The Market Expects Additional Drivers

Last week aggressive sales of the American currency were observed. The fall of the dollar index (#DX) exceeded 1.5%. Weak economic reports, the aftermath of Hurricane Harvey, the tense situation on the Korean peninsula and political instability in the White House put pressure on the US dollar. The probability of tightening the Fed’s monetary policy in December this year fell to 36.2%.

Nevertheless, today in the Asian trading session, the US dollar has restored some of the losses relative to the “majors”. This movement was largely caused by profittaking by the financial markets participants. At the moment, the technical pattern on the main currency pairs is ambiguous. The market is waiting for additional drivers.

On the “black gold” market there is a correction after a sharp decline in trading on Friday, September 08. At the moment, futures for the WTI crude oil are being traded near $48 per barrel.

Market Indicators

On Friday, the major US stock indices showed a variety of trends: #SPY (0.12%), #DIA (+0.06%), #QQQ (0.87%).

At the moment, the 10year US government bonds yield is at the level of 2.092.11%.

The news background on 2017.09.11:

Today, the news background is rather calm. The publication of important economic reports is not planned.

At 15:15 (GMT+3:00) there will be data on the volume of construction of new homes in Canada.

by JustMarkets, 2017.09.11