- October 12, 2018
- Posted by: Joey Benedid
- Category: Market News
The Dollar Index stopped its three-day slide this morning after the global equities selloff eased today. The Dollar has encountered concerns over the last few month’s with trade wars and interest rates lingering over investors. The US will see the release of US U. of Michigan Sentiment this morning at 10am EST, where forecasts show slight growth of 0.4 in the report. A quiet week for Canada will continue into next week until Friday when we see the release of CAN CPI. The BoC will make a rate decision the following week.
EUR is seeing gains, taking advantage of the broadly weaker Dollar and receiving support from positive tones coming from the ECB meeting minutes. Sterling Is also steady and investors are still hopeful that an exit deal can be struck prior to the UK’s exit from the EU.
Short term support and resistance is 1.2930 and 1.3125 respectively, with RSI sitting at 51 and the 200-day moving average residing at 1.2886.