The calendar today lacks fundamentals all over the globe making investors anxious for the FOMC decision concerning benchmark interest rates later this week. Majors were able to hit all time highs yesterday as the dollar weakened. However, they started to slightly decline and trade within narrow ranges taking the Euro to the 1.4392 level, the Sterling at 2.0642 and the Yen at 114.84.
The 13-nation currency was able to record a high of 1.4416 after recording a low of 1.4373. Germany released the German Unemployment rate for the month of September showing a reading of 8.7% as widely expected indicating a better reading from the previous figure of 8.8%. However, the German Unemployment Change for the month of October showing a fall in unemployment by 40,000 better than the expected fall of 30K yet worse than the previous fall of 50K which was revised to the downside coming at 49 thousand. Finally, the Euro Zone released the Bloomberg Retail PMI for the month of October was at 47.9, lower than September's reading of 50.5 as gauge measuring retail sales in Germany declined to a seasonally adjusted 48.6 from 51.3 in September.
The Royal Currency, still fluctuating within narrow ranges at 2.0640s, recorded a high of 2.0659 and a low of 2.0564. Movements affecting the GBP/USD pair are based on technical movements since no news will be released today in the U.K.
After inclining against the dollar, the Yen now has lost momentum against all majors and declined taking the USD/JPY pair to the upside to record a high of 114.87 and a low of 114.36.
With not much from the U.S. economy today but the Consumer Confidence for the month of October where expectations show a slight decline to 99.0 from the previous reading of 99.8, still the star of the week remains the FOMC meeting which will reveal the direction and outlook for the U.S. economy and the everlasting hindering dollar. So dear readers, just sit back and be patient as surprises are might still be around the cornerÃ¢â‚¬Â¦