Daily FX Wrap Up

The US Dollar was shackled to tight ranges this week while major players were benched from a series of economic reports and next Tuesday’s US interest rate decision. Wednesday’s Philadelphia Federal Reserve report came in a disappointing -.07% which was drastically below analyst’s’ expectations of a gain at +7.8. In addition to the FOMC meetings, next week's US data include new and existing home sales, durable goods and third quarter GDP numbers. Euro / Dollar started out the week at 1.2490 and rose to close out the week near 1.2620. Across the pond, the Pound came off earlier highs against the Euro but remained at two-week highs against the Greenback. Supporting the Pound was strong third quarter UK GDP figures which all but assured a Bank of England interest rate hike at the next Monetary Policy Committee on Nov 9. XPRESSTRADE Analyst David Hilgeman