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Focus on FOMC
The US dollar has been a little weaker over the European session so far on Monday. Traders’ main focus this week will be the October FOMC meeting due on Wednesday. In line with the recent worsening of US economic data, the market is forecasting a further .25% rate cut from the Fed. USD Index trades 97.53 last.
EUR Boosted By Weak USD
EURUSD has been higher at the start of the week as the single currency takes advantage of a weaker USD. If the Fed pushes ahead with a further rate cut this week that could create room for more upside in EUR in the short term. This is given that the ECB is likely to remain on hold in the near term while incoming ECB President Lagarde assesses the bank’s monetary policy approach. EURUSD trades 1.1098 last, still well below the key 1.1217 level.
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