US Dollar Talking Points:
- The US Dollar continues to hold support around the 95.00 level[1] after last week’s bullish move failed after a test of 96.00. Currencies have been relatively calm over the past week as sell-offs enveloped global equities, and Friday/Monday price action[2] has produced a back-and-forth move with respect of the prior Thursday lows. A number of earnings reports will punctuate this week’s data outlay as a relatively quiet macro calendar[3] lays ahead, with the highlight being a series of inflation prints out of the UK, Japan and Canada.
- Global stocks appear to be trying to cauterize support after last week’s rather aggressive drop. This was part of this week’s Technical forecast in equities[4], in which a bullish forecast was issued on the Dow Jones[5] while a bearish forecast was held from the week-prior in the DAX[6]. As we move deeper into Q4 price action, a number of interesting themes remain around global stocks and the pace of Q3 earnings will likely help to shape that tone.
- DailyFX Forecasts on a variety of currencies such as the US Dollar[7] or the Euro[8] are available from the DailyFX Trading Guides page[9]. If you’re looking to improve your trading approach, check out Traits of Successful Traders[10]. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide[11].
Do you want to see how retail traders are currently trading the US Dollar? Check out our IG Client Sentiment Indicator[12].
