FX TABLES SET FOR A BIG WEEK OF DATA
It’s been somewhat of a slow open to September after an abnormally busy summer across FX; but with a fairly full economic docket for this week, the impasse may be soon giving way. The US Dollar has been in a state of flux since mid-August, with prior levels of relevance at 95.00 and 95.53 coming in to help to establish near-term support and resistance.
US DOLLAR TWO-HOUR PRICE CHART
Chart prepared by James Stanley
On a longer-term basis, the question of big-picture direction remains. The US Dollar has spent the early portion of the new month re-engaging a range that was in play earlier in August, and this comes around an area that’s been holding resistance in the currency since late-May. This brings the question to the US Dollar’s longer-term direction after the Q2 bullish breakout has largely been in a state of stall for the past four months, following a very strong six-week period in April and May.
US DOLLAR MONTHLY PRICE CHART: TWO MONTHS OF STRENGTH, FOUR MONTHS OF STALL
Chart prepared by James Stanley
ECB, BOE HIGHLIGHT BUSY ECONOMIC CALENDAR
This week’s economic calendar picks up a bit, with Thursday looking to be especially busy. This Thursday begins with the Bank of England’s September rate decision at 7:00 AM ET. And while not much is expected to take place there, it leads into what will be a highly-watched European Central Bank rate decision. The ECB previously announced intentions to wind down their QE program by the end of this year, while heavily inferring that September would be the month in which they begin to whittle down purchases. All eyes will be on the ECB for the rate decision at 7:45 and the accompanying press conference set to begin 45 minutes later. That 8:30 spot is also when we see the release of US inflation numbers for the month of August, and this can put EUR/USD in a rather vulnerable position as we’ll be seeing high-impact drivers pushing at the same time on both sides of the pair.
