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Dollar rallies against major currencies ahead of Fed decision

2018-11-08 09:55 am | Resource: News | No Views : 59



 The dollar rose against a basket of currencies on Thursday as investors turned their attention to the Fed's monetary policy announcement later in the day, while the pound remained above the 1.30 level on optimism about Britain's break-up.

 Brexit

There was optimism about the bricast, despite Irish Prime Minister Leo Varadkar's tough tone during his speech at the 2018 European People's Congress (EPP) meeting in Helsinki. Ireland would not ease its stance on support when it comes to Britain's exit agreement from the European Union.

"The ball is in the London court to a large extent, the British domestic policy is in fact a matter for them ... I just hope that Prime Minister May is in a position to get any possible agreement through her government and through her parliament ..." "We support our goals. Difficulties in the UK can not allow us in any way to relax our position from my point of view. "

European and Asian data

In the morning, Europe's exports and imports fell unexpectedly in September. Exports fell 0.8% month-on-month, reflecting a 0.1% gain in August. Meanwhile, imports fell 0.4 percent after August's drop of 2.4 percent.

In terms of Asian data, China posted a trade surplus of $ 31.78 billion with the United States in October, down from a record $ 34.13 billion in September. The country's cumulative trade surplus with the United States in the first ten months of the year reached 258.15 billion dollars.

China's total trade surplus was $ 34.01 billion in October, lower than economists' forecasts of $ 35 billion.

Currency Trading
  • The US dollar index rose 0.18% to 95.98 by 09:01 GMT.
  • The greenback was up against the yen, with rising 0.14% to hit 113.68.
  • The euro did not change much against the US dollar, with EUR / USD trading at 1.1432.
  •  The EUR / GBP traded at 0.8701, the weakest since May 30.
  • Traders continued the breakext news that pushed the GBP / USD higher at 1.3135


Other analysis

USD/JPY Technical analysis 16 November 2018

Time frame Used - four hours The USDJPY is moving in a bearish direction in the near term. The USDJPY managed to control movement  the USDJPY to break the support level around the 113.58 level  down to hit the 113.07 level forming a positive candlestick pattern to bounce back above to test the 113.58 level especially after the release of the US Retail Sales report which showed growth and a…

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