Daily FX Wrap Up

The trading week began with market volatility trending higher across the board as last week's economic news produced sharp movements in the markets. There was added uncertainty in the market last week, as control of the US Congress shifted from the Republicans to the Democrats. In addition, the Bank of England and the Reserve Bank of Australia both raised short-term rates by 0.25% continuing the trend of higher interest rates around the world. The US Federal Reserve seems to be stuck in a holding pattern, but the market will find out more once the FOMC minutes are released on Wednesday. Looking ahead, the real price action will likely begin tomorrow morning, with Tuesday's release of PPI and retail sales numbers. Wednesday has the FOMC minutes. Thursday will have Initial claims, CPI and Philadelphia Fed. Friday will have Housing Starts and Building Permits. Looking at today's session; the US Dollar gained almost 80 pips against the Euro, closing out the American session at 1.2800. XPRESSTRADE Analyst David Hilgeman