This morning, the US dollar is trading slightly higher ahead of today’s FOMC meeting, building on yesterday’s gains. The dollar remains unaffected by yesterday’s New York terror attack.
The dollar pairs are mixed, with the NZD/USD rallying after strong employment data last night. The AUD/USD is also out-performing in sympathy.
By contrast, the EUR/USD and GBP/USD are under performing, with the euro lagging the pound and the EUR/GBP continuing to drop. European GDP was better than expected yesterday, but inflation dropped.
The yen pairs have rallied hard these last two days, with the GBP/JPY the top performer, up nearly 1.5% on the week.
At 09.30, we get UK manufacturing PMI.
US ADP non-farm employment change is at 12.15.
At 14.00, we have US ISM manufacturing PMI.
Crude oil inventories are at 14.30.
The FOMC statement is at 18.00.
BOC governor Poloz speaks at 20.15.
It is a public holiday in France and Italy today.
The USD/CAD continues to climb despite oil prices doing the same. No change is expected from the Fed meeting today, which could mean the bullish trend could run for a little while longer yet.