Global macro overview for 24/10/2017
October 24, 2017 1:23 pmVideo
Latest News
- Euro will return to parity April 12, 2024
- Trading Signals for ETH/USD (Ethereum) for April 12-15, 2024: buy above $3,435 (3/8 Murray – 200 EMA) April 12, 2024
- EUR/USD. Analysis for April 12th. The euro falls down under the pressure of the news background April 12, 2024
- GBP/USD. Analysis for April 12th. A significant event: the pound fell below the 25-figure April 12, 2024
- Trading Signals for EUR/USD for April 12-15, 2024: buy above 1.0620 (-2/8 Murray – rebound) April 12, 2024
- GBP/USD: trading plan for the US session on April 12th (analysis of morning deals). The pound followed the euro April 12, 2024
- EUR/USD: trading plan for the US session on April 12th (analysis of morning deals). The euro continues to fall April 12, 2024
- EUR/USD and GBP/USD: Technical analysis on April 12 April 12, 2024
- EUR/USD: Dovish signals from the ECB and rising PPI April 12, 2024
- EUR/USD. April 12th. ECB meeting: confidence in rate cut increased in June April 12, 2024
- GBP/USD. April 12th. British economy continues to stagnate April 12, 2024
- Analysis and trading tips for EUR/USD on April 12 (US session) April 12, 2024
- Analysis and trading tips for USD/JPY on April 12 (US session) April 12, 2024
- Analysis and trading tips for GBP/USD on April 12 (US session) April 12, 2024
- Weekly Forex Outlook: 12/04/2024 – More inflation data on the way as rate cut bets in disarray April 12, 2024
- Technical Analysis – GBPUSD ticks down to new 5-month low April 12, 2024
- Bitcoin holds above $70,000 as halving event looms – Crypto News April 12, 2024
- Week Ahead – More inflation data on the way as rate cut bets thrown into disarray April 12, 2024
- Bitcoin will thrive during supply crisis April 12, 2024
- Technical Analysis – EURUSD plummets after US CPI and ECB decision April 12, 2024
President Donald Trump said that he is “very, very close” to announcing his nominee for chairman of the Fed. Trump is considering Stanford University economist John Taylor and Fed Governor Jerome Powell, although Fed Chair Janet Yellen could be reappointed (but it’s clear that Yellen is never a favorite of Trump). Reportedly, Trump’s advisors are trying to persuade him to choose between Taylor and Powell. The former is considered by the markets as a hawk and if appointed as Fed chairman it would provide the US dollar with a boost on the back of market speculations that the pace of monetary policy tightening may accelerate. Replacing Yellen with Powell would imply that the Fed will continue to raise rates gradually as Powell is rather a cautious dove. Another potential scenario is that Powell will become chairman with Taylor as vice-chairman. Soon we will find out.
The USD remains also sensitive to progress in the US budget procedure developments, which will open the way for tax reform. The House of Representatives may approve the budget on Thursday, which would be a fresh injection of optimism for the Dollar.
Let’s now take a look at the US Dollar Index technical picture. The market has bounced from the golden trend line support at the level of 93.06 and now is heading towards the recent local high at the level of 94.26. This is the key level for bulls, so it needs to be violated in impulsive fashion as there is no doubt the breakout is genuine.
The material has been provided by InstaForex Company – www.instaforex.com
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