start to the week with\u00a0both gold and JPY down against USD<\/strong>\u00a0despite USD weakness. XAUUSD has traded back down to test the 1280.58 support today, which for now is holding. USDJPY is trading slightly higher today though remains well under the 112.16 resistance which remains the key upside level to break.<\/p>\n

Crude Holding On<\/strong><\/h2>\n

Oil prices have managed to just about\u00a0stay in the green so far today<\/strong>\u00a0despite the\u00a0heavy sell-off last week<\/a>\u00a0in response to news that President\u00a0Trump has contacted OPEC asking for the oil cartel to increase its production<\/strong>\u00a0in a bid to lower oil prices. While there is little to suggest the group will honor Trump\u2019s request, the news was enough to provoke a long covering sell-off. Price broke sharply back below the 64.38 level, though still above the 61.88 support.<\/p>\n

Commodity Currencies Mixed<\/strong><\/h2>\n

The\u00a0selloff in oil has been a strong negative catalyst for the Canadian dollar<\/strong>\u00a0price action with USDCAD rocketing above 1.3377 and 1.3467 last week. Price remains above the latter level over early trading today following a rally across the European morning.<\/p>\n

Despite the sell-off in oil, it seems that\u00a0AUD traders are remaining positive<\/strong>\u00a0given the optimistic tone of commentary around\u00a0Chinese and Japanese trade talks with the US.<\/strong>\u00a0AUDUSD has managed to stay above the .7021 level for now despite briefly piercing below last week.<\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex The US index has traded lower over the European session\u00a0on Monday,\u00a0trading back down to retest the broken 97.68 level. Price traded higher into the end of last week on positive US data surprises. Traders will be keen to hear the Fed\u2019s latest assessment at the upcoming\u00a0FOMC meeting this week\u00a0for any signs that a […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-146740","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/146740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=146740"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/146740\/revisions"}],"predecessor-version":[{"id":146747,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/146740\/revisions\/146747"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=146740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=146740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=146740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}