USD Trading Outlook (21-10-2013)
We’ve had a very quiet start to the trading week in early interbank markets, with the major pairings hardly trading at all. All of the market’s focus is still on the US; the temporary government shutdown has affected sentiment on many levels and any possibility of some tapering by the Fed in early 2014 is starting to recede. US rates are starting to slide again and this is both USD-negative and risk-positive, a double-whammy for the AUD/USD. RBA Governor Stevens didn’t spend too much time trying to talk down the AUD, another bullish sign. The next big risk event is tomorrow’s NFP.
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