Market waits for additional drivers

10 October, 2017

Yesterday, the main currency pairs showed weak trading activity and volatility. The US dollar moved away from the local highs. The dollar index (#DX) closed in the negative zone (-0.10%). The best results were shown by the pound.The GBP/USD quotes rose by more than 75 points. This movement was mostly caused by technical factors. At the same time, demand for the US dollar remains at a fairly high level. The probability of increasing the range of the Fed's key interest rate in December 2017 exceeded 90%.

In the Asian trading session, the Australian dollar gained support against the backdrop of positive statistics. In September, the NAB business confidence index increased to 7. Market expectations were at level 6. Japan's Ministry of Finance published quite optimistic data on the country's trade balance.

The oil quotes continue to recoup after a sharp decline last week. At the moment, futures for the WTI crude oil are being traded near $49.7 per barrel. Participants of the financial markets are waiting for data on demand and supply, which will appear this week.

Market Indicators

Yesterday, the major US stock indices slightly moved away from historical highs. SPY (SPDR S&P 500 ETF) closed at around $253.95 (-0.17%).

The 10-year US government bonds yield remained at the same level of 2.36-2.37%.

The economic calendar for 2017.10.10:

- A report on production in the manufacturing industry in the UK at 11:30 (GMT+3:00);
- The balance of trade in the UK at 11:30 (GMT+3:00);
- Statistics on the real estate market in Canada at 15:30 (GMT+3:00).

At 17:00 (GMT+3:00) the FOMC member Kashkari will give a speech.

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