U.S. Dollar Hits 15-Month Low on Prospect of Lower Interest Rates
The U.S. Dollar hit a 15-month low against a basket of
currencies last night on the prospect the Fed will keep interest rates at low
levels for a prolonged period of time.This assumption is based on last weekâ€™s Fed FOMC statement and recent
comments from a Fed official suggesting that unemployment is the major
concern.This serves as a hint that the
Fed is not likely to begin hiking rates until the U.S. jobs issue begins to post a
recovery. The Dollar is trading weaker on this news versus all major currencies
except the Japanese Yen and British Pound.
Excessive volatility hit the GBP USD early this morning
following the release of the Bank of Englandâ€™s forecast for economic growth and
inflation.In the report, the BoE warned
that the U.K.â€™s
economic recovery was just beginning and continuing strength during the
recovery period remains â€śhighly uncertainâ€ť.
In other news, China announced a major departure
in how it determines the value of its currency the Yuan.In a statement on Wednesday, China said it
will consider using the valuations of major currencies in guiding the price of
the Yuan.This statement suggests that China will
begin to move away from using the Dollar as a peg.This practice has been followed since the
middle of 2008.
Chinaâ€™s factory growth output soared to a 19th-month high in
October.This was a sign that financial
stimulus helped improve the domestic economy.A drop in imports and exports indicated that the economy is still
suffering from the global economic recession.This drop in imports and exports may have a major effect on its trading
partners but most of all on Australia
and New Zealand.This news is contributing to the weakness in
the AUD USD this morning.
Higher equity, crude oil and gold prices are helping
to pressure the USD CAD.The charts
indicate that the first and second downside objectives were reached last night
at 1.0522 and 1.0446.Further weakness
should take this market to uptrending Gann angle support at 1.0395.
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Tue 17 July 2018 AA 08:30 GB- Employment A 13:15 US- Industrial Production AA 14:00 US-Powell Testimony Wed 18 July 2018 AA 08:30 GB- CPI A 12:30 US- Housing Starts/Permits AA 14:00 US-Powell Testimony Thu 19 July 2018 AA 1:30 AU- Employment AA 08:30 GB- Retail Sales A 14:30 US- EIA Crude A 12:30 US- Weekly Jobless Fri 20 Jun 2018 A 12:30 CA- CPI/Retail Sales
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