{"id":158421,"date":"2019-10-25T12:40:48","date_gmt":"2019-10-25T16:40:48","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=158421"},"modified":"2019-10-25T12:26:14","modified_gmt":"2019-10-25T16:26:14","slug":"dollar-falls-on-data-disappointment","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/10\/dollar-falls-on-data-disappointment\/","title":{"rendered":"Dollar Falls On Data Disappointment"},"content":{"rendered":"
October 25, 2019<\/div>
\r\n<\/div><\/div>

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

USD Hit By Further Data Miss<\/strong><\/h2>\n

The US dollar has been lower across the European morning on Friday on the back of further data weakness yesterday.<\/strong>\u00a0IHS manufacturing reading for October did come in better than expected. However, the durable goods number was far worse than expected at -1.1% on the month. Continued data weakness is boosting market expectations of a Fed rate cut next week keeping USD pressured. The USD index trades 97.37 last.<\/p>\n

EUR Lower On ECB<\/strong><\/h2>\n

EURUSD has been a little higher today on the back of USD weakness though is only recovering the losses seen yesterday in response to the October ECB meeting.<\/strong>\u00a0The meeting, which has the last for Draghi, saw the bank keeping the prospect of further easing alive. This is given the persistent weakness in the European economy. EURUSD trades 1.1117 last, back below.<\/p>\n

GBP Soft Ahead of EU Decision<\/strong><\/h2>\n

GBPUSD has been weaker across the European morning today.\u00a0The EU has yet to grant the UK its Brexit extension request. This means that the UK could still crash out of the EU without a deal on October 31st<\/sup><\/strong>. However, in line with recent recommendations from EC president Donal Dusk, the EU is likely to grant the request which should help lift GBP again. GBPUSD trades 1.2835 last.<\/p>\n

Risk Pauses Into Weekend<\/strong><\/h2>\n

Risk assets have been a little subdued on the final day of the trading week, though, the SPX500 remains supported near highs.<\/strong>\u00a0With the Fed expected to cut rates next week, the outlook remains bullish for equities. Furthermore, with the US and China on course to do a deal and Brexit looking like it will be delayed again, the risk environment is encouraging.<\/p>\n

JPY & Gold Firmer Over USD<\/strong><\/h2>\n

Safe havens have both been higher<\/a>\u00a0against USD today given the weakness we have seen in the greenback.<\/strong>\u00a0It seems that traders are covering riskier positions heading into the weekend with both JPY and gold firmer. USDJPY trades 108.63 last while XAUUSD trades 1504.78.<\/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

Crude Lifts Higher<\/strong><\/h2>\n

Oil prices have risen firmly<\/a>\u00a0over the week and are currently trading in the green so far today.<\/strong>\u00a0This week, the EIA reported an unexpected drawdown in US crude stores as a result of a sharp drop in US crude imports. The data has helped offset some of the downside pressure in oil along with optimism over ongoing US\/China trade negotiations.<\/p>\n

CAD Climbs On Oil Comeback<\/strong><\/h2>\n

USDCAD continues to push lower today marking a week of losses as rising oil prices and increased Fed rate cut expectations are allowing CAD to recover.<\/strong>\u00a0The potential for a US\/China trade deal is also helping lift CAD which would benefit from the increase in commodity prices as trade recovers. USDCAD trades 1.3061 last having now broken below the 1.3068 support.<\/p>\n

Aussie Down But Not Out<\/strong><\/h2>\n

AUDUSD trades a little higher today also, taking advantage of the weaker USD, though finishes the week lower as of writing.<\/strong>\u00a0AUD is very much tied to the ongoing US\/China trade talks. Therefore, if we see positive headlines on the back of today\u2019s meetings between US\/Chinese officials this should help AUD at the start of next week. AUDUSD trades .6823 last, sitting off the .6850 level for now.<\/p>\n

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

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

By Orbex USD Hit By Further Data Miss The US dollar has been lower across the European morning on Friday on the back of further data weakness yesterday.\u00a0IHS manufacturing reading for October did come in better than expected. However, the durable goods number was far worse than expected at -1.1% on the month. Continued data […]<\/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-158421","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/158421","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=158421"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/158421\/revisions"}],"predecessor-version":[{"id":158430,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/158421\/revisions\/158430"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=158421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=158421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=158421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}