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USD: Rally running out of steam – Swissquote

FXStreet (Delhi) – Arnaud Masset, Market Analyst at Swissquote, notes that the USD rally is running out of steam as the latest economic indicators fail to support dollar bulls in the post FOMC rate decision environment.

Key Quotes

“September Richmond Fed manufacturing index came in on the soft side yesterday, printing at -5 versus 2 median forecast, compared to a reading of zero a month earlier.”

“Moreover, the dollar is lacking the catalyst to reverse the current trend of most dollar crosses. EUR/USD is getting closer to the 1.1087 support, implied by the low from September 3rd. On the upside, the closest resistance can be found at 1.1460 (high from September 18th). We expect EUR/USD to trade mainly range-bound, given today’s light economic calendar.”

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