Morning Market Review

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11/08/2018

The US dollar strengthens against the euro and the yen, but shows a lateral trend paired with the pound and the Australian currency. In general, USD has managed to recover part of yesterday's losses after the results of the midterm elections in the United States were released. The USD index added 0.12% in a day and is trading around the 96.00.

The main macroeconomic release of today for investors will be the Fed's decision on the interest rate, as well as the publication of the final statement of the FOMC. The rate is expected to remain unchanged on the level of 2.25%. However, investors are more interested in the FOMC statement, in which the regulator will explain its actions for 2019. The Fed is expected to raise the rate three more times next year, but the potential development of a trade conflict between the United States and China, as well as pressure from Donald Trump's administration, may force the regulator to adjust its plans and to lower rates of rate increases.

EUR/USD

During Wednesday's trading, the EUR/USD pair fell to the level of 1.1428, near which it consolidated during the Asian session. Investors are waiting for the publication of data on Germany's trade balance (09:00 GMT+2), as well as the publication of the ECB Economic Bulletin.

GBP/USD

After moderate growth on Wednesday, the GBP/USD pair rate during the Asian session has changed slightly and is trading around 1.3131. Today, the macroeconomic calendar of the UK lacks important releases, so the movement of the rate will depend on the news from the US. Also the focus of investors remains on the situation with Brexit. The UK government continues to discuss the terms of the deal on the country's withdrawal from the EU.

USD/JPY

The USD/JPY pair rose to 113.67 during the Asian session due to the general strengthening of USD. Weak statistics from Japan puts pressure on the yen. Core Machinery Orders YoY went down to –7.0% in September from 12.6% a month earlier, and MoM the indicator decreased to –18.3% in September from 6.8% a month earlier.

AUD/USD

The AUD/USD pair has changed insignificantly and is consolidating at 0.7284 during the Asian session. The rate is supported by the news that next week a new free trade agreement between Australia and Indonesia will be signed in Singapore, which will increase Australian exports of beef and wheat, and also open the Indonesian market to Australian health care and education providers.

Gold

Due to the general strengthening of USD, gold quotations decreased to 1224.61.

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