Waiting for an uproar in the greenback
Currency action for the day has mostly been disappointing were one to gauge the action from the daily average with most stuck at the usual half of the daily range and few if any are holding to the extremes. A review of the daily candles suggest dollar weakness for the moment as Aussy and Euro, shows as hammer for Monday, Cable a morning star and Kiwi a loss of bearish momentum. About the only thing that hasn’t showed much momentum has been USDCAD though the narrower bodies since the surprise rate cut is deceptive as these still range above a 100.
Going forward we are staring at a slew of numbers from the US headlined by Durable Goods (13330GMT) numbers seen coming in at a decent 0.5% bounce following the previous contraction of -0.7% while the Core figure is expected at 0.6% upticks which could reinvigorate the US jobs story, after all people and business don’t go for big ticket durable goods when they are full of uncertainties. Following this is again a big ticket issue, at 1500GMT with New Home Sales expected to tick up month-on-month to 450K and Consumer Confidence also suggesting a dollar uptick with its 95.1 consensus forecast. All of these arguing a dollar comeback.
Source: http://www.fxinstructor.com/blog/waiting-for-an-uproar-in-the-greenback
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