Home Forex News FOMC Meeting Minutes Due To Release On Wednesday Will Give Further Direction...

FOMC Meeting Minutes Due To Release On Wednesday Will Give Further Direction About Dollar Move.

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  • Global equities remain higher amid optimism from US Congress may announce further fiscal stimulus
  • Risk-on sentiment improves as Trump’s health conditions improve

On Friday, the dollar ticked higher against a basket of its peers and equity markets slipped after the news that Mr Trump and his wife Melania had tested positive for the virus. The dollar index is down 3.4 per cent this year. Meanwhile markets turned risk-on once again after Trump’s conditions getting stable and further optimism of fiscal stimulus.

Important release this week will be minutes from the Federal Reserve’s mid-September meeting on monetary policy will be released on Wednesday, giving investors greater insight into the US central bank’s latest approach to setting interest rates and supporting the economic recovery.

Last month members of the Federal Open Market Committee convened for the first time since Jay Powell, its chairman, revealed in August that the Fed would tolerate higher rates of inflation to balance out prolonged periods of undershooting its target of 2 per cent.

US Job Growth Momentum Slows In September

US non-farm payroll employment rose by 661,000 jobs in September after spiking by an upwardly revised 1.489 million jobs in August, according to a closely watched report released by the Labor Department on Friday. The weaker than expected growth was partly due to a sharp pullback in government employment, which tumbled by 216,000 jobs in September after soaring by 467,000 jobs in August. The steep drop in government jobs was mainly in state and local government education, although the number of temporary census workers also declined. The report said the unemployment rate slid to 7.9 percent in September from 8.4 percent in August.

TREND : SIDEWAYS

Time                                      :           05/10/2020

Pivot                                     :           1.1723

Technical View                     :           LONG ABOVE 1.1743

Target                                   :           1.1755, 1.1763, 1.1775, 1.1799

Technical View                      :           SHORT BELOW 1.1703

Target                                   :           1.1688, 1.1675, 1.1654

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