10:41am August 11, 2017
Market Insight

Dollar Pulls Back on Dovish Dudley

The dollar has fallen back overnight after more dovish comments from the Fed’s Dudley and from worse than expected US PPI data. Dudley’s comments that the US is unlikely to see 2% inflation in the medium term hit market confidence after some better numbers in the last week had helped the dollar to rally.

Prior to Dudley speaking lower than expected PPI data (-0.1% m/m against exp +0.1%) had started to put a dampener on the dollar and overall the Dxy finished the day 40 points off and back near this week’s lows around 93.30.

Today, the main focus for the market will be on the crucial US CPI data due out in the NY session with expectations for a 0.2% print across the market, anything below that should see some further downside for the dollar into the weekend.

Elsewhere in the market, traders were still paying close attention to the situation between the RoK and the US with regard to potential missile strikes aimed at Guam. There is still concern in the market that this situation could escalate and Gold, Chf and Jpy all remain bid as we enter today’s Asian session.

Good Luck trading today, if you have any questions or queries, please contact the team at info@sec.rakuten.com.au

The Rakuten Securities Australia City Challenge:

Once again, as it’s Friday we’re making the city challenge just a bit harder but offering double the normal prize $50 for the first correct answer to info@sec.rakuten.com.au

Each day our daily FX Insight comes out with a different city featured in the title picture. We are offering 25 Aud each day for the first FX Insight reader that contacts us at info@sec.rakuten.com.au with the correct identity of that day’s city. This amount will be added to the winners trading account, if you don’t have a trading account one of our friendly staff will of course be happy to assist you in setting one up!!

Thursdays City: Barcelona

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