- October 11, 2018
- Posted by: Joey Benedid
- Category: Market News
The Dollar Index is down this morning following a sell off in the US equities and bond markets on concerns over the impact of rising interest rates. Trump commented on the Fed again yesterday, saying that the Fed is crazy to continue its trajectory of gradual rate hikes over the coming months. The Dollar also took a hit this morning following the release of CPI, which missed expectations by 0.1% coming in at 2.3%. Canada missed on New Housing Price Index (0.1% vs 0.2%), but is still grinding back against the Dollar this morning towards yesterday’s range.
EUR is mixed this morning as it gained against the Dollar, but those gains are muted by Italian budget concerns. Sterling continues to see gains as speculation continues to build over whether or not Britain will be able to secure a deal before it officially exits from the EU.
Short term support and resistance is 1.2930 and 1.3125 respectively, with RSI sitting at 53 and the 200-day moving average residing at 1.2884.