Tuesday, October 13, 2015

US data is very key this week - BTMU

FXStreet (Guatemala) - The clear signal is that the Fed’s decision as to whether to begin raising rates this year remains data dependent.

Key Quotes:

"As a result the performance of US dollar in the near- term will remain driven mainly by incoming economic data from the US. The release of the latest US retail sales and CPI reports for September will be in focus in the week ahead although they are not expected to materially alter Fed policy expectations. The disappointing non-farm payrolls may continue to weigh on the US dollar in the near-term, although there is scope for the US dollar to rebound heading into year-end if the incoming economic data supports a Fed rate hike this year.

The latest IMM report revealed that long speculative US dollar positions have been cut back further in the near-term reaching their lowest level since early September of last year. The latest report covers the week ending the 6th October. It is likely that long speculative US dollar have since been pared further especially against the commodity-related currencies. Positioning is becoming more neutral for the US dollar which may help dampen downside risks in the near-term."
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