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Daily Report: Dollar Index Pressing 80, Post FOMC Weakness ContinuesDollar's post FOMC selloff continues today and dollar index has taken out August low of 80.08 and is pressing 80 psychological level. EUR/USD is also having its sight on August high of 1.3330. AUD/USD remains the strongest pair this week and is still on course to 0.96 psychological level. Meanwhile, Gold rises on weakness in dollar and jumps to new record high above 1295 and is heading to 1300 psychological level. More weakness in the greenback is expected ahead. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.9473; (P) 0.9519; (R1) 0.9596; More AUD/USD's rise extends further to as high as 0.9585 so far today. Intraday bias remains on the upside and further rally is expected towards 0.9849 high next. On the downside, below 0.9451 minor support will turn intraday bias neutral first. Further break of 0.9328 support will indicate that a short term top is formed and flip bias to the downside for lower channel support (now at 0.9013). |
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| Special Reports |
Fed Paves The Way For Further EasingAt the September FOMC meeting, the Fed did not announce any new asset-buying program. Yet, the tone of the accompanying statement signaled that policymakers were turning to that direction. At the policy guidance paragraph, the Fed said that it will continue to 'monitor the economic outlook and financial developments and is prepared to provide additional accommodation if needed to support the economic recovery and to return inflation, over time, to levels consistent with its mandate'. Moreover, although the FOMC staff will not publish a new set of economic projections until November, the wordings in the statement indicate that both of growth and inflation forecasts are lowered. |
| Economic Indicators Update |
Attend The Futures & Forex Expo Las Vegas, September 23-25, at Caesars Palace, where industry experts will help Forex & Futures traders make profitable trading decisions. Register FREE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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