DXY: Market attention centers on FOMC – OCBC
Ahead of the FOMC meeting, the US Dollar weakened, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Dot-plot and the voting split are a center of attention
"This softness came despite stronger-than-expected US economic data: both retail sales and industrial production surprised to the upside, reinforcing expectations for a solid third quarter (Q3) US GDP print. Notably, Federal Reserve Bank of Atlanta’s GDPNow upwardly revised its Q3 annualised growth estimate to 3.4%, from 3.1% previously."
"While a rate cut at tonight’s FOMC meeting is widely viewed as a given, market attention will centre on two key elements: the dot-plot and the voting split among committee members. Resistance for the DXY sits at 97.40 and 98.10 (50 DMA). Support is at 96.40, 95.20 levels."
Author
FXStreet Insights Team
FXStreet
The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.
